Is it OK to Have a Car Payment? & How To Avoid an Auto Loan
Frugal Friends Podcast
Jen Smith & Jill Sirianni | Backyard Ventures
4.6 • 1.2K Ratings
🗓️ 9 May 2025
⏱️ 56 minutes
🧾️ Download transcript
Summary
Auto loans aren’t automatically bad. But they’re not automatically good either. In this episode, Jen and Jill talk through when taking on car loan debt makes sense and when it’s a financial trap in disguise. They share their own experiences with auto loans, why a long loan term could cost you big time, and the rising interest rates that might surprise you (even with good credit).
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Transcript
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| 0:00.0 | Is it okay to have a car payment and how to avoid an auto loan? |
| 0:08.4 | Welcome to the Frugal Friends podcast, where you'll learn to save money, embrace simplicity, and live a richer life. |
| 0:18.1 | Here are your host, Jen and Jill. |
| 0:25.3 | Mm-hmm. Here are your host, Jen and Jill. Welcome to the Frugal Friends podcast. My name is Jen. My name is Jill. And today we are replaying an episode that was very popular several years ago and that we think is super important because Jill and I, while we both paid |
| 0:40.5 | off a lot of debt, we then both acquired car payments for different reasons. And we still have |
| 0:48.4 | those. I think it's been two years since this episode aired and we are still same everything we said aged well |
| 0:57.7 | and we still believe it yeah i mean this was a pretty pivotal episode for me because in the past |
| 1:03.9 | and you'll hear this me say this but i've always bought used for cash and the world changed and my |
| 1:10.8 | perspective needed to change and I think that's what |
| 1:13.2 | happens to us as we move through life not holding so rigidly to certain ideas about money |
| 1:20.2 | specifically debt giving ourselves permission to understand the financial choices that we're |
| 1:27.1 | making so that we can feel good about them |
| 1:29.7 | and make them guilt-free because we believe debt is neutral. And this is one of those episodes |
| 1:34.5 | that's going to underscore that for you. And as tariffs loom, we are not sure how they'll take |
| 1:40.9 | effect, if they'll take effect. One of the industries they would possibly impact |
| 1:46.8 | are cars. And so I think it's very start now to learn about what you will need going into your |
| 1:56.8 | next car purchase if you're going to be taking out a loan, which 99% of people will and |
| 2:04.6 | honestly should. Okay. But first, this episode is brought to you by Jen's birthday. |
| 2:12.4 | Woo, woo, woo, woo. Today is my birthday. Not the day we're recording this, but the day this airs. |
| 2:17.4 | Happy birthday, Jennifer. So she's older. She's wiser. She's more beautiful. And she's more |
| 2:26.0 | sure of herself. That's right, folks. Confidence comes with age and really just generally not |
| 2:32.5 | caring that much what other people think about you. |
... |
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