Are You A Smart Borrower?

- Hi, I'm Jean Chatzky, and this is your Savvy Money Minute.

- [Announcer] Brought to you by Credit Union of souther California.

- Can borrowing save you money? Smart borrowing can. The difference between a so-so interest rate and a good one can mean thousands in your pocket whether you're financing a home, a car or opening credit card. Here are four great tips for smart borrowing. Number one, shop around. Interest rates vary so cast a wide net to find the very best one. Check with local, national and online lenders and your credit union to compare. Two, work on your credit score. The difference between a score of 620 and 720 can mean hundreds of dollars less in payments every month. Three, refinance. Interest rates are low. If you can shave at least one percentage point off your mortgage rate, refinancing can worth the fees. And remember, a car loan can be financed, too. Four, spread it out. If you extend the term of your loan to lower your payments, then apply the difference to your highest interest rate debts and you can get big savings over time. I'm Jean Chatzky for Savvy Money.

Building Better Lives

Credit Union of Southern California (CU SoCal) is a leading financial institution empowering those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County to reach their goals and build strong financial futures. CU SoCal provides access to convenient money management services and offers competitive rates and flexible terms on auto loans, mortgages, and VISA credit cards—turning wishing and waiting into achieving and doing.

 

562.698.8326 | 866 CU SoCal Se Habla Español

Tweet