The interior of the 2018 Kia Stinger.

I’m looking and got approved for the new 2018 Kia Stinger. Originally I applied for the 84-month financing term at a 3.49-per-cent interest rate. Now, the financial rep is advising that the bank has approved me instead for the 96-month term at 5.99 per cent. Is it worth it? Or too much? – Ayanna

Richardson: Noooooo! Never! Stop right now!

Lightstone: Tell us what you really think, Mark.

Richardson: People like the longer payment term because it makes everything a bit cheaper every month. But it’s considerably more expensive overall, and you’ll have negative equity for probably longer than you’ll want to own the car.

Lightstone: I have trouble thinking about where I’m going to be next Friday, let alone where I’ll be in life 96 months from now.

Richardson: Just do the math with any online loan calculator. If you finance a $50,000 Stinger at 3.49 per cent over 84 months, or seven years, it’ll cost you about $6,400 to borrow the money, with monthly payments of about $670. If you finance it for an extra year at 5.99 per cent, it’ll cost about $13,000 in interest, with monthly payments of about $650.

Lightstone: When you put it like that …

Richardson: The point is, you’ll save around $20 a month, but it’ll cost you almost that entire last year of payments to make up for it. And in eight years, the Stinger will be an old car, perhaps in its third generation. And you’ll still be paying $650 a month…