Announcing The Winner of Our Financial Literacy Scholarship (Spring 2022)
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
For this post, we’ve teamed up with our partners at Fairstone.
Picture this: You want to buy a car in the next few months, but know you’ll need a loan to cover some or all of the cost. This is a good opportunity to start increasing your credit score. Why? When it comes time to apply for a car loan, lenders will see that you’re demonstrating positive credit behaviour and as a result, will offer you a lower interest rate.
The benefit of a lower interest rate on your loan?
When you pay back a loan, a portion of each payment will go towards the principle and a portion will go towards interest. The lower your interest rate on a loan, the less you’ll pay towards interest each payment. The result? By the time you’re done paying off the loan, you’ll have paid less money overall.
Below our partners at Fairstone share some tips on how you can access a lower interest rate on your next loan.
Here are some tips that will help you demonstrate positive credit habits to future lenders:
Sometimes, you need a loan unexpectedly and don’t have time to work on increasing your credit score. If you fall into this situation, there are still some tips that can help you pay less interest on your loan.
Here are some options that can help lower your interest rate on a loan:
Interest is something we’ll all have to pay at some point in our lives, but if you follow these tips you can reduce the amount of money you pay in interest charges. That means more money in your pocket for things like retirement savings, buying a house or an emergency fund!
Interested in shopping around for a loan, but don’t want to impact your credit score? With Fairstone’s online loan quote, you can find out how much money you qualify for and what your payments might be without affecting your credit. And, it only takes a few minutes – get a quote today.
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Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
Almost $500 in commission-free trades. Code “50TRADESFREE”. Conditions apply.
Borrow $500-$50,000 from Fairstone by May 31 and don’t pay until July.
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