While having a car in South Florida is often a necessity, it can force people into purchases that really hurt them financially. WSFL-TV Trusted Advisor Chad Van Horn joined us to share some ways to alleviate the stress of those monthly car payments.
“The first thing that you want to do is when you're purchasing a vehicle, is make sure you know what your budget is,” says Van Horn. “A lot of the salespeople try to get you with that monthly payment. The problem with that is they're extending it out and what used to be a three-year loan is now a five-year loan.”
Van Horn can also help you avoid high-interest rates.
“Right now, the government is raising interest rates to combat inflation, which basically means everything that you're buying is costing more,” says Van Horn. “You have to be careful with that and negotiate that interest rate down. I've seen people come into my office that have 15%, 20%, and 30% interest rates on their vehicles.”
For more information, visit vanhornlawgroup.com or call Van Horn at 954-637-0000
This Inside South Florida segment is paid for by Chad Van Horn
