Part 6/9:
Financial Literacy and Responsible Car Buying
Historically, dealerships have not prioritized consumer education regarding financing options, which plays a critical role in buyer decision-making. Many borrowers are unfamiliar with the intricacies of auto loans, particularly the importance of paying off the principal faster than the car depreciates. For instance, early payments typically focus on interest rather than principal, leaving buyers in a precarious position where they owe more than their vehicle's market value.