5 things to keep in mind before taking a car loan

By: Chris Don Internet Celebrity

Thick Brush Stroke

Determine how much you can afford to pay each month comfortably. Consider your monthly income, existing expenses, and savings goals.

Budget and Affordability

Budget and Affordability

Interest Rates and Loan Terms

Compare loan terms, including the duration of the loan, as longer terms may have lower monthly payments but result in higher overall interest costs.

Credit Score 

Check your credit report beforehand and try to improve your score if needed.

Down Payment

Larger down payment reduces the amount you need to borrow and can result in lower monthly payments and interest costs.

Total Cost of Ownership

Consider the total cost of owning the car, including insurance, taxes, registration fees, maintenance, and repairs.