Lease or buy?–How to choose an affordable car (and fix an upside-down loan)

1010. Are you feeling "car poor" or trapped in an auto loan that costs more than your vehicle is worth? In this Finance Friday episode, Laura answers a listener's question about how to navigate an unaffordable car loan when you’re upside-down (negative equity). If you are looking to lower your monthly payments or are debating between a car lease vs. buying your next vehicle, you’ll learn the pros, cons, and math behind making the most affordable choice for your budget. We talk about: How to manage an upside-down car loan: Strategies for refinancing or negotiating with lenders when you owe more than the car's market value. Auto Refinancing 101: When to switch your loan to a credit union or online lender to reduce interest rates and monthly payments. The 20% Rule: Why a significant down payment is the best defense against rapid vehicle depreciation. Leasing vs. Buying: A breakdown of the long-term costs, maintenance responsibilities, and flexibility of each option. Hidden Costs of Ownership: How to account for repairs, mileage restrictions, and residual value before you sign a contract. Upcoming Wedding Series This May: We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: [email protected] or leave a voicemail: (302) 364-0308. Money Girl is a Quick and Dirty Tips Podcast, hosted by Laura Adams. Discover more from Money Girl! Facebook Newsletter Transcripts available at QuickandDirtyTips.com. Hosted on Acast. See acast.com/privacy for more information.