We’ve all heard the saying “It’s not how much you make, it’s how much you save,” but as true as this might be, it is often challenging to save a good portion of your paycheck when you are making high monthly payments on multiple loans. In America, one of the most commonly found forms of debt after mortgage loans are auto loans.
Category: Wheels on a Budget Back to blog
For a lot of Americans, auto loan debt continues to grow. Auto loan debt crossed over the $1-trillion mark in 2015 and has risen to more than $1.1 trillion since then, according to the Federal Reserve Bank of St. Louis.
Both paths have their pros and cons. But the ultimate answer depends on your lifestyle and budget.
Water wreaks havoc on a vehicle’s electronics, especially with the sophisticated technology in today’s vehicles. Water damages mechanical systems as well. Insurance companies write off many flooded vehicles as a total loss because of this.
These services haven’t blanketed the country just yet. For now, they are in a handful of big cities around the country. But the idea is starting to take hold.