It is sad to some degree that we are all culturally conditioned that borrowing money to buy a car is entirely normal and natural. It’s great for the finance companies that’s for sure. If you can save up for a car and not borrow, or pay off the loan and keep driving without a payment, you can get ahead of the game and stop the cycle of borrowing.
If you need to finance a car go to a local credit union or small local bank to get the best rates. Sometimes car dealers will give you a good deal, other times not so much. You need to check multiple sources to make sure you are getting fair deal.
Don’t walk into a dealership to buy a car without already having a pre-approved financing offer from your local credit union or bank. That way, when you get the dealer offer you can decide what is best for you. The dealer might decide to match your financing offer which would be good as well.
Check out these cool online auto loan payment calculators to run scenarios ahead of time. You want to make sure you know up front what you can afford before you get talked into something you can’t!