When I think about being safe it just means I have to make safe financial decisions. I would not want to make a decision that I would have to pay for later on. An example would be purchasing a car with not so good credit. The terms of the loan are if you are a day late over the due date you are charged interest of maybe about $6.00 which is added to the loan balance. Talk about caught up. Sometimes individuals have to be late and having this type of loan will not help. Tips would be to shop for the best rates and not jump on anything. Ask questions (this one specifically about interest), Try to get financed through a credit union or bank instead of finance company. The interest is usually lower as well as monthly payments. To gain this type of loan would not be a good financial move unless you are paying the vehicle out quickly or you are NEVER LATE. (What are the odds of that)Interest added could be the extra money you need to put into a savings.
No comments:
Post a Comment