Why You Shouldn’t opt for a Seven-Year Car Loan

Most people get attracted to a low-interest installment loan, which lasts for a long time. But staying in debt for nearly 7-8 years for a car seems a bit uncalled for and is a poor financial choice. Your maximum payoff time limit should be four years. It'll give you ample time with the car, and you can change your car afterward. Now, if you are opting or have opted for a 7-year car loan, don't worry. You're not alone. 72% of new vehicle loans are for seven years and longer. While seven Read more [...]

Here’s How to Pay off Your Car in 1 Year

If you have an auto loan, your car payment may be one of your largest monthly expenses. Plus, it’s a long-term financial obligation. Some lenders have terms that stretch out for 66, 72, or even 84 months. With longer repayment periods, you end up spending a lot in interest. As a result, working to reduce your balance quickly is a smart idea. If you want to pay off your car in one year, here’s how to go about it. Know Your Principal and Interest Rate First and foremost, you need to look Read more [...]