Monday, January 28, 2013

Son's purchase shows how car loans can be frustrating: Money Matters

http://www.cleveland.com/business/index.ssf/2013/01/sons_auto_purchase_shows_how_c.html


This article is about a son that has been saving his money to buy a used Ford Escape. He tested it out and took it for a spin and found that it was perfect for him. But, the only problem was, that he had about 15,000 to 20,000 dollars. He was going to put a down payment of 8,000 to 10,000 dollars. He only got 1 percent higher than the average interest rate so he will have to pay an extra $3.15 a month. He was planning on getting a loan when he had a B credit rating.

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