Loans

Auto Loans | Mortgage / Home Loans | Debt Consolidation Loans | Payday Loans | Student Loans

Auto Loans

Obtaining a car / auto loan is the usually the second largest obligation an individual makes. Make sure you know what you are getting into with your new car loan.  Almost every bank and credit union offers some type of auto / car loan program. These programs have grown in length over the years and it is not uncommon to see a six year term on an auto loan for more expensive automobiles. Even a term of seven years or more for classic cars and "high line" autos.  If you take out a six year auto loan you could find yourself "upside down" in a couple years when you plan to sell. If you opt for this length of loan - make sure you research depreciation rates on cars and choose wisely.

Mortgage / Home Loans

Not all home mortgages are alike. Make sure you obtain the best home loan for your situation.  A conditional conveyance of property as security for the repayment of a loan. In other words - the loan is secured by the property and the property ownership will revert to the lender upon default.  When considering a mortgage there are many things to consider, not just the rate! Loans vary in many ways from prepayment penalties, closing costs, and points due at closing. When comparing loans always ask for a Good Faith Estimate from the lender. This is a breakdown of the anticipated costs in a standard format that each lender uses. This way you can compare loans side by side and see the different charges.

Debt Consolidation Loans

When your debt situation becomes unmanageable, turning to a service that offers help in solving debt or credit problems may seem like a reasonable action. Some things to look for below.  Many debt and credit agencies offering too-good-to-be-true solutions to your financial problems, are just that - too good to be true. Some businesses that offer debt resolution or credit repair plans may charge high or hidden fees and fail to follow through on the services they sell. Others may misrepresent the terms of their service, failing either to explain certain costs or to disclose the complete terms of the agreement.

Payday Loans

Check cashers, finance companies and others are making small, short-term, high-rate loans that go by a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.  Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. The company gives the borrower the amount of the check minus the fee. Fees charged for payday loans are usually a percentage of the face value of the check or a fee charged per amount borrowed - say, for every $50 or $100 loaned. And, if you extend or "roll-over" the loan - say for another two weeks - you will pay the fees for each extension.

Student Loans

There are many types of education / student loans. Learn about federal and private education loans so that you can find the right college loan to help pay for your education.