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Is a $10,000 car loan a terrible idea?
"I'm looking for a used car for about $10,000. I want something reliable that I can hopefully drive for the next five to 10 years. I have great credit and only have $6,000 left in student loans.
Is getting a car loan a terrible idea?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you have problems with overspending or you constantly need the latest, greatest thing, car loans might be a waste of money.
For people who overextend themselves and buy a brand-new car for $50,000 and sell it for $20,000 a few years later, then, yes, a car loan might not be the best idea for you.
However, you don’t appear to be frivolously spending money or doing anything to hurt your credit or put you in financial distress. And, because you plan on owning the car for quite some time, it doesn’t sound like a terrible plan at all.
If you can comfortably afford it, go for it.”
View full answer
- Gregory R.
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