Correct. One of the best pieces of advice I got early was: “Never borrow to buy a depreciating asset” (car, for example). Especially an asset that depreciates faster than your loan will pay it off. My car dealer friend used to “roll over” people’s leftover trade-in loan balances into their new car. Guess where that leads. A larger leftover balance later.
From what I’ve heard, some financial institutions have been tightening up on the roll overs and the new “market adjustments” scam. They only want to loan what the car is worth..
Correct. One of the best pieces of advice I got early was: “Never borrow to buy a depreciating asset” (car, for example). Especially an asset that depreciates faster than your loan will pay it off.
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Financing available now, new car loans for 120 months.
Insane.