Types of alternative Credit

By: Ryan Meyers

Auto lones

Usually unsecured and based on the borrower's integrity and ability to pay

The rates are based on how good your credit is

Ex. If you have good credit your rates and fees will be lower

Credit unions offer an average 2.24% APR on new car loans, and 2.54% on used cars.

The Bank of America Auto Loan is the best source for Auto Loans.

You can get auto Credit from Ollenburg Motors in Garner.

A customer might need this credit when buying a car or a truck.

Benefits for Auto loans

1. You can increase your credit score if you pay your bills on time.

2.Once you have completed the term of your loan, you have no more payments to worry about.

Disadvantages for auto loans

1. If you don't pay off your payments you credit score will go down.

2.After the financial cycle is completed, there could be increased maintenance costs due to the age of the vehicle.

Three

1.Direct Lending

2.Dealership Financing

3.Consider Federal and State Laws