7)
Save Thousands When You Borrow!
So
how will your effort for learning about good credit pay off? You
will save money on the largest purchases. We will explain how to
save money on a car loan.
Let's
say you have a car picked out and you have just graduated from school.
Lets say it costs $12,000. Most people concentrate on negotiating
with the car dealer on price but forget to shop for the financing.
Sometimes cheaper financing can be found outside of the dealership.
In fact, you'd be surprised at how much interest rates vary. Usually
interest rates are listed in your local newspaper.
We
took a copy of a local paper and compared rates. Here's how they
look
|
Bank#1 |
Bank#2 |
Bank#3 |
Bank#4 |
Interest |
12.5% |
9.10% |
8.25% |
6.75% |
Term |
60 |
60 |
60 |
60 |
Payment |
$269.98 |
$249.98 |
$244.76 |
$236.20 |
Car
loans compared: Case study $12,000 automobile with different
interest rates.
|
Pretty
neat huh? It's mindboggling the amount of money that you can save.
Mortgages hold even more potential for savings because the principal
is larger and the term is longer. You can use our payment
calculator to enter in your own amounts and rates as we did
for the car loan example above.
The
law helps you avoid the typical pitfalls students fall into. See
our pitfalls section above for more examples.
Now that you've completed our Credit Strategies Seminar, start putting all this knowledge to work for yourself
and apply for a credit card!
|