Car Finance

I’m Miriam Neff, and I’m Valerie Neff Hogan, with Wise Women Managing Money.

M You want to buy a car and you do not have cash to pay up front.  Biblical guidelines.  Credit should never be normal, it should be short term, don’t borrow unless you are SURE you can repay.

V A new danger that’s appealing, is financing a car loan for 5-6 years, smaller down payment.  Bad idea.  Within a few years, maybe even months, you owe more than the vehicle is worth. You can sell the car, get what you can, and still owe money to the lender.  Creditors love that plan.

Delay that purchase and save, Change your car wish for reality.

M Proverbs says that the borrower becomes the lender’s slave.  Our recommendation, wait and save.