u/Dense_Egg_661

Hey! I’m not super experienced in car shopping but I’ve been thinking this over and I don’t know if it’s actually a good idea or not.

So I am 27, I commute for work and my current vehicle has shit the bed. I’m Canadian if that matters. I’m currently living with my parents after a breakup so I have more expendable income for now.

I’m thinking of financing a vehicle on a loan term with higher payments than I was hoping but a lower interest rate. Most financing options don’t have a penalty for early payment so I was hoping to throw extra money at it every pay check and then have those payments go towards lowering my payments instead of shortening my term.

Is this a good idea or am I just clueless and not seeing the flaws in this plan?