Tuesday, August 9, 2011

I need a loan but i dont know what kind?

Personal loan from a bank or credit union. Check interest rates on bankrate.com for major banks. Credit unions usually have better rates but if you have good credit you might be able to find a credit card that is zero interest for 12 months. You could use a no interest credit card for the $2000 you need to travel to Hershey then just take the personal loan out for $5000 for the car. That would be the most economical sense if you will be disciplined to save and pay off the $2000 before the interest kicks in. Also you could ask you dad if he can defer payment of the $5000 until you start your job and then set up a monthly payment plan to him. That way you wouldn't have to pay any interest at all if you can also get that $2000 credit line no interest for a year credit card.

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