Car Loans

Hello Family

Just wanted to share with you something that I found out today. I have a car loan that was costing me $475 a month. I know that's a lot of money per month for a used car at that. But I needed a car and right after Covid-19 I started looking for one. I found new cars were scarce and used cars were selling for the price of a new ones. Anyway, I needed a car and I wanted to pay cash, but the car dealership convinced me to take a loan and I would get $3,000 off the purchase price if I took a loan. I know foolish of me. Anyway, I called the loan company today to pay off the car loan. The bank that I got the loan from told me that they were charging me $3.95 a day in interest. Which adds up to $90 a month. No wonder my car loan never went down from all those months that I was paying on it.

I told the loan rep that I don't even get that kind of interest on my regular saving accounts. Having a loan of any kind is crazy. If you have a loan and can pay it off, you are not only saving on all the interest you would be paying. You will get a piece of mind knowing that you can use that money to save or purchase things that are really need. The last time I purchased a car was 30 years ago and it cost me $12,000 used and I paid

Beware of the loans you are signing and if you can try and save up and pay cash it's cheaper in the long run.

                                                Have a Great Cheap Cheetah Day