Easy credit and longer-term loans currently being offered at auto dealerships can make buying an expensive car alluring. Greg McBride, chief financial analyst at the Bankrate.com website, says consumers with poor credit shouldn't bite.
Consumers tend to focus on the payment rather than the interest rate, which likely will be far higher than the below 3-per cent rate now available to those with good credit.
"They engage in the dangerous financial habit known as payment shopping," McBride says.
Here's what he suggests instead.