YOU DON'T NEED A BRAND NEW CAR. YOU DONT NEED A 30 THOUSAND DOLLAR LOAN THAT HAS "5% APR FINANCING FOR 5 YEARS, WITH THE FIRST YEAR 0".
Excuse my language but you do NOT NEED THAT BS. Car dealerships are not your friend and they are not giving you a good deal ever. Don't ever go into the market buying A BRAND NEW car only budgeting the minimum payment in your income.
Minimum payments are how people fall into paying 27 thousand dollars on a 15 thousand dollar loan. If you get an auto loan, make sure there's no penalties for paying it off early and make sure you aren't paying simply just a minimum. If your "only" option is to get a loan (which it never really is) be smart and don't loan out over 2 years worth of income thinking you can pay it off early.
By loaning out a low amount for a reasonably priced car, you can get what you want without ruining your life. While our indulgent side may want that brand spanking new 2020 Civic, it will never be the smart choice financially. Brand new cars depreciate the quickest because there is always a newer one coming out. Chances are, you can wait a year or two and save your money and still get that car BUT WAY CHEAPER.
This advice is especially for teens around my age looking to buy a car. Look for something reasonably priced and don't expect to get everything you want in a car. You're going to have to settle. Do your research, make sure it's reliable and LOAN SMART. If you want to get a loan make sure nearly all your money is going towards it to pay it off. There's no sense in paying a bank thousands of dollars extra on top of what you borrowed. Don't become a victim of terrible auto loans that look great just because you really want the car.
Excuse my language but you do NOT NEED THAT BS. Car dealerships are not your friend and they are not giving you a good deal ever. Don't ever go into the market buying A BRAND NEW car only budgeting the minimum payment in your income.
Minimum payments are how people fall into paying 27 thousand dollars on a 15 thousand dollar loan. If you get an auto loan, make sure there's no penalties for paying it off early and make sure you aren't paying simply just a minimum. If your "only" option is to get a loan (which it never really is) be smart and don't loan out over 2 years worth of income thinking you can pay it off early.
By loaning out a low amount for a reasonably priced car, you can get what you want without ruining your life. While our indulgent side may want that brand spanking new 2020 Civic, it will never be the smart choice financially. Brand new cars depreciate the quickest because there is always a newer one coming out. Chances are, you can wait a year or two and save your money and still get that car BUT WAY CHEAPER.
This advice is especially for teens around my age looking to buy a car. Look for something reasonably priced and don't expect to get everything you want in a car. You're going to have to settle. Do your research, make sure it's reliable and LOAN SMART. If you want to get a loan make sure nearly all your money is going towards it to pay it off. There's no sense in paying a bank thousands of dollars extra on top of what you borrowed. Don't become a victim of terrible auto loans that look great just because you really want the car.
Passionate post that drives home your point.
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