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Brigitte goulard, deputy commissioner on the financial customer agency of canada, says consumers have to consider a lot more than the monthly payment. Story continues below“probably one of the most common pitfalls we see are people simply thinking about the kind of car that they need,” she said. Goulard tell you by extending the word of a car loan to seven or eight years, it shall drop the monthly payment, but borrowers shall pay even more in interest.
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