331 – When is a Car Loan Bad Debt? With Scott Terrio

Debt Free in 30

Car loans are one of the most common entry points into debt problems. That’s because if you’re not careful, you will easily spend more than you can really afford on a vehicle. While it’s hard to avoid borrowing for a car altogether, there are steps you can take to protect your financial health. On today’s show, guest Scott Terrio explains when a car loan becomes bad debt by sharing auto loan pitfalls, the dangers of loan rollovers, and budgeting considerations before buying a car. He also explains why you should think twice before borrowing against your car to consolidate debt. Tune in for lots of practical advice!

Related Links:

How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/

Should You Consolidate or Pay Bills with a Car Title Loan: https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/

Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA