The Old Blue Truck's Gone
Posted on February 29, 2008
Filed Under Home and Family, Money and Finances | Leave a Comment
Called my mom yesterday and other than the typical chit chat, she said something that caught my interest. She said that they sold our old blue truck because they don’t have a use for it anymore and now they plan to buy a small family van from the money they got from selling the truck. The problem is, the money is not enough and she was asking me for my advice if it is okay to get a loan from loaning companies. I said, why not? Just as long as they compare all the auto loans offered to them and choose the best one. Although by getting a loan, they will pay more than the actual purchase price it should be okay considering that they don’t have to wait until they have the entire purchase price to use the car. And if they choose to have a shorter payment term and if they give a high down payment (which they already have from selling the truck), the interest charges should be within their means.
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