A car buyer wrote: “I was recently looking to purchase a brand new car with towing capability. I wanted to be able to tow a new boat or caravan, which I will also be purchasing soon. Since I did not have sufficient cash to buy the vehicles downright, I checked out the particulars on financing the car and caravan.
My thoughts were that I would apply for the auto loan through a car dealership and the boat or caravan through a different dealer. I did some research and discovered there were many available options for financing. Since I can certainly say that my wife and I are on a fixed income, I can only afford to make a combined monthly payment of about $800. Can I get two vehicle loans?”
We understand that some people may have a dream car or dream boat they wish they could have. But, we advise you to be smart and not break your bank; otherwise, you may be in a world of trouble. You want to plan your finances effectively to prevent you from getting behind on your monthly payments. If you fall behind on monthly car payments, you will find yourself defaulting on your car loan. Although, there are special financing options, it’s better to just avoid the stress that comes of knowing that your credit has just gone down.
The right auto loan with affordable monthly payments is the better option for people with limited or fixed incomes. A good year of making on-time monthly payments will help potentially improve your credit as well, giving you the chance to qualify for a loan for your dream boat or dream caravan.