Car loans
April 27, 2018
I’m Miriam Neff-with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, and we’re here to talk about money
M Ideally, pay cash for cars. They are a depreciating asset. Sometimes a necessity, never an investment. Yet many finance cars, even used ones.
V Lenders love to make money on your loan, even a used car that may last 4 years, is a money making opportunity to give you a five year loan. By year three, your car may be worth less than you owe. Trade in options are costly. Determine first the amount you have to pay for a car. Shop in that range only.
M Cars are a functional tool. They do not define your popularity, prestige, or mirror your worth to God, nor your neighbors. Resist impulse and if possible debt to own a car.