Should I Pay Cash or Finance a New Car?
Kevin Lum, CFP®July 18, 202200:03:23

Should I Pay Cash or Finance a New Car?

One of the questions I receive more than almost anything is: should I pay cash or should I take out a loan to pay for the purchase. Typically the purchase in question is a car or a home renovation. In this video I break down the question using two of my favorite online calculators. The answer to the question can often be found by comparing compounding and simple interest.

Compound Interest Calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Loan Calculator: https://www.calculator.net/loan-calculator.html

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