WELCOME TO THE MERRICK BANK BLOG


Visit often and join the conversation about building, managing and protecting credit, along with financial tips, savings ideas and myth busting.

choose the right auto loan

Beware of Auto Loans That Can Break Your Budget

High finance charges and long payment terms can make a car loan seem more like a mortgage

You need transportation — that’s a given. For most people, that means owning a car and, often, making monthly payments on it. When you purchase a car, whether it’s new or pre-owned, you’re careful to make sure it’s in excellent running condition. Do you put the same effort into finding the loan that best fits your budget?

If you have less than ideal credit, you may not qualify for the best terms or the lowest interest rates, but you still need to determine a monthly payment that you can afford. It’s important to consider your other bills and budget when making a car payment decision. While there’s no way around the fact that most of us need a car, try to make sure you don’t sign for a loan that may undo everything you’ve done to improve your credit history.

Read More

 

  • Submit your ideas for our blog