The thrill of driving a new car off a dealer’s lot is appealing, but experts warn not to let the new car smell go to your head when it comes to borrowing money to make it happen.
You can only afford so much credit based on your income level, so if you take on a car loan, that will eat away at other borrowing capacity such as a mortgage, Kalinowski said.It’s important to keep the total cost of the vehicle in mind, Kalinowski said, not just the monthly or biweekly payment you will have to make.
“They’re going to roll into the financing, so now you’re gonna pay interest on it as well,” he said. The term of the loan is also key. A longer term will mean lower monthly payments, but will raise the overall cost of the vehicle because you will be paying interest on the amount you borrow for longer.
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