New Car?

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.

I want…

  • a small 2012 (or older) SUV
  • with low miles (50,000 or less)
  • and with Bluetooth capabilities

I need…

  • 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.

http://www.cbsnews.com/media/7-hidden-costs-of-taking-out-an-auto-loan/

lacy-stauffacher

Lacy Stauffacher

Financial Capability Coordinator

lacys@ihs-housing.org

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