Car Loan Alternatives

While loans are meant to help people, they always manage to put certain individuals in a tough spot. The numbers speak for themselves. This table shows a general trend of increasing auto loan debt in America. So, if loans are supposed to be so helpful, how do people that use them continually find themselves buried in debt?

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Taking a loan from the bank – or any institution for that matter – gives the institution control and bargaining power. Many people rush into a loan to have a vehicle immediately. The buy-here-pay-here mentality drives people to sign loans that compound and cost tens of thousands in interest. Most people can afford the loan, but the interest destroys them in the long run.