Beware of Using Other People’s Money–Potential Bad Debt

There are lots of reasons why having a car may help us achieve some of our goals. Whether our car allows us to get to work in a timely manner, take the dog to Glenmore park for exercise, drive our dates to the movies, or take parents to medical appointments the need for “wheels” is often hard to deny.

Besides borrowing there are two common ways to obtain a car. A car can be purchased or leased. In this activity we will discuss purchasing a car.

With proper planning saving up to purchase a car is usually the best way to buy a car. However some situations may arise where not all of the purchase price can be saved prior to buying the car. To provide financing for the purchase some may elect to get a loan from either the car dealership or directly from a bank or other finance company.

More information on borrowing to buy a car Click Here