MOST COMMON LOAN CATEGORIES

Despite our quest to become debt-free, almost all Americans will take out a loan at least once in their lifetime. Here are some common loans that we may end up taking. Many homes have one or two but others have a combination of all of them.

Car Loans –
Cars are almost an absolute necessity for Americans but this is not entirely so in the rest of the world where people delight in walking and using public transportation (although economic difficulty is also a reason why not many people own cars). It is always advisable to purchase a car in cash but many people do not have that kind of money saved up so applying for a car loan becomes a more viable option. Before embarking on the quest for a car loan, one has to figure out what kind of car they want and what is their projected long-term budget. It is good to shop around because most dealers hike the prices of cars by 15%. This means that if you negotiate wisely with the dealer you can get a reduction on the vehicle up to 15%

Credit Cards –
When shopping for a credit card, avoid cards that have exorbitant interest-rates and fees. Some even charge huge upfront fees especially if you have bad credit and you

College Loans –
Always consider investigating student loans before committing your self to a personal loan agreement. You may be qualified for a student grant from the government if you take the time to research the opportunities.