None of us know everything we need to know about money, so we can turn to the experts for help. But some money professionals who offer advice are not qualified to do so – nor are they required to put our best interests before theirs.
Be careful when accepting advice from the following sources.
THE DEALER FOR THE DURATION OF YOUR AUTOMOTIVE LOAN
The dealership wants to sell you a car. To make payments more affordable, you may be offered a loan for six, seven, or even eight years.
Longer loans can help you lower your monthly payments, but overall they cost more because you’ll pay more interest. You will likely spend several years “upside down” or owe more than your vehicle is worth. As the car ages, you could easily face large repair bills while making payments. If you were to sell the car, you would need to find the money to pay off the loan. Alternatively, you can build negative equity into your next car purchase, but that would be …
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