Borrowing money and where to borrow it from can be a touchy subject sometimes, but we, like a lot of people, have had to borrow before. Yes there are some places "won't name any names here" that we have borrowed from and it was a joke. They charged us way too much. With that said, there is a site www.cashloancity.com that drifts through the good and bad and finds the best for you. We trusted the site for a $200 loan the other day and I'm glad we did. We will be back when we need it.
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Auto Loans
Forget the five-year free-financing deals of yesteryear. The car companies are in trouble, but would rather discount the car than the loan to buy it. That makes third-party lenders—again, the local small bank and the credit union—the place to shop for those loans. Line up a no-obligation loan before you go to the dealer, suggests Stephen Schooff of Capital One, whose capitaloneautofinance.com is one of the largest car lenders. It's tightening its credit standards, but still offers a "blank check" auto loan to solid borrowers with rates as low as 5.5 percent now. You can take that check to the dealer and negotiate like a cash buyer.
If you've already got a home equity line of credit (HELOC), that's also a good place to borrow money for your next car or home improvement. Rates now average below 5.5 percent, according to Bankrate, and there's a good chance that interest is tax deductible. Before maxing out your home equity line, check to make sure that it doesn't put your total home-backed borrowing near or over the current value of your house, because lenders have been dialing back those credit lines.
Alternative Sources
Borrow from each other. The best place to get a loan right now is the Bank of Grandma. Think of it this way: Her certificates of deposit are earning pennies in the bank, and she's worried about that. She could lend the money to you and you'd both win: Fewer closing costs, you'd pay less than you would to a bank, and she'd earn more. To properly borrow from a relative or friend, use a third party like virginmoney.us to structure it legally. Or use one of the Web's peer-to-peer lending sites, such as zopa.com or prosper.com to borrow money, in small amounts, from other everyday consumers you don't know. So far, they've done a better job than the big boys of keeping their cash flowing.
© 2008
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