 TITLE: Why You Should Avoid Long-Term Auto Loans CONTENT: Alternatives to a Long-Term Auto Loan\n-------------------------------------\nFortunately, a long-term car loan isn't your only option for getting the car you need. There are several alternatives that make more financial sense.\n*   **Save up for a bigger down payment.** The more money you can put down when you buy a car, the less you will need to borrow. A smaller loan means smaller monthly payments, which can make your car more affordable without having to resort to a long-term auto loan.\n*   **Choose a different car.** You might have your heart set on a new car with all the bells and whistles, but adjusting your standards a bit can make a big difference in your costs. Opting for the base trim or a less-expensive model in the same line may be enough to reduce the price to a manageable level.\n*   **Consider a used car.** Opting for a late-model used car is another way to avoid long-term auto loans. You can find gently used, certified pre-owned cars at many dealers, often with warranties and other perks thrown in. Just keep in mind that interest rates on used car loans tend to be higher than those on new car loans.\n*   **Lease instead of buying.** Are you determined to drive a brand-new car? Leasing offers a way to do so with a smaller down payment and monthly payment compared with buying the same vehicle. However, leasing comes with many restrictions, fees and potential penalties—and at the end of the lease, you won't have anything to show for the money you spent. Depending on your needs, leasing may or may not be a good idea. END