 TITLE: What’s the Average Car Loan Payment? CONTENT: Think About How a Car Loan Fits Into Your Financial Plan\n--------------------------------------------------------\nThere's nothing wrong with borrowing money to buy a car. But if you have other financial goals you're trying to work toward, it's important to consider how an auto loan fits into your financial plan.\nFor example, if you're aggressively paying down high interest debt or saving for a down payment on a home, it may be worth buying a cheaper car or taking a longer repayment term for now to get a lower monthly payment. You may be able to trade the car in later on for an upgrade or refinance the car loan.\nLate or missed car payments will have a big effect on your credit scores, so if your income is unstable or you're not confident you'll be able to make on-time monthly payments over the life of your loan, financing may not be right for you.\nWhatever you do, take some time to think about how a new car loan will impact your immediate budget needs, as well as your long-term goals. END