Car Loan

Gilly1976

What is everyone's opinion on a car loan? Do you see this as debt or so you see this as a neccesary evil.

The reason I ask is that I will be free of all unsecured debt in April (credit card), leaving only my mortgage and the car loan, which is now about the same owed as the value of the car.

So in my mind I will be debt free as I tend to think of the car loan like a mortgage.

saltnvinegar

No, I still see a car loan as a debt, as although they car may be worth more than the debt after a certain period of time the majority of cars depreciate in value (unless your car is a very rare Maserati or something!)

I have had 3 car loans in the past and have regretted it every single time. I will never take car finance out again and will prefer to drive around in an old heap until I can afford to but another car outright. Financially this is the best option every time in my book.

Best

SnV