Rollover Loans

 Do you still owe money on your car? Well, don’t go lookin’ for a new one! 

Americans have very little willpower when it comes to buying cars. Edmunds reports that a third of the cars traded in for new ones this year had negative equity.

The average amount they still owed was $5,000! So, when buying a different car, that balance was rolled into a new loan.

Emotions can overrule logic. When I open the door of a new car and I breathe that new leather smell, my “want factor” jumps off the chart.

Now the auto industry knows this and it’s extending loans to 72 or even 84 months. The down payment may remain the same, but monthly payments drop and tempt the most sober-minded buyer.

The average new car loan for the first quarter of this year was $32,000. The average monthly payment was $550.

I prefer to maintain my used cars and keep them running as long as they’re reliable. 

I advise people to start a new car account while driving their current model. Make monthly deposits for a future car and you’ll avoid the expense of financing one in the future.

Our late founder Larry Burkett said he’d drive a car till it turned to dust, then he’d sweep up the dust and ride on the dust.

It may be humbling to drive an older, affordable car, but remember, the sacrifices you make today will reduce your stress tomorrow.

Half of all Americans are stressed over money. Did you know a gift to Crown helps provide hope and peace through God’s financial principles? 

Your gift, of any amount, between now and December 31st will be doubled in impact through our Multiplication Matching Challenge.

Will you give today at crown.org?