Quote:
Originally Posted by allinon72
The problem with "what works for my situation" is that it turns into an 8 year loan at 23% on a Dodge Journey, because "it works for my situation", when in fact they shouldn't be purchasing a car at all.
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Fair point. All I meant was that you can't really make a blanket statement that it's inherently bad to finance a car, or that a 60 month loan is too long. There are plenty of situations where it's not.
But yes, once you start using loans to stretch/live beyond your means then you start digging yourself into a hole you won't escape.
If you can't afford it without the loan, you can't afford it with the loan. Using longer terms and higher interest to "afford" it is a financial disaster.