Car Loans

A year later, Andy decides to buy a car for Jill’s eighteenth birthday. She has always wanted to get one, but saving up seemed to take a decade (literally). Unfortunately, a car amounts to a couple of months’ worth of Andy’s salary, especially with his dad’s recent heart attack. His savings could not simply accommodate a new expense.

Instead of saving up for the future, Andy decides to borrow money from his bank again, but this time to buy a car for Jill. He realized, why not enjoy a ride in the car now, while putting the portion of his income originally meant to be saved to paying the loan amount he borrowed to buy that car? He goes to the nearest Chevrolet car dealership to check out their latest models. To his pleasant surprise, he finds out that Chevrolet offers car loans for interested buyers. Instead of going to the bank, Andy can make repayments directly to Chevrolet. Three hours later, he comes out of the store holding the keys to a Chevrolet Impala, with an estimated worth of $27,000, and a term of three years to pay and with an annual interest of 3.84%. Jill, euphoric from this birthday surprise from her father, takes him out for a regular drive on Sunday afternoons.