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Tip: Keep your welcome letter with your records as long as you have the loan

January 27, 2022 Leave a comment

Tip: Keep your welcome letter with your records as long as you have the loan

This article was co-authored by Samantha Gorelick, CFP® and by wikiHow staff writer, Jennifer Mueller, JD. Samantha Gorelick is a Lead Financial Planner at Brunch Budget, a financial planning and coaching organization online installment loans Tennessee. Samantha has over 6 years of experience in the financial services industry, and has held the Certified Financial Planner™ designation since 2017. Samantha specializes in personal finance, working with clients to understand their money personality while teaching them how to build their credit, manage cash flow, and accomplish their goals.

Since most people can’t afford to pay the full purchase price of a car in cash, getting car loans is a necessary part of life. Fortunately, most lenders provide several different methods of payment so you can choose the most convenient way to make your car loan payments. If you find you have a little extra money each month, you can save money on interest if you pay your loan off early. On the other hand, if you’re having trouble making your car payment, you may be able to get the loan refinanced.

Warning: Dealer-financed cars can be tempting if you have poor credit, but they may end up costing you more in interest and may not do anything to help improve your credit

  • Sometimes dealers finance vehicles directly. If you purchased a dealer-financed vehicle, you should have payment information included with the paperwork you received when you bought your car.
  • If your dealer arranged financing through a third-party lender, you’ll likely find their name on your bill of sale.

Warning: Dealer-financed cars can be tempting if you have poor credit, but they may end up costing you more in interest and may not do anything to help improve your credit

  • If you don’t receive a welcome letter, you should still be able to set up an account online to manage all of your loan information. Read more…