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Episode Info

Episode Info:

Buying a car can be an extremely stressful situation. Today we’re going to break down how you can get the best deal on your next car!

Can You Get a Great Deal on Your Car Loan?

Cars and car payments are a way of life for many couples.

According to the latest data I could find, there’s a record 2.5 million auto loans originated.

Average monthly payments for new vehicles are $530 for new vehicles and for used cars, it’s around $381.

That’s certainly a big chunk of their budget going to cars.

Throughout the seasons, I’ve put out the offer to you to send in your money questions. I did a call for this season as well. And guess what?

Car loans came up. A lot.

Which isn’t surprising, considering that 85% of new car purchases and 53% of used car purchases use a loan.

But if you get a car loan, is there a way to make sure it’s extremely affordable and if you decide to pay it off sooner, would the numbers work in your favor?

It’s a challenge that I want to tackle today.

By examining the numbers and pushing away the hype and ads, I think you can get a clearer picture of the real costs and then figure out what’s the best option for you.

I’m extra excited because one of you lovely listeners is the guest. And Maggie actually pitched this topic to me in person.

Maggie and her husband Ben are trying to figure out what their options are for buying a car. And they were kind enough to share their situation and questions.

What’s cool to me about is that David Jacobs VP of Consumer from our sponsor and partner this season, Coastal Credit Union is going to give us some insights on the lending side.

In this episode we’ll discuss:

  • how to figure out how much car you really can afford
  • getting the best rate on a car loan
  • running the numbers to uncover some loan traps – like if those 0% deals on new cars are really a good deal

I want you two to be able to feel confident that you’re getting the best deal you can.

Hope you enjoy!

Essential Resources for Buying a Car

If you two are thinking about buying a car soon, here are some handy resources to help you get the best deal on them!

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

If you are hunting for a car loan, take a minute to review competitive rates and deals Coastal is offering now to make buying a car easier!

Support the Podcast!

Thank you so much for listening to the podcast!

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.

The post The Truth About Car Loans appeared first on Couple Money Podcast.

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