Thursday, November 30, 2023
HomeTurbinebdAre car loans bad?

Are car loans bad?

One of the most obvious drawbacks is paying privilege over the loan you have taken from the bank; not just on car loans but on any type of loan. It’s like you are buying money by paying extra money for money. Even after the fixed default rate of interest, the total money that you are going to pay back might be more than calculated.If you opt for a variable interest rate loan, the interest rates might change. Might increase or decrease depending on the situation. If you want to pay off the loan ahead of your schedule, the bank might penalize you on that too.Another problem with having a loan is defaulting- not paying your loan in time might result in seizing your car as a whole.But at the end of the day, even if you manage to repay the loan, your car might lose value being within the loan term.



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