interest rate barriers

Are you letting high interest rates keep you from getting your next vehicle? Are you more concerned what others think; those who say there is no way they would pay a high interest rate for a car loan? Have you been a victim of ridicule for paying too much interest on your vehicle loan? Here are some things to meditate on for moving forward. Add the rewards you reap by having a reliable vehicle; compare it to the dependency you would face getting round using other means. By no means am I suggesting that you get in over your head so-to-speak with debt. Count the costs, weigh the benefits or disadvantages ahead of you and make a calculated decision.

First, most people who have car loans tend to trade their vehicles periodically whether every 3-4 years or longer, if not sooner; trade-ins happen often. Did you know the cost of the vehicle you buy as a result of getting a loan; basically amounts to what you pay over the course of the contract?  Each time you make a payment in most instances using simple interest, an amount goes to what is called the principal and there is an amount that goes towards monthly interest. If you have a simple interest loan, you could add a little more each month and save on the overall interest for the full term of the contract. The end result is you would pay off the loan sooner, saving hundreds if not more. Believe it or not a person paying a car note with low interest over 5-7 years could end up paying more than you; if you paid off your loan sooner using the strategy mentioned.

If you considered this strategy of paying a little more each month, making payments before the due dates; it may position you for refinance eligibility within 12-18 months at a much lower interest rate. This is also a means for improving your credit score.

A good rule is to schedule your payments giving you time to have enough money to make the payment at least five (5) days before the due date. Although the lender often gives you a grace period before charging late fees; the payment according to credit bureaus is still late. Try this strategy, watch your credit score improve. Once you establish this strategy going forward, it will save you thousands of dollars in interest over time.

Interest Rate Barriers
Now you can begin to create a plan to remove Interest Rate Barriers going forward.

There are more strategies to come for improving credit scores ahead. Time will prove to uncover information that will make what once was not accessible - now reachable by lowering your credit scores.

Your time has arrived, mark this as the beginning of a new approach to car buying, remove interest rate barriers working at it step-by-step. I believe in you; you can do it!

It’s time to Tackle The Beast – Get Cents Get Paid!

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