I had been looking for a bigger car for a while. Being stuck inside a small sedan with a very active four-year-old was feeling quite tight. We needed more SPACE! But I also wanted to make sure this change in transportation would not break the bank. So, I evaluated my budget, created my wish list, and compiled the results into my new car checklist.
- a small 2012 (or older) SUV
- with low miles (50,000 or less)
- and with Bluetooth capabilities
- to remain within $20 of my current car payment
- by maintaining my current interest rate (or less)
- and not spending more than $10 above my current insurance payment
With my list in place, I went shopping! Sticking to the plan, I found myself sitting in a small 2012 SUV with 6,000 miles, Bluetooth capabilities, and my finances in tack. After almost a year of searching, I found a vehicle with a comfortable payment that fits my family.
People purchase cars every day. Like every other financial decision, purchasing a car must be a thought out process. A car payment can stay with you up to 7 years now and interest rates can be upwards of 20%. It is important to know what you are buying and to be patient enough to buy the right one for the right purchase.
Read the 7 hidden costs of taking out an auto loan below.
Financial Capability Coordinator