The majority of Americans are up to their eyeballs in debt. Over forty percent of American households actually manage to spend more per year than they bring in. It doesn’t take a rocket scientist, or even an economist, to figure out that’s a recipe for disaster. It’s no wonder we have so much economic stress when the average household in our country carries more than $8,000 in credit card debt alone. That says nothing, of course, about mortgages, car loans, personal loans, or any other kind of debt.

One of the best ideas ever introduced on the American financial landscape, if it’s used properly, is the debt consolidation loan. There are many different ways you can work these loans. Some people roll them into a second mortgage, others essentially take large personal loans to wrap all of their other debts into one package.

Most importantly for most Americans, a consolidation loan can be used to roll all of that credit card debt into a loan with considerably lower interest. Credit cards are convenient, but if you don’t pay off your balance every month, you can get slapped with some incredibly high interest rates. Consolidation loans help to lower what you’re paying in interest.

If you think you might want to take out a debt consolidation loan, gather all of your bills and figure out exactly what your outstanding balance is. Then figure out what your monthly payments are, and how long you will need to make those payments. This should give you something to compare with the terms and figures of your consolidation loan.

Talk to several lenders. Don’t apply for the actual loans until you have compared loan rates. Making out several loan applications can actually negatively affect your credit score. Find out what typical loan rates are for people with your credit score. If you don’t know your credit score, you can find out what it is online through Equifax, Experian, or one of the other credit reporting bureaus.

After you have compared the rates of several lending institutions, apply for a consolidation loan with the one which offers you the best rates and terms. Usually this is a simple matter of comparing the numbers, though there may be other factors as well. Ultimately, you should take your loan out with whomever you are most comfortable dealing with.

If you do get a consolidation loan, do yourself a favor: Don’t incur more debts, at least until after you have paid it off. Too many people make the mistake of getting a consolidation loan, then taking the excess money they have and immediately using it to justify borrowing more money. Soon, they are up to their eyeballs in payments again. Wait to borrow more until you pay off what you already owe.

Image by Andres Rueda

To consumers borrowing money can seem to be a way of getting their hands on “easy money”; but “easy money” can soon cause difficulties when consumers have to struggle with loan repayments. They can find themselves deeper in the debt trap than they had anticipated and it can like an impossible predicament to be in.

While there are some situations where taking a loan is the only option, at other times obtaining personal credit should be avoided at all costs.

1. Bad Reasons to Refinance a Home A look at some bad consumer choices when taking credit against their homes.
2. The Worst Reason for Taking Personal Credit A look at the top ten dumb choices made by consumers when seeking personal loans.
3. 11 Dumb Reasons for Borrowing A look at some common mistakes made by consumers. Including a look at borrowing to have the latest technology and borrowing to gamble.
4. Don’t Borrow Money to Pay for Timeshare Hard sell tactics in the timeshare business are common knowledge but shoppers should never be persuaded to invest in a timeshare property.
5. Why Drivers Shouldn’t Borrow to Buy a Car Reasons why car finance and personal loans for autos are a bad idea. Advice on alternatives to borrowing to afford a car.
6. Don’t Borrow Money to Look Good A warning to those prone to vanity. Looking good is not worth incurring personal debt.
7. Borrowing to Finance a Wedding is a Bad Idea Why couples and parents should not go into debt for the big day. Help with keeping weeding costs down.
8. Borrowing Money to Consume is a Dumb Idea Why credit for consumption is a bad thing for personal finances.
9. Why Borrowing Money to Buy Stock Online is a Dumb Plan A look at the reasons why taking credit to buy stock is not a good idea. A look at why investors should avoid debts.
10. Dumb Reasons Young People Borrow Money A look at the option of saving to afford assets such as cars and homes instead of falling into the credit trap at an early age.
11. Buy Stocks With Savings Not Credit Why borrowing to buy is one way of falling into dumb debt. Why investors should not invest money they don’t have.
12. Don’t Borrow to Improve Credit Score The credit scoring system can make it seem a good idea to borrow money that is not needed but taking unnecessary credit is a dumb idea.
13. Don’t take Loans to Play the Stock Market Sensible solutions to funding stock investment instead of incurring dumb debt in order to invest.
14. Do Not Borrow Money for  a Sacrificial Goat Advice to North Africans as poor harvest and short supplies mean sacrificial animals for Eid Al-Adha are selling for high prices.
15. Borrowing for Weddings and Honeymoons not Recommended A surefire way to incur dumb debt is to take credit to finance nuptials. Suggests some alternative solutions.
16. Don’t Take Credit for Holidays A look at why loans are a bad way to pay for holidays. Avoiding falling into the debt trap for holidays.
17. When Taking Credit is a Dumb Idea A look at reasons not to go for a personal loan. With suggestion of alternative ways of affording needs.
18. Dumb Reasons for Taking a Payday Loan A look at common consumer temptations and why these types of loan should be avoided at all costs.
19. The Dumb Debt Lowdown A look at some of the ways people get into unnecessary debt. Suggests alternatives o avoid the debt trap.
20. Read the Paperwork Before Agreeing to a Deal Buying on credit is a bad way to incur debt. A cautionary tale of getting trapped into a dumb debt, advice on what alternative are out there.
21. Don’t Borrow to Fund Fertility Treatment Advice on the debt trap for couples with fertility problems. Looks at whether taking a loan to finance IVF is the right idea.
22. Taking a Loan for Someone Else is a Bad Move One case study looking at the complications of borrowing on someone else’s behalf. Why you shouldn’t let others borrow for you.
23. Seven Bad Reasons for Personal Credit A look at common causes of bad debt choices and how to avoid them.
24. Stupid Debt Decisions A look at some dumb financial choice including bad reasons for taking a loan. Includes details of some ways to avoid falling into a debt trap.
25. Payday Loans – A Bad Idea A look at this industry that threatens to push consumers into the debt trap. Why payday loans are a bad idea
26. Borrowing ‘Til Payday Creates Dumb Debt A look at the slippery slope of payday loans. Why consumers should steer clear of this type of borrowing.
27. Some Common Dumb Debt Decisions A look at bad ways of taking credit such as from a pawn shop and through a payday loan. With advice to avoid falling foul of personal credit.
28. Don’t Take Out a Loan to Go Fishing and Other Advice A look at some stupid debt decisions that people make and why they should be avoided.
29. Dumb Things to Do with Money A look at common financial mistakes and bad reasons for taking credit. A list of things not to borrow money for and suggestions of other ways to finance projects.
30. The Bad Debt List A look at the worst kinds of personal finance. Ways of borrowing to be avoided by consumers looking for financial security.
31. Don’t Be Fooled By Payday Loans A look at the payday loan debt trap. How it works and how can it be avoided?
32. Don’t Borrow to Cover Other Borrowing Why consolidation is not always the answer. Refinancing can pull borrowers deeper into dumb debt.
33. Don’t Borrow From Retirement Plans to Clear Credit Card Debt Why raiding a 401k is a poor choice for those who owe. Alternative ways to clear the debt backlog.
34. Borrow Now – Pay Later Why taking personal loans can cause problems in later life. The importance of saving for retirement.
35. Don’t Take a Loan from Your 401k One dumb debt decision that consumer can be tempted by in hard times and why it really is a bad idea. Complete with a look at the consequences of this dumb debt action.
36. Don’t Borrow From the Future to Pay off Credit Cards Advice on why retirement funds should not be used to clear personal debt. A look at alternative options.
37. Don’t Borrow Against a 401 for Medical Bills A look at the temptation to use retirement money to clear other debts and why this is not the best path for debtors.-
38. 401 Borrowing is a Dumb Idea Explaining double taxation and other possible pitfalls of taking a loan against a 401k. Why 401 loans should be avoided.
39. Why is a 401 Loan a Dumb Idea? Explaining the reasons to avoid taking credit against retirement funds. A look at all the downsides.
40. Don’t take a Loan to Pay Your Mortgage Reasons not to borrow against a 401 plan to keep up home payments. A look at why this kind of borrowing is a bad idea.
41. 401 Loans a Bad Way To Pay of Credit Card Debt Why obtaining a loan against retirement saving is a bad idea. Advice on reducing credit card debt in other ways.
42. Debt Clearing With a 401 Loan is a Dumb Idea The ins and outs of 401 borrowing and why it leads to seriously dumb debt. Why consumers should not consider this option to clear other credit.
43. Don’t Take a Loan as a Kneejerk Reaction to Debt Problems A look at the way in which dumb debt snowballs with bad decision making. How to avoid falling into this trap.
44. Borrowing to Consolidate Student Loans a Dumb Idea Why obtaining personal credit to pay off loans for studies is not a good plan.  A personal story with a warning to others who owe student loans.
45. Are Student Loans Always Sensible? When taking student loans to finance schooling may not be a sensible idea. A look at why people must make sensible education choices before taking on credit to fund learning.
46. Dumb Things to Do with Money A look at poor money and credit choices. Moves to avoid when dealing with personal finances.
47. Don’t Go Into Debt for a Nose Job A look at one crazy borrowing decision. The story of a single mum on state benefits who decided to borrow to finance cosmetic surgery.
48. Dumb Ways to Fall into the Debt Trap A look at some stupid financial choices. Common mistakes that lead to financial problems for
49. consumers.
50. Insane Reasons to Borrow Money Some crazy explanations of why people fall into the debt trap. Includes an examination of borrowing to gamble and borrowing to consume.
51. Don’t Pay for Someone Else’s Boob Job with a Loan! A cautionary tale for anyone thinking of financing a lover’s enhancements with their own personal credit. A look at what happens when the couple split.

Image Credits: Daquella manera

The military make perfect targets (I mean, customers) for personal loans. They are employed. They have steady income. They have economic needs that crop up from time to time. So far, they’re not much different than most of us (well, other than the employed part).

The one thing that a soldier has that most of us don’t have is a First Sergeant (that’s a Senior Chief Petty Officer, for you boat floaters). He’s the guy (from a banker’s standpoint) that you call first if a soldier isn’t making his loan payments in a timely manner. He’s also the guy (from a soldier’s standpoint) who can make your world a living hell if his morning coffee is interrupted by a banker who’s waiting for his money.

First Sergeants (or SCPOs) are invariably ugly people. When they hand them the rank insignia, they immediately take away all congeniality they may have otherwise had. And if you’ve ever had to stand in front of one and explain yourself and your financial affairs, you know that they get even uglier when they’re riled.

That’s why bankers and other lenders in military towns are so eager to lend money to soldiers. They know they have the meanest, ugliest ally in the world. And, furthermore, with a standard fort, post, or base directory and the soldier’s unit, the heavy artillery is never more than a phone call away. We’re not sure, but we’re pretty convinced that all of the First Sergeants’ coffee times are printed somewhere in the post directory as well, so bankers can properly time their phone calls.

Your best bet when you’re in the military is to avoid taking loans that you don’t need. And when you do need a loan, drive at least 150 miles from your post. The further you get from military bases, the less likely your lender is to realize that he can call your first sergeant if you’re a week late with a payment.

Another good idea, if you have to take a loan (especially if you do it near a military base) is to set yourself up on automatic payments. A quick trip to the paymaster and you don’t need to worry about getting your loan payment in on time while you’re out in the field. Best of all, you won’t have to see the First Sergeant after his coffee break has been interrupted.

Photo via The U.S. Army

So, how do I build good credit?

That largely depends on where you’re coming from. The first thing to do is to know where your credit is right now. You can check this from any number of free Internet sites which allow you to check your credit scores with the three major credit ratings bureaus: Equifax, Experian, and Trans Union.

If your credit is good, you’re doing something right. Still, you’ll want to make sure your entire report is correct. Even seemingly small transgressions like a late payment here or there can hurt you in the long run, and you’ll want to make sure that anything negative on the report at all is accurate.

If your credit is not so good, you have some work to do. Fortunately, credit scores can start to rise fairly rapidly if you just start paying off old debts. Look your credit report over, and make at least some payment on every bill you owe, while trying to pay them off one at a time. Even if you are unable to make full payments, show that you are trying to pay your bills off. Your show of good faith will improve your credit score (or at least mitigate how much it is hurt).

If you haven’t established any credit one way or another yet, you have a clean slate. Unfortunately, it can be tough to get personal loans or any other kind of credit if you have no credit history. Many banks will lend to those with poor credit before they’ll lend to those with no credit. One of the best things you can do for yourself is to take out a small loan. You’ll probably need to present something as collateral, so be prepared for this. Once you have the loan, make the payments on time. Better yet, make the payments early.

Don’t pay off the loan too soon, though. Believe it or not, if you make a habit of paying off money you borrow from a bank too quickly, they are hesitant to loan again. Banks make much of their profits from the interest on loans, and someone who pays all of their loans off way ahead of schedule means the bank isn’t making much on the loan. And that can make them hesitate to loan more money.

Slow and steady is the rule. Don’t borrow a lot of money you don’t need, but borrow a little here and there, and pay it off one month at a time.

Photo via ideacreamanuelaPps

Don’t get us wrong. This isn’t a crusade against the lending industry. Loans, kept in proper perspective are a necessary part of living in today’s world. The problem comes when we take out loans that we can’t pay for. Lending companies will actually try to prevent you from doing this. The problem is, they have matrixes that are based on what they perceive average expenses to be, and no couple really fits into the exact molding of an “average couple.”

A budget is the best protection your marriage has from financial problems. In most cases, they are simple to make. Figure out how much income you have. Figure out an amount to give to savings (typically 10%) and how much you want to give to charity or your church of choice (believe it or not, studies have shown that those who regularly give charitably do better financially than those who don’t).

Next, figure out how much you can afford for housing. This should be no more than 25% of your income and should include your mortgage or rent, utilities, and related housing expenses. Then figure out how much you have to spend for transportation. Experts argue about what percentage you should dedicate to this and the rest of your expenses.

Truthfully, it doesn’t matter what percentage of your budget goes to each item, as long as you are agreed on a percentage, and at the end of the day your budget doesn’t equal more than 100% of your income. The next part is the hard part: sticking to your budget.

Sticking to a budget may mean saying no to the “better” car you were hoping to buy, or saving for some things instead of using personal loans to get them. In any case, it’s better to have a used car and a happy marriage than a brand new car that gets fought over in the divorce settlement.

Photo via gui.tavares

Most of us hold on to the delusion that if we work hard enough and save our nickels, at some point we’re going to be able to do or buy something fun. Women, it would appear, were created for the sole purpose of making absolutely sure that never happens.

I knew one woman who actually took out personal loans for a dress. No kidding. A dress. Granted she needed a formal dress for a business function. And granted the business function was sponsored by the guy’s employer, but a loan for a dress? Come on, that’s crazy.

Here are the 3 other things that women I know have used personal loans to buy, driving their husbands bat shit crazy in the process:

• Furniture. OK, we all like to sit down, and who wouldn’t like new furniture? A person with perfectly good furniture to sit on, that’s who. It may be ten years old, but it’s still perfectly good, right? And if it doesn’t match the room’s paint job, wouldn’t it be easier (and cheaper) to put up some wallpaper? What is it with women and new furniture, anyway?

• A mini van. Perfectly practical, there’s no denying it. But they could only afford one car between them. Since it was older and cheaper, she used personal loans. Now, he might not have been so mad about it except it meant he had to be seen driving the ugly thing (instead of the truck or muscle car he would have preferred). She said it would be good for hauling kids. Maybe if they’d had any kids, it wouldn’t have made him so mad.

• Clothing. Actually, we know a lot of women who have borrowed from the bank for a wardrobe adjustment. Most men will agree that if you need to finance clothes, you need to shop somewhere else. Maybe the fact that this particular wife had lost 100 pounds with weight loss surgery and actually needed new clothes should have made a difference. At any rate, he wasn’t complaining about the new body. Just the cost of the new clothes.

OK, you’ve got us, ladies. Women are practical, and men are jerks. Jerks who really don’t like financing practical things when there are so many fun things that could be purchased instead.

Photo via Joe Shlabotnik

The items that cause our other halves such consternation, such unbridled rage tend to be the objects of our greatest affection: items related to our hobbies, our toys. And, guys, this is ground that must be defended, regardless of how crazy our wives get.

We have an adult friend (and by adult, we don’t mean 19 years old, but closer to 40) who actually spent $75 on (get this) a large plastic Dungeons and Dragons figurine of some kind of a devil. Now that’s being loyal to your hobby, folks. We’re not sure if his wife wanted to kill him more for buying it, or for displaying it prominently where company would see it. At least he didn’t need to take out personal loans to buy it, though.

Here are the top 4 things men we know have bought with personal loans that drove their wives to the brink of murder:

• A Red Pontiac Firebird sports car. This might not have been so bad except that it didn’t run, the guy had absolutely no mechanical ability, and he actually needed a car. Granted, it was only $900, a minor detail that did not seem to quell her wrath.

• Golf clubs. OK, again, not such an unusual purchase, except the guy didn’t play golf. And didn’t end up starting like he said he was going to. Maybe it was because his wife scared him out of it.

• A beer bash. Don’t get me wrong, I doubt the guy wrote that down as what he wanted the loan for. In any case, the bash lasted four hours, the loan took four months to pay off, and four years later, he’s still hearing about it.

• Jewelry. This guy might have gotten away with it, if he had given her the jewelry for Christmas. She might have even been driven the other kind of crazy (remember, the “I’m gonna get some kind”). The fact that she found the loan paperwork and didn’t end up getting anything shiny under the tree? Let’s just leave at this: it wasn’t pretty.

So, if you’re thinking about buying something that you know might drive your wife crazy, wait until you can pay cash. After all, no one wants to see your wife on America’s Most Wanted.

There are many types of personal loans available to all people regardless of the quality of their FICO/ credit score. There are mortgages, personal, and auto loans that can be taken in order to make one time purchases easier. There are also loans that can be taken out for those with weak credit scores, such as no credit check loans and payday loans. There are even “legal loan sharks” that can be found, even though people with low credit scores aren’t always offered the fairest of deals. Here are some helpful posts about all of the various types of personal loans that a borrower can count on encountering in his or her search for the best deal on taking a loan to meet their financial goals.

1. Manual Underwriting: Buying a home without a FICO score Not all good credit is built by excessive credit card use, and it is possible to have credit that is good enough for mortgage approval without a FICO score. Learn how here.
2. Personal, Home & Car Loan Guides – Info, Tips & Advice As loans become a more common place thing in people’s lives, educated consumers learn as much as possible in order to better negotiate the terms of loans that they take.
3. Unsecured Loans – Unsecured Personal Loan Interest Rates An explanation of the pros, cons, and characteristics of unsecured personal loans.
4. Advice on Guaranteed Loans, Guaranteed Personal Loans Tips, & Guaranteed Loans Know the difference between borrowing and charging, placing collateral on loans, an co-signing for others.
5. Investing Articles, Investing Money A compilation of various articles on investing and saving money.
6. Basic Tips on Personal Finance Advice on taking bills seriously, making a budget and paying bills electronically.
7. Merchant cash advances are unsecured and becoming popular Information about merchant cash advances and why they are being used more frequently.
8. Manage Your Debt with a Debt Consolidation Loan Regardless of the reasons why, some people have debt become unmanageable at some point in their lives. Debt consolidation loans are the solution for many people.
9. Tips to Avoid Bankruptcy Some tips to avoid bankruptcy, such as more hours at work, discussing your situation with a professional, and organizing your debt.
10. Financial Articles & Money Management Strategies The concept of personal finance has been with us much longer than money…budgeting and savings are concepts just as old.
11. Debt Consolidation Loans and tips for consolidating your debt With a rise in personal debt at an all time high in Australia, loan consolidations are more popular than ever.
12. Promissory Notes: Personal Loans to Family and Friends A promissory note is a written agreement between people that know each other that will state the amount loaned, repayment method and how much interest will be paid.
13. Loans after Bankruptcy Although history has shown that we are the most lenient society in our dealings with debt, allowing people to file bankrupt without true penalty, it is still hard to find loans after this is done.
14. Personal Finance A list of links to help get out of debt, establish credit and get good credit.
15. Christian financial advice and money management tips A guide to establishing good finances by applying biblical standards.
16. Responsible Reasons To Get A Quick Personal Loan A list of things that could happen to you that will help you be at ease in justifying the need for a personal loan.
17. Loan to value – Mortgage basics A loan to value, or LTV, is the amount of money you are borrowing against your home purchase. Contains advice on how to go about this.
18. Nationwide launches market-leading 7.7% loan Nationwide sets records with a loan of 7.7 interest to its customers and may be setting loan precedents for the future.
19. Applying for Loans Online Online applications for loans have risen 305% and will continue to do so. A main advantage is that there are many discounts offered to electronic customers that unavailable elsewhere.
20. Financial Advice, News, Help  Guides A list of financial advisories, financial news and help guides.
21. Advice On Payday Loans A guide to using payday loans, and when they would be most beneficial to the consumer.
22. How to Find a Legal Loan Shark Even though it is a questionable practice, legal loan sharks are easy to find and come through very quickly with the money needed by people with bad credit that little alternative.
23. Personal Loan Guarantees Be sure to understand all implications before signing for personal loans.
24. The Basics Behind Personal Loans Regardless of the reason you have for seeking personal loans, it is essential that you receive the best deal that you can.
25. Looking for a loan? Know the difference between secured and unsecured loans and how to make comparisons.
26. Personal Payday Loans Tips A list of things to do for those committed to getting out of debt and are willing to make the effort to do so.
27. No Credit Check Loan Advice on how no credit check loans work, sometimes not to the borrowers’ favor.
28. Personal Loan Scams Dishonesty does plague people in need of financial assistance. This blog tells you what to be aware of.
29. Loan Consolidation Tips: Personal Finance & Money Management Tips A vlog about debt consolidation loans.
30. Financial Aid Guide :: Financial Aid Basics An article describing how common personal student loans are.
31. Compare Loans, Find a Secured or Unsecured Loan This page describes the difference between secured and unsecured loans.
32. Credit Chaos How to deal with consolidation and credit consolidation loans when they seem to be a last short term alternative to bankruptcy.
33. World’s Best Finance Tips A blog about various factors effecting real estate and debt reduction loans.
34. ‘Change’ Need for Financial Advice A recent poll illustrates the confusion that many people feel over understanding the different types of loans available to them.
35. Debt from Personal Loans A major cause of personal loan debt is the high interest rates that people with bad credit must accept. Some hints about what to do with this situation.
36. Financial Literacy May Protect Consumers in Tough Times An article pointing out that consumers need to be especially aware of all types of loans, etc. in order to raise their financial literacy in general.
37. Personal Loans: To Lend Or Not To Lend? Receiving personal loans from a bank comes complete with its own sets of rules and guidelines, but receiving or making personal loans to a relative or friend can be much more chaotic. Here are some guidelines for the person being asked to make a loan to ascertain if he or she is truly capable of parting with a large amount of money even temporarily.
38. Best Debt Loan Consolidation Program An article describing the various banking tools you can find online to help you decide how to handle your financial issues.
39. Cheap Poor Credit Personal Loan Obligations When a person has got to the point that he or she needs a personal loan, they may be experiencing bad credit as well. Here are some suggestions on how to handle the situation.
40. Low Apr Secured Personal Loans – How to find a suitable deal Low interest rates are most desired by borrowers, but they may be hard to find if the borrower is found to be a high risk. It is recommended that the borrower search online for as many offers as possible to find the best one for the borrower’s purposes, including both amount and duration of loan.
41. Online Debt Consolidation Secured Loans Basics An explanation of what a person who needs a debt consolidation loan should be capable of doing financially with the debt that they have incurred.
42. Cheap Personal loan, instant without security Unsecured personal loans are considered to be risk free and quick ways of fixing personal debt issues. What makes these easier to deal with for the borrower is the lack of collateral that needs to be offered to the lender.
43. Cash in a flash – What to do when financial crisis strikes An article with some advice for people experiencing financial crisis.
44. Personal loans 4 Keys for Securing a Personal Loan Even with Shaky Credit This article has some suggestions for those without ideal credit, including deciding when to consolidate debts in a deliberate fashion in order to improve credit.

Image Credits: geocam20000

You see, our friend might pay a few extra dollars in interest, but it’s nothing compared to the amount he saves on auto insurance. By buying his cars with personal loans instead of auto loans, he is able to get away with driving on PLPD insurance. This saves him well over a hundred dollars per month. Needless to say, that’s a hell of a lot more than the extra interest he pays.

Of course, when you drive with PLPD insurance, you have to realize that you’re taking your chances. Regardless of what you did with your personal loans, the bank expects you to repay the loan. That’s the reason most banks will encourage you to use an auto loan to buy a car. The loan automatically has collateral (the car) and the driver carries full coverage insurance, so the loan will be paid off if the car is totaled.

Still, our friend pointed out, the odds of not being in a crash are in the driver’s favor. Every year, most drivers make it through the entire year without as much as a fender bender, much less a car totaling collision. By putting aside the difference between what you would be paying in full coverage insurance and what you pay for PLPD, you might be able to save enough to just buy the next used car outright. At the very least, you can save up a significant down payment.

Admittedly, this might not be the right way for everybody to buy a car. But if you’re in the market for an older car with a low Blue Book valuation, it just might be something worth considering. The combination of money saved on insurance and the freedom to sell the car while still paying on the loan, if you want to make buying your next used car with a personal loan an attractive option for many.

Photo via sfxeric