This month marks an exciting time for me. I am paying off my car loan two years early. In February 2010 I bought my 2004 Ford Explorer, and took out a 4 year loan. The minimum monthly payment was $350. I paid as much as I could every month so that I could pay off the loan as early as possible. I cannot wait to start stashing that money away into savings. In this post, I’ll discuss car loans, and the best practices when using them.
Bank or Dealership
If you are purchasing a vehicle through a dealership, you will have to choose if you want to apply for the loan through the dealership, or directly through a bank.…