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The Frugal Creditnista

6-Year Auto Loans, Avoid Them!

Although I am not a huge fan of car loans (cash for cars for life!), if you must, think about more than just the monthly payment.

When you apply for an auto loan, you'll be offered different terms, usually a 3 year, 5 year, 6 year term. The 6 year may see appealing because the monthly payment is lower, and who doesn't want that?

When you think about it long-term however, you are paying WAAAAAY more for that car than it is worth. You could have bought 3 quality used cars for the amount you'll pay in interest!

Hope this helps 🙂

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