Reader Interactions

4 Comments

  1. Lisa Van Gemert

    How in the world is a five-year car loan anything that even remotely touches a well-kept wallet? That’s insanity. It’s a cop out to say that a car that costs 10k is going to be full of needed repairs. Oh, please. This article also leaves out a huge cost: the money you are spending each month is money that could have been invested. You must calculate the loss of that growth in any calculation of expense. I cannot believe how irresponsible this article is and the damage this attitude can do to younger people reading it and justifying going into debt to buy a depreciating asset. This is unreal and disappointing.

    • Deacon

      I’m sorry you feel that way. If you read the article fully you will see that the author is not necessarily condoning getting a car with a loan. However, if one must get a loan, this is information on what to expect.

  2. The girl next door

    I have a quick question. I have my drivers license, but no insurance. I work a full time job, but have no credit at all. I have a down payment of $2,000. What are my chances of buying a car? I need help. I’m not sure what to do next.

    • Deacon

      Well, for starters, you can use the tips in this post. In addition, you should make sure having a car will fit into your budget. As the post states, you’re not just paying for the car, you also have upkeep, gas, etc. But if you are going to finance part of the cost and make payments, you need to have a budget and make sure the payment is affordable for you. We have a a couple posts about budgeting on this site that might help. Check them out and good luck!

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