Archive for the Loans

Pros and Cons of buying Used versus New Cars

Lately I’ve been going back and forth between buying a new or used car when the time comes. Thankfully, we haven’t had any more trouble with my car, so we haven’t been having to give it too much thought. Just tossing around ideas. Tiffany brought up a good point about buying a used car. “However, used is much cheaper, but I see it as inheriting someone else’s problems.” That’s a great point, and I can’t get it out of my head now. Even though I’ve always wanted to buy a used car as our next vehicle, I’ve been debating about getting a brand new car. Here are some of the pros and cons I’ve been thinking about: If we buy new, we won’t have to worry about ANYTHING being wrong with the car. Well, of course something could be wrong, but we would know it would be covered under warranty. Some used cars are “lemons”. I’d hate to get stuck with one. If we buy new, the minute we drive off the lot, the car has depreciated in value. Of […]

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Why It’s Important to Have Good Credit

A few days ago I opened a new checking account for a very nice lady that came in asking about our free checking accounts. As I was talking with her about her lending needs, she asked me about “the loans that let you make flexible payments”, AKA home equity lines of credit. I was telling her about how they work; the minimum payment is interest only, so if you only pay the minimum payment you won’t get anywhere, but if you pay the amount you pay now on your mortgage, everything above the minimum payment goes towards principal. She thought it was a great idea, she’d be paying less than she pays for her mortgage payment each month, and it would free up some money for her and she’d be not as strapped for cash each month. I put an application in for her. Declined. I was a little taken aback, until I looked at her credit report. Her credit score? 494. That is the lowest credit score I’ve ever seen! I took a look and realized why it was […]

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