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A car debt is when you purchase a car and due to a financial burden, you are not able to pay off the car. To avoid car loan debt, it is recommended that you look at an overview of your financial position before taking up a car loan.
Yes. It’s not the best way spend your money on as cars depreciate the moment it gets driven our of the dealership. Not only that, it can also put your credit score at risk which can affect your loan application in the future.
You can avoid a car debt by being responsible and ensuring that you have enough money to make repayments. Usually 10% is the minimum amount but you should try and increase this as much as possible.
Look at the interest rate of the loan whether it’s a fixed interest or variable interest loan so you know what you’re up for before agreeing to any loan. For variable loans, when interest rates go up, you could end up owing a big amount of interest which makes fixed-rate loans better. Whichever you choose, just make sure you are fully aware of what it both entails before signing anything.
Yes. You might be able to find a lower interest rate and low loan term. As a result, this can ease your payment and allow you to pay your loan off faster.