Buying a Car On Finance – Is it For you? Modest Money14 Comments

The following is a guest post about buying a car. If interested in submitting a guest post, please read my guest posting policy and then contact me.

How Should You Finance Your New Car?

Financing your car purchase through a lender is one way to get your new vehicle. You borrow the money from the lender and repay the debt in accordance with the loan agreement you signed.

Unlike paying in cash, you’ll have to pay interest and other fees for the privilege of borrowing the money. Before you sign on the dotted line of a car financing agreement, here’s what you need to do to ensure you’re making the right financial decision.

Know What You Can Afford

Making an accurate budget before taking on a new payment is crucial. If you can’t afford the car payments, you’ll lose the vehicle and all the money you put toward the debt up until that point. The lender has the right to repossess your car and sell it to offset loss if you default on the loan.

Review all of your household bills, income and spending habits over at least the previous six months to determine how much money you have coming in versus going out…

This entry was posted in Vehicles, and tagged , Modest Money14 Comments
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