Getting the Right Loan
Is there such a thing as a right loan? Well, I didn’t really know the answer but this week put me in a situation that required me to find the right loan for my needs. The cause of this whole task, was my car. You see, my car had a little incident: it died. Well, I suppose it wasn’t dead, but it is at the point where it is not worth fixing.
The day after the car was pronounced dead, I started looking in the paper for a new ride. The one thing I noticed is that most of the vehicles were more than my measly $500 in savings.
Without any options, I was going to have to get a car loan. Having no experience in this area, I looked online after work to see what was available. I figured that educating myself a little bit would help me both to get a better deal and understand what the loan officer would tell me at my bank.
The first thing I did is visit my banks’ website. There I learned that the loan that I needed was called an unsecured loan. Translate that into English for you, it is a loan that you get based on your credit rating and you don’t have to put up any collateral - if you don’t pay the loan, they can’t come and repossess anything. Another thing to note is the repayment period rarely exceeds seven years - but the average length is five.
Once I knew what I was looking for, I took a look online to find out what the competition offered. I already knew what my bank offered but I was looking for some alternative cheap loans. Not surprisingly I did manage to find quite a few that were cheaper than my bank. I printed off those offers to present to my banker when I go for my appointment on Thursday.
Armed with my newly acquired knowledge as well as other loan offers, I am looking forward to my meeting in a few days. Too bad I have to take the bus to get there…
