A personal line of credit works a lot like a credit card. There’s a limit to how much credit you can use, it’s available to you on a rolling basis, and the interest rate can be subject to change.
A personal loan, on the other hand, is a fixed amount that you get all at once, with a locked-in interest rate on a fixed repayment term. So instead of borrowing a little here and paying a little back there, you borrow your lump sum all at once, use it for whatever you need, then pay it back in steady monthly increments that don’t change over time.
You can use it for veterinary expenses. It can help you pay for maternity care or adoption fees. If you’re applying for citizenship, it can help you cover those fees. If you’re planning an elective medical procedure, from weight loss to Lasik, it can help with that too. A personal loan can help you pay for your wedding, get a root canal, or send your child to camp. It’s wide open.
It depends. When buying a car, be aware that the total amount you pay is not the same thing as the purchase price. The sticker price (or principal) is multiplied by the interest rate through the life of the loan. And your financing may assign different interest rates to different cars, depending on their age and condition. In some cases, it may actually cost less to buy a car with a higher sticker price.
The moral is, don’t compare sticker prices without understanding how your interest rate will affect them. You may be comparing apples to oranges. Get pre-approved first, and take the time to understand your loan before you shop. Need help? We’re happy to answer questions.
First, get pre-approved. If you know exactly how much car you can afford, you can be more assertive about what you will and won’t accept.
Second, don’t negotiate on any car until you’ve had a chance to run an Edmunds true market value assessment on its make, model, year, and mileage. Research its Kelley Blue Book value too, so you can walk in fully informed. Refuse to accept any price above the car’s true value.
Be aware of the tricks of the trade. Dealers may try to tire you out by making you wait, confuse the issue by introducing figures you’re not familiar with, or ask you questions you’re not ready to answer. Take control of the conversation. If you’re not sure of what’s going on, don’t hesitate to go home. You can always come back the next day to try it again — on your terms.
The routing number for Pacific Crest is 323274704.