So you'd like to buy a new car but the one that you have your eye on might come with a monthly payment your budget won't allow. Don't worry! Lenders have a solution for that.

Love the new car smell but experiencing a bit of sticker shock? You are not alone. Personal incomes have been stuck since 2008 for most people, but car prices have gone up 9% in the last four years according to The Wall Street Journal. Since most prospective car buyers hope to keep their payments under $500 a month, but still want something snazzy to drive, lenders are starting to offer 97 month (that's eight years) car loans.

What are the possible consequences of such a long term car loan? Does a longer loan mean a longer gap in the purchase of a new car. If a prospective buyer needs an eight year loan, perhaps standards are to high? Share your thoughts in the comments section below.