Why you need to buy a car first
More than half of people surveyed said they would never buy a new car, but the reality is that they would.
Here’s why you should be planning for a down payment on your next car.
Credit card debt A recent study by Credit Karma shows that consumers are using more than $50bn in credit card debt, and it’s the largest single source of delinquency among consumers, surpassing mortgages and credit card interest.
With many car owners unable to save enough to pay down their car loan, many people are looking to use the car’s value to pay off their car payments.
However, it is important to note that car insurance premiums are much higher than what you’d pay on your credit card bill, which means you need car insurance in order to cover your payments.
Credit cards are popular options in many cities, so it’s not too hard to find a car you can get in good condition.
The good news is that many car insurance companies are offering a lower premium, so if you want to save money, you may not need to shell out a lot.
If you want a low-cost option, consider a vehicle with a very low registration tag and a low mileage, like a compact.
You’ll get a lower interest rate than the premium, but you’ll also get more miles, and you can choose to get it new, or get it financed with a car payment plan.