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When you want to buy a home, upgrade your car, or send your child to college, it’s helpful to look at all of your financing choices. Choosing the right loan or line of credit could mean you can lower your interest rates or reduce your expenses over time. Here are a few credit options that can help you finance life’s big expenses:
When buying a car, you might consider an auto loan, where the car is used as collateral to secure the loan. Auto loans can be available through banks when you purchase from a dealer or a private party. If you’re buying the car at a dealership, they may have their own financing unit there as well.
As the cost of college tuition and other school expenses continues to rise, many students and their parents turn to federal and/or private student loans to help fund higher education. When it comes to financing your education, be sure to look at all of your options - including grants, scholarships, and loans from all sources - and make careful comparisons among all your choices. If you determine a student loan is right for you, you might consider the following:
For students who have left or completed college, a consolidation loan allows you to refinance your existing federal and/or private student loans into one new loan and may help reduce your monthly student loan payment. The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both. By extending the loan term you may pay more in interest over the life of the loan.
From buying a car to paying for college, there are a number of credit options available to help meet your financial goals.
We’re committed to helping you build your financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to help you increase your financial literacy and reach your financial goals.
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