I swore I'd never take on debt for a car, but I was surprised by how well my first auto loan fit into my financial plan

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• I swore I'd never take on debt for a depreciating asset, like a car. My husband and I have always saved to buy cars in cash so an auto loan was never necessary.
• But when our transmission died unexpectedly and we didn't have enough saved to buy a decent car, my husband suggested an auto loan.
• We looked for a good interest rate and settled on a loan with a 4.05% APR and bought a good-quality car. I learned an important lesson about being flexible with my finances.
• Looking for a car loan? Autos.com can help you secure the best rate » 

In the community of personal finance writers and experts that I belong to, following certain rules is paramount. Never spend more than you earn. Always have an emergency fund. Never raid your retirement fund. Always contribute enough to get the employer match for your 401(k). The list goes on.

But what happens when you find yourself in a situation where the rules don't apply? That's what my husband and I found out when the transmission on our vehicle died before we could afford to buy a replacement.See the rest of the story at Business Insider

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