Auto loans can only be used to finance vehicle-related costs. Most people use them to purchase a car, but most financial institutions also allow you to use them to do repairs or renovations on your car. Some financial institutions even allow you to use them to refinance a previous auto loan or for a lease buyout.

• Manage your credit. Having good credit is important in getting a good loan. Your credit score can affect both your interest rate and the required down payment. Manage your credit and keep a high score, and you can be assured that you will be able to get a good loan.
• Shop around. Always compare loan offers, either by calling financial institutions or searching the Internet. By doing so, you can find the best interest rates that are offered, and if you have managed your credit, you will probably qualify for them [insert link to auto loan tables].
• Know your budget. Being conscious of your monthly budget will help you gauge how much you can afford to spend on auto loan payments [insert link to auto loan tables]. It is very important to calculate this carefully so you do not get stuck with a loan that exceeds your budget.
• Get pre-approved. It is helpful to be approved for an auto loan before you start shopping for a car. This way, you know how expensive of a car you can afford, and it will give you a lot of leverage at the dealership.

There is nothing worse than making a purchase and then finding out you could have gotten a better deal on it somewhere else. The same goes for auto loans. So make sure that you do not rush out and get an auto loan uninformed. Instead, know all your options so that you are able to make an educated and well-informed decision [insert link to auto loan tables]!

In addition to the interest rate attached to an auto loan, the term, or length over which the loan is to be paid back, should also be a factor that influences which loan you decide is best for you. For instance, while a longer loan term will allow your monthly payments to be lower, in the long run, you will actually pay much more than necessary because of the interest paid on each additional year. Thus, shorter terms and lower rates are typically better options to aim for.

The most important thing to do when preparing to get an auto loan is to shop around for the best rates and monthly payment plans, either by calling financial institutions or searching on the Internet [insert link to auto loan tables]. It is also encouraged to shop for your loan before you start shopping for your vehicle, so that when you’re ready to grab the wheel and drive, your finances will be ready as well [insert link to auto loan tables].

Advantages

• You can take your time. When you use the Internet, you can take as much time as you need, not feeling rushed like you sometimes might at a dealership [insert link to auto loan tables].
• No haggling. Buying a car online lets you avoid the face-to-face negotiating and haggling that comes with a purchase at the dealership [insert link to auto loan tables].
• Save money. The prices of vehicles vary a good amount from region to region, all over the United States. With the Internet, you can compare prices, incentives, and rates all over the country, so you do not have to settle for the price that a car has in your region [insert link to auto loan tables].

• Limited contact. When you purchase a vehicle online, you only get to see pictures of it – there’s no touching, smelling, or driving your potential new car.
• Possible discrepancies. There are sometimes complaints from online auto shoppers that a dealer’s price quoted on the Internet is different from the quote that is offered in person [insert link to auto loan tables].
• Unexpected results with a used vehicle. Often, an online auto buyer knows what the outside of the car will look like, but they forget to make sure they are aware of what is awaiting them on the inside. Scratches, fades, rips, and shredded floor mats are all common interior problems that online buyers run into.

• Comparison shop. Visit as many websites as you can to compare vehicle prices and financing rates [insert link to auto loan tables].
• Report any discrepancies. If you find that a quote online and a quote from the dealer do not match up, do not be afraid to ask about it. If they do not give you a satisfactory answer, you can report the problem to the National Automobile Dealers Association of America (NADA) or the U.S. Federal Trade Commission (FTC) .
• Do not be surprised. If buying a used vehicle, find out everything about the appearance and condition of the car, so you are not unpleasantly surprised when it arrives.

According to a nationwide study conducted by Experian in 2004, about 46% of the U.S. population owned at least two credit cards and more than 16% accessed at least half of their credit. For some, using credit responsibly has helped to qualify them for future life changing events like buying a home or funding their child’s education [insert link to credit card tables].

There are many advantages and disadvantages of using credit cards some of which are:

• Select the type of card that best serves your needs. Most sites let you select from either a zero or low-introductory APR, balance transfer, rewards or cash-back, secured, small business, or student card.
• Read the summary overview. Select the cards which appeal to you the most. A side-by-side comparison allows you to evaluate each feature individually.
• Review the terms and conditions. Questions you may want to ask include, “What is the default APR after the introductory period? Is there a grace period for paying the minimum amount before finance charges take effect? How is the minimum balance calculated?”
• Apply for only one card at a time. Get a decision on your acceptance before you decide to apply for another card. Too many inquiries by creditors at the same time could lower your score.

• Zero or Low-introductory APR* This feature is good for paying down your balance over a shorter period of time (anywhere from 3 to 15 months.) It can apply to purchases and/or balance transfers. Most of these cards do not have an annual fee. *APR varies based on credit card lender and terms.
• Balance Transfer. Balance transfers allow you to consolidate your existing debts or pay down your balance over an extended period of time, so that you can save money on interest charges. Balance transfers can be either a zero- to low-introductory rate or a low fixed rate which remains in effect until the balance is paid in full. There is a minimum/maximum transfer fee assessed each time you conduct a transfer up to your credit limit. Many credit cards with low balance transfer rates do not have an annual fee.
• Rewards/Cash-back. Rewards and cash-back incentives earn you points or rebates on purchases. Rewards can usually be redeemed for airline miles, merchandise, gift cards, etc. Cash-back incentives come in the form of rebates which show up either as 1) a statement credit on your monthly bill, or 2) in the form of a redemption check.
• Secured. Secured cards are for people with prior credit problems, a bankruptcy, or no previous credit history. The amount of credit requested is usually secured with a matching deposit. For instance, a $1,000 credit line would require you to have $1,000 on deposit to cover credit charges in case you default on your payment. Your payment history is reported to all the major credit reporting bureaus in an effort to help improve your overall credit score along with periodic credit increases. There is typically an annual fee for this type of credit card
• Small Business. These cards typically come with some type of zero or low introductory APR and balance transfer option. Some offer cash-back or reward points with additional savings discounts for purchases from specific travel and business-related partners (e.g., FedEx, Staples, Hertz). Some have no pre-set spending limit and waive the annual fee. The card itself is usually customizable with the company’s name.
• Student. Most student credit cards are designed to give students a chance to establish a credit history . Some basic features include an introductory rate, balance transfer option, cash-back reward points and no annual fee. Those which are affinity cards may also be branded with the name of the school or offer additional campus-related discounts to students. With a variety of credit cards to pick from, shopping for the best credit card doesn’t have to be a mystery. Always compare your choices beforehand and select the card that best suits your needs.

1. Pick the account with the highest APY. Since the annual percentage yield is calculated by compounding the interest, you should look at the APY rather than merely the rate when considering a savings program. Securing a high APY should increase your chances of successfully yielding high returns.
2. Create a budget. Monitor your spending to determine where budget cuts make sense. Scrutinize each expenditure with the intent of placing any discretionary income into a high-yield savings product [insert link for the latest savings and Money Market rates].
3. Define clear savings goals. Know what you’re saving for and how much you need to set aside each month to achieve your short- and long-term goals. Minimize your risk and maximize your return by diversifying your portfolio.
4. Organize your expenses. Withdraw only the exact amount you need to handle out-of-pocket expenses for that week. Deposit any extra funds left over directly into a high-yield savings product. The sooner you start the more interest you’ll earn. Your deposits will make your savings grow much more than interest alone.
5. Get out of debt. Monitor your monthly credit card expenses and consolidate all outstanding balances into one tax-deductible home equity line of credit [insert link for the latest HELOC rates] or zero- to low-cost percentage credit card [insert link for the latest credit card rates]. While you pay-down your debt, avoid charging any new purchases. Learn to pay with a debit or check card instead of charging something on credit.
6. Create an emergency fund. Set aside at least three to six months of your gross salary to cover unforeseen expenses in case of an emergency. Invest in a liquid high-yield savings product [insert link for the latest savings rates] which can be readily accessed should you need the funds.
7. Use the Internet to find the best rates. The Internet can help you compare rates from different financial institutions. Make sure you’re getting the best deal with the click of a mouse. Also, check with your bank to see if they have any online offers available. [insert link for the latest savings rates]
8. Shop for no-fee deposit products. Use the Internet or call around to compare fees, APYs, and minimum requirements before you open an account. There are many banks competing for your business which offer “free” savings [insert link for the latest savings rates] or checking accounts. [insert link for the latest checking rates]
9. Set-up an automatic deposit account. Instead of depositing your paycheck directly into a checking account where it can be easily spent, consider having it automatically deposited into a high-yield savings product [insert link for the latest savings rates]. Another option is to arrange to have your paycheck deposited into your checking account to cover your day-to-day costs, while a predetermined amount of money is automatically transferred to your savings product of choice to ensure your savings grows consistently.
10. Ladder your CD investments. Stagger your investments by laddering your CDs with different maturity dates. This way you are not limited to the same term and yield should rates rise in your favor. Shop around for the best return.

A home equity loan is a loan in which the borrower uses the equity in their home as collateral. Your home’s equity is equal to its market value minus any mortgages or other liens owed on it.

In the early stages of your first mortgage loan, the majority of your monthly mortgage payments goes toward paying down the interest, but once you begin to make principal payments, the amount of equity in your home increases. Then, as your home appreciates over time, its equity grows even faster. The opportunity to use this equity is one of the benefits of homeownership.

As a financial tool, home equity loans can help you achieve many of your goals. The attractive rates can be lower than those of a personal loan or unsecured credit card – not to mention the added benefit of being tax deductible in most cases (always check with your tax or financial advisor before making any tax-related decisions).

A popular use of a home equity loan is for home renovations or repairs. By improving your home you are putting money back into your house, which can increase its value. Other reasons homeowners use home equity loans include:

• Adding a room as their family grows
• Purchasing a new car
• Adding or renovating a pool
• Taking that dream vacation
• Paying for their child’s education
• Paying off outstanding debts
• As emergency cash should unforeseen expenses arise

If you are a homeowner looking to use your home as a financial resource, then a home equity loan or home equity line of credit may be right for you. Always shop online to find the best home equity product that meets your specific needs.

There are basically two types of home equity loans: a home equity loan (HEL) or a home equity line of credit (HELOC). Since the debt is secured by your home, the interest rate is typically less than that of a credit card or personal loan. Also, the interest paid on the loan may be tax deductible. (Always check with your tax or financial advisor before making any tax-related decisions).

A home equity loan, also referred to as a second mortgage, is best used in situations where you intend to use the funds for a specific purpose, like home improvements or a car purchase. The interest rate and the monthly payments are fixed. These get paid back in installments over a fixed period of time, typically 5-15 years. While the time to repay a loan is shorter than that of a traditional mortgage, borrowers like the certainty of having a fixed rate and fixed monthly payments.

A home equity line of credit is a revolving line of credit that allows you to access the funds as you need, instead of all at once. The interest rate is variable and in most cases tied to prime. The rate for which you qualify is usually based on your creditworthiness and your ability to repay the loan.

Knowing when to use which type of loan depends on your specific circumstances. If you have a long term remodeling project which requires cash installments over time, then a line of credit makes sense. If your home needs a major upgrade and you are making one large payment, then the stability of a home equity loan may be a better choice.

As a homeowner, you have probably received offers in the mail to apply for a home equity line of credit (HELOC) or a home equity loan (HEL). If handled properly, these types of loans can provide you with additional funds. To assure that you are getting the best deal, here are some tips you will want to consider before selecting the right loan program.

• Avoid unnecessary fees. The market for home equity loans can be very competitive. When shopping for the best offer be aware of any application fees, closing costs, or appraisal fees which can drive up your actual costs. Find a home equity loan that does not penalize you if you decide to pay off your loan early, or one that does not charge you a check writing fee each time you access your home equity line of credit.
• Interest rate caps. Like a variable-rate mortgage, a HELOC is subject to change as interest rates fluctuate. This can work to your advantage should interest rates drop. However, be aware of how frequently your rate can adjust each year (e.g., quarterly is better than monthly.) Also look at the lifetime cap or maximum amount a rate can adjust each year.
• Try to avoid pre-payment penalties. Everyone wants to have the flexibility of paying off their home equity loan early. The reward is not only being debt free but saving on interest charges. Work with a lender who is willing to waive any pre-payment penalties or who gives you the flexibility to make interest-only payments in case you encounter a financial hardship.
• Ability to convert to a fixed rate. Since most HELOCs have variable rates and can change at different times, what may seem like an attractive rate in the beginning may skyrocket later, should interest rates rise. Look for loan features that will allow you to convert to a fixed-rate loan should this happen.
• Shop for the best rates. Shop and compare for the best HELOC rates online. Be aware of low teaser rates which will escalate after the brief introductory period. Make sure you know the index and margin used to calculate the fully indexed rate. Determine if the rates you are comparing are competitive once all fees have been calculated.