Comment on $1,000 car loan payments are on the rise, stressing household budgets
UnpledgedCatnapTipper@piefed.blahaj.zone 1 day agoI don’t necessarily agree that you need to be able to pay cash for a car, but within reason. If you can’t pay way more than the minimum payment, you can’t afford it. Also, insurance exists for a reason!
I’ve got a small loan (~$14.8k originally) and I’m paying it off ASAP. After my 5 payments so far, it’s down to $11k. I’m paying over double what the monthly payment is set at, with all the excess going to the principle. I expect to have it paid off in ~18 months from now, if not sooner.
Dyskolos@lemmy.zip 1 day ago
Sure, 18 months is kinda overseeable. But still very risky. One unexpected financial mishap and you’re rolling into the neverending pitfall of debt. I have not the slightest clue about average car prices in the US, so i can’t really put that $15k into perspective.
Insurance (i assume you meant coverage of potential unability to pay back?) is nice, but also rises the cost noticably :)
Of course, not judging you or anything. In my world, everyone would have car of their choice (within some reason) for free, given by the government (that kinda forces you to work and commute to where you do that).