9. Car Loan

  • Should I worry about it? Car loans have mid-high interest rates that add thousands to your original purchase price. Add that to gas and maintenance and you’re looking at a big hole in your savings bucket.
  • Watch out for! Read the fine print. Some loans will charge you a big fee if you pay off the loan early.
  • Where should I get it? Start with your local credit union. Avoid the car dealer.
  • Did you know?
    • 4%-14% | average interest rates on car loans
    • $343 | interest you owe on every $1,000 you borrow at 10% over years
  • Why? Because driving a car is already too expensive.
  • More info: Auto Financing For Smart People: Tips For Saving On Your Car Loan

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