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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Saturday, June 03, 2006

Loan Payments

People often make the mistake when at a car dealer of telling the salesperson how much they want their monthly auto loan payments to be (e.g. I want my monthly car payments to be under $300). Salespeople will then fit your into a more expensive car and extend the number of years on the car loan in order to meet that financial requirement. By extending the life of the auto loan you get the benefit of lower car payments, but you are increasing the amount in total interest you pay.

So try to avoid that 6-year car loan or 40-year mortgage because you end paying much more in the end. If you stay within your means there will be no need to have loans like these.


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