Originally posted on Money with Merne’s Facebook Page on February 23, 2017:
The average CAR LOAN balance for Americans that carry one is…..$28,535!
Suze Orman was big on her car affordability recommendations so when I got my first loan, I tried to follow her guidance:
- You can’t afford a car if it takes longer than 3 years to pay off.
- Once you pay off the loan, keep socking away that monthly payment into a savings account so you can pay for your next car outright. You’ll also have a built-in car maintenance fund!
- Drive cars into the ground. Drive them till they die. My last 2 cars lasted about 13 years each!
- Never, ever lease!