Is it a bad idea to finance a car?

Well, according to a woman named Barbara, it is!

And she took to TikTok to explain why she feels this way.

Barbara said, “I’ve been paying off $11,000 of debt for a year and a half.”

She added that her $332 monthly payment mostly went to covering the interest instead of her debt and she told viewers, “I’m up to $10,000 and I thought I was almost done. So that means Westlake Financial is charging $200 and up for interest and only $70-80 is going toward the debt.”

Barbara told viewers she thinks it’s a good idea to buy cars with cash and added, “Take the bus until you have cash. The best budgeting tip is do not finance a car.”

Check out the video.

@barbaraveloz8

Budgeting tip #finance #investingadvice #financialfreedom

♬ original sound – Barbara

Here’s what folks had to say on TikTok.

This viewer chimed in.

Another individual shared their thoughts.

And this person offered some advice.

Is she on to something here?

If you liked that story, check out this one about a 72-year-old woman was told by her life insurance company that her policy was worthless because she’d paid for 40 years. 🙁