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Interest rates have never been lower. Now, you can find a way to make these low-interest rates work for you. Here are four ideas to take advantage of decreasing interest rates.
Get a Better Rate on a New or Used Car Loan
If you are looking to get a new or used car, then you will be able to get a great interest rate on the loan. Typically, you can get auto financing from either a bank or at the dealership. Since dealerships will be competing for your business, you will be able to get a low-interest rate for your loan. This can be especially advantageous if you get a long term loan on your vehicle.
Get a Better Rate on Your Mortgage or Refinance
If you are looking to buy a house or a property, then now is the time to save on mortgages. You can get 15-year and 30-year mortgage loans at the lowest rates in history. Now is also an ideal time to refinance your current mortgage. It is unknown how long these low-interest rates will last. Therefore, it is a good idea that you lock in that low-interest rate as quickly as possible.
Consolidate Your Current Debt
If you have several credit cards with a high balance, then you will want to work to consolidate all of that debt into one low-interest rate. This can potentially save thousands of dollars per year. You will want to shop around and get at least three quotes from three different debt consolidators. This will give you the best opportunity to get the lowest rate on your debt consolidation.
Start a Business
If you are looking to get a loan on your small business, then now is the time. You can get a great rate on a loan to buy new equipment, get a new warehouse or simply power up your sales and marketing. There are a number of places that will offer you a small business loan from banks to small business loan specialists.
Low-interest rates can save you big money when it comes to getting a car loan, a mortgage, consolidating debt, and getting a small business loan. Since interest rates can change, it is a smart idea to act now before interest rates begin to move back up.
Kara Masterson is a freelance writer from Utah. She enjoys Tennis and spending time with her family.
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