Once rare, seven-year car loans are fast becoming the norm. They’re often the only way buyers can afford new rides, with average sale prices surging 28% in five years to approach $50,000. Compared to a five-year loan, they can make the difference between a $1,000 monthly payment and a $780 one. Some buyers are even going for eight-year loans, although they’re still a tiny fraction of the market. But they come with steep downsides for buyers and dealers alike. A long-term loan means the buyer builds equity in the car more slowly, so they may delay replacing the car, a problem for dealers who need repeat customers. And when drivers do trade in, they’re more likely to find themselves “upside down” — owing more on the loan than the car is now worth. Bloomberg News Auto Reporter Keith Naughton joins Bloomberg Businessweek Daily to discuss.