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Tips on choosing a loan

We provided articles below from the Federal Reserve Board as well as some of our own information.

How much can I afford? With all credit and loans in mind, you should always want to know what your financial limits are. Before considering a loan or credit amount, figure it out with our general loan and mortgage calculator before the water gets too hot.

Mortgages: You will need to get a pre-approval letter from a mortgage lender before you make a bid on most homes. Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether itís a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. Youíll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

Personal loans: Before choosing a loan for personal needs, ask yourself if a loan is really what you need. The first thing to consider, is this loan short or long term? If it is going to be less than a 60 day payoff, it is short term. If you qualify for a traditional signature loan from your local bank, we recommend that you try them first. If you need a short term loan, then you came to the right place. You just need to screen out high interest rates  and fees during your search for the right loan. In other words, beware of loan sharks. Most lenders give you between 2 to 16 weeks to repay the loan, and some of which offer installment plans. Do you need to get a loan fast, or can you take the time to compare loans?

If you considered a loan from the internet, you should then view loan offers by comparing the terms and conditions posted on each lenders web sites. Apply online and wait for a response (normally between 1 - 24 hours), depending on the time of day. That's it! Just pay on time according to the terms and your all set.

Auto loans: Your first step in your automobile purchase should be the price. Feel free to use our calculator to figure this out. This will give you a general idea before you start shopping. Second, consider whether you are purchasing a new or used vehicle and shop around. Lastly, after you know what you want and who you plan to purchase with, apply for the loan after comparing auto lenders.

Credit cards: When you're looking for a credit card, be sure to consider the costs and terms. They can make a difference in how much you pay for the privilege of borrowing. Compare them with the costs and terms of the cards you already have to find the plan that best fits your spending and repayment habits. Read more


Next Step: Choose a loan category above or read another informational article

Other resources:

66 Ways to Save Money

Get a Loan Fast: The process

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Keys to Vehicle Leasing: A Consumer Guide


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