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Stick to Your Minimum Monthly Payment When Buying a Car from a Dealership
- sp332 15y agoI'm not sure I get this? Putting down more up front, and paying more per month, means you'd pay the loan off faster and will pay less interest overall, right? So you'd come out ahead. Why is that bad?
- joeyespo 15y agoI believe they are suggesting staying with the minimum so that you have the option to pay it off faster when you can. Which, yes, you should. But otherwise, if you're ever in a bind and you let them pick a higher minimum, you may resort to, say, higher credit card payments to make up the difference. It's just slightly riskier to have a higher minimum rate, especially when you could easily prevent it.