If you’re in the market for a vehicle, you will have to make an initial decision: do you buy a new or used one?
There is a lot of work involved in the car-buying process — from test drives, to reviewing the vehicle history report, to negotiation, and finally, signing the title. Keeping the following considerations in mind before you buy may help the process run a little smoother.
In a few months I will reach what I consider to be a very important milestone: I will no longer be paying a monthly car note. For many people, paying off a car loan means that it’s time to take out a new loan to purchase another car (or lease one), but for me (and probably some of you reading this) it’s a good time to reflect on what other financial burdens I’ll be able to alleviate.
If you’re daydreaming about a flashy — or even just functional — new car, you are probably also daydreaming about not having to pay for it. Maybe you could win a car from Oprah, or on “The Price is Right.” Or maybe you could at least get a gently-used hand-me-down from a friend or family member.
So you’re not independently wealthy? You don’t have tens or hundreds of thousands of dollars laying around for that flashy new car or home of your own? Welcome to the club — the “I need a loan to make a big purchase” club.
We’d all like to be debt-free, but for most of us that would take a very long time and a lot of discipline. But even while we continue to diligently pay the bills each month, we can change the way we pay off each of our different debts.