The market is filled with many of the latest models to hit the automobile scene. Many of these brand new cars sport the latest technological innovations that may persuade you to take the plunge and purchase a new vehicle. While you may love your existing car, you cannot help but be tempted with the newer models that come out every year. Purchasing a new car is coupled with additional expenses that can really make a dent to your wallet. Here are some important considerations that you have to ponder on before taking on a car loan to purchase that much coveted new model out in the market.
Take the time to consider if you could really afford having a new car. You could gauge your financial capacity by creating a list of all the additional possible expenses that may arise with the purchase of a new automobile. Your monthly car expenses will include the monthly amortization payment, car insurance, gasoline, maintenance costs, and other possible expenses for repairs and parts. Add up that figure with the existing fixed monthly expenses you have every month for instance like rent, electricity, grocery, etc. You should have enough monthly income to support your additional monthly...
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