Loans spanning 60 months or longer mean you’re paying off the principal slower than the car is depreciating.

If you’re paying the car off in three years or less, you'll reach "equity" very quickly. 💡 Pro Tip: Don’t Buy at the Dealership

Dealerships often charge a flat fee of $500 to $1,000 for GAP insurance.

If you put less than 20% down, you are likely "underwater" on your loan immediately.

GAP (Guaranteed Asset Protection) insurance covers the difference between your car’s market value and the remaining balance on your loan or lease.

If you paid 25% or more upfront, your loan balance is likely already lower than the car's value.