Thu, 13 June 2019
Today we’re going to show you how to get the best deal when buying a car!
What You Need to Know About Car Loans
Cars and car payments are a way of life for many couples.
According to the latest data I could find, there’s a record 2.5 million auto loans originated.
That’s certainly a big chunk of their budget going to cars.
We’re a bit different.
Once we paid off our car loan with the Jetta, we’ve bought our cars outright.
As a personal and financial decision, we choose to go debt free with cars.
And if you’re curious about how that works, then you’ll want to read our guide on buying cars with cash, which takes you through how we save up and buy our cars.
It’s helped us skip having a car payment for the past 10 years.
And personally, I feel like going debt free on cars is the best option, but every couple is different.
Maybe you have a car that’s having to have repairs and because you’ve been throwing money to keep it going you don’t have much of a down payment?
Or you’d like to go for a used car, but your spouse is hesitant and isn’t willing to go that route?
Throughout the seasons, I’ve put out the offer to you to send in your money questions. I did a call for this season as well. And guess what?
Car loans came up. A lot.
Which isn’t surprising, considering that 85% of new car purchases and 53% of used car purchases use a loan.
But if you get a car loan, is there a way to make sure it’s extremely affordable and if you decide to pay it off sooner, would the numbers work in your favor?
It’s a challenge that I want to tackle today.
By examining the numbers and pushing away the hype and ads, I think you can get a clearer picture of the real costs and then figure out what’s the best option for you.
I’m extra excited because one of you lovely listeners is the guest. And Maggie actually pitched this topic to me in person.
Yep, a Raleigh listener.
Maggie and her husband Ben are trying to figure out what their options are for buying a car. And they were kind enough to share their situation and questions.
What’s cool to me about is that David Jacobs VP of Consumer from our sponsor and partner this season, Coastal Credit Union is going to give us some insights on the lending side.
In this episode we’ll discuss:
I want you two to be able to feel confident that you’re getting the best deal you can.
Let’s get started!
Essential Resources for Buying a Car
If you two are thinking about buying a car soon, here are some handy resources to help you get the best deal on them!
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
If you are hunting for a car loan, take a minute to review competitive rates and deals Coastal is offering now to make buying a car easier!
Key Takeaways on Car Loans
Before we close up I want to focus on some key takeaways I got when researching for this episode:
If you’d like to chat more about saving more, please join us in our private and free Facebook group – Thriving Families.
We’re families looking to support and help one another out. Hope to see you there!
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Direct download: S9E4_Car_Buying_Tips_Getting_the_Best_Deals_on_Car_Loans.mp3
Category:personal finance -- posted at: 11:42am EDT