Ridiculous. Reminds me of my friends who bought a new trailer and they ended up taking out a fifteen year loan for it. I about fell out of my chair when they told me that. I feel like a five year loan is way too long. Never mind a fifteen year loan on something like that. Anything higher than 30 years on a mortgage is a non starter for me. In fact, if I ever get another one, I'd rather it be 20 years or less.
I was going to mention, "imagine having a 20 year car loan on a car that only has value for 10 years". It is crazy.
Totally crazy!