20 Ways Cars Are Keeping Americans Poor

Most people get approved for car loans. Credit: Shutterstock

19. Easy to Get Car Loans

Have you noticed how difficult it is to get a mortgage or a credit card with a high limit, and yet it’s easy to qualify for a 30,000 car loan? Money is still money no matter where you borrow it from. But car companies make it extremely easy for people to take on debt. Most people justify getting a car loan because they realize that they need a vehicle to get to work, so lenders take full advantage of American’s need for transportation.

It is very easy to get into car debt. Credit: Shutterstock

One of the biggest mistakes people make when purchasing a vehicle is not shopping for car financing. They will often ask the dealership to apply for loans on their behalf. It’s actually far better to look for car loans from your existing bank and credit card companies. They will often give you a much better deal on interest and monthly payments.