Car Payment

How Much Is Your Car Payment

A normal way of thinking, is that we must always have a car payment.  Car payments require some type of financing, which typically includes an interest rate.  Whether it is in the form of a bank loan, or one of those Buy Here Pay Here.  Car payments are high, then adding on top of that car insurance every month.  Most car dealerships also offer leasing options, where your monthly car payment is lower since it is not the full value of the car.  The idea behind those, when the lease is up, get another car with a lease, which perpetuates the idea of a car payment every month.  What if breaking away from that mindset, that a monthly car payment was inevitable.  Planning, budgeting, and paying cash for a car, wiping out the car payment.  At the very least, coming up with a hefty down payment, which would in turn cause that monthly car payment to be lower.  This idea may seem daunting.  Is that new car really needed, or is it just wanted to show off.  Used car options can be great, especially when locating a reputable used car dealership that isn’t constantly spitting out “lemons.”  Did you know, when purchasing a new car, once driving it off the lot, the car automatically losses value.  After spending all that time at the dealership, all that money, and before even getting home the first time, money is already gone.  Making monthly car payments on a price the car is not worth.  Think about it, and as always, research.

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