The truth about Car Loans! Stop Paying Interest!

The truth about Car Loans! Stop Paying Interest!

What are you really doing with getting a car loan? How much more are you paying because you didn’t or couldn’t wait any longer before buying a car? Let’s discuss!

NPR Article: http://www.npr.org/2015/03/19/393642148/more-americans-opt-for-risky-long-term-car-loans
Auto Loan Calculator: http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

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Warning: This is a rant about car loans. My sister Jackie has been told her whole life that having a car loan is a normal and acceptable. This video is me telling her it’s not OK to make car payments if you don’t have the money in the bank to pay cash for the car.

UPDATE: Jackie accepted the challenge! Mission accomplished. More to come.

UPDATE 2: Our friend Jim Collins liked this video so much he included it in his own MANIFESTO!! What an honor, thank you Jim. Check it out:

Manifesto

Disclaimer: I don’t mean car payments are never an option. If you have the cash to pay for a car and choose to invest it somewhere else that’s fine.

Here’s a video by Dave Ramsey that explains the “pay yourself car payments” a little more clearly:

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