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Is it worth getting a car loan?
I’m about to celebrate my 70th birthday. I want to gift myself a car to celebrate. I’ve only owned used cars that I paid for with cash, but I feel like I deserve a brand new car. I’ve always thought of car loans as a hassle, but is it worth getting a loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
First of all, happy birthday! Turning 70 years old is certainly a milestone and celebrating with a new car sounds fantastic!
If you want to purchase a brand new vehicle, getting a
car loan
is typically worth it, and the following questions can help you decide: - Could you purchase the vehicle without a loan?
- Can you afford the monthly payment?
- Are you comfortable with the repayment period?
Should you decide to get a car loan, you should shop around and compare offers from multiple lenders to ensure you’re getting the best rate available. Consider submitting applications to:
- National and local banks
- Credit unions
- Online lenders
- Dealerships
Additionally, if you use a loan to purchase your brand new vehicle, don’t forget you’ll need a full coverage
car insurance
policy. Full coverage can be costly, but you can have peace of mind knowing you’re getting the best deal by using
Jerry
. Jerry is an insurance comparison app that generates quotes from more than 50 top insurance companies. If you ever have any questions, agents are just a text away, and after making a selection, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to.
MORE: What to do after buying a new car
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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