What’s the value if you car in 24 months? Then compare that to the principle balance on your loan. It could be thousands different. Your Insurance will only pay Actual market value which could be way less than what you owe. The car could be totaled and you are still responsible for the loan. That’s what Clark is talking about, not the rate. The depreciation is faster than you are paying the loan down. And, heaven forbid if you got a Rule of 78’s loan.
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