Suppose you are driving in town and see the latest Mercedes model at the car dealership. What are the options you have to enable you to own one? The first option is to purchase it with one payment. However, not many people can afford such lump sum payments. The second alternative involves taking a loan to buy the vehicle, whereby you will make regular payments over a period of several years.
Like most people, when you land your first job, you would want to purchase a car for your daily commuting routine. More often than not, the thrill of having the new car is often busted with the grim realization of having to repay your car loan. However, with a decent car and a sizable budget, automobile loans should not be a pain. Here are a few practices that will eliminate cash difficulties and help you maintain sound financial health.