Part 10/12:
The overarching advice echoed by the group was to remain cautious with auto financing, favor short-term loans, or pay with cash whenever possible. The risk of extended loans is evident: the longer the loan term, the greater the total interest paid, and the higher the risk of negative equity if the vehicle's value declines.
For instance, the conventional wisdom of keeping car loans short was reinforced by a story from a father who advised his children: "Don't pay for it twice," emphasizing the importance of minimizing interest payments and maintaining control over one's finances.