The Clark Howard Podcast 06.02.25 Clark’s Auto Loan Directive / Skimmer Scam Prevention
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Jun 2, 2025 As summer road trips approach, it’s crucial to understand the implications of lengthy auto loans on your finances. Clark warns about sophisticated skimmer scams at gas pumps and shares key strategies to safeguard your money. He also tackles the potential risks of QR code scams, urging vigilance. Plus, listeners can gain insights into car rental costs versus ferry transport options for a trip to Nova Scotia, and the benefits of annual travel insurance for frequent travelers.
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Seven-Year Auto Loans Spike
- One in five vehicle loans taken this year are for seven years, extending payments into 2032 or beyond.
- This leads to being upside down on your loan and paying much more interest over time.
Clark's Maximum Auto Loan Rule
- If you can't afford the monthly payment on a 42-month auto loan, you can't afford the vehicle.
- Avoid longer auto loans to reduce interest and risk of being upside down.
Gift Card Balance to Checking
- Nancy in Alabama transferred a refund gift card balance from Verizon directly to her checking account with no fee.
- She received the credit within 48 hours and recommends checking gift card terms for this option.