14
|
r e d f c u.o r g
Say No to 84-Month Car Loans
Do not email any account or personal identification information.
I'm interested in a car that's above what
I can comfortably afford. However, the
dealership promises that it can get my
monthly payments into a range that works.
To do that, I must take out an 84-month
auto loan. What should I do?
Just say "no" to auto loans of 84 months - unless it's at 0% interest for the life of the loan.
Long loan terms might seem like a good deal, but in the long run, it costs you more interest
and can set you up for other financial problems - like owing more than your car is worth.
If you bought a 3-year-old car and took out an 84-month loan, your car would be 10 years
old when the loan is paid off. at means your loan will likely outlive your manufacturer's
warranty. You could be paying for major repairs while also paying off the loan.
More reasons to say "no":
• Interest rates typically jump over 60 months
• You will pay lots of extra interest
YOU ASK – WE ANSWER!
Money Repair
For more help with car-buying or to address other financial questions,
call Redstone at 256-722-3796 or email aspire@redfcu.org.
(Continued from page 2)
e Scholarship Banquet is one of my
favorite events to attend. Seeing the
scholarship winners and talking with them
is always a pleasure. It is inspiring to listen to
their stories and hear their dreams, as each
scholarship recipient is unique.
Education positively affects students,
their families and their communities
for generations to come. Education can
be a catalyst for positive change in any
community. We know that's important to
our members, and it's important to us.
Quoting Children's Defense Fund creator,
Marian Wright Edelman, "Education is for
improving the lives of others and for leaving
your community and world better than you
found it."
I couldn't agree more.
