Finance savvy? Hidden secrets for must-finance purchases today
Exploring Financing Options
One of the first steps in making a major purchase is understanding the financing options available. From traditional bank loans to modern peer-to-peer lending platforms, the landscape is vast. For instance, personal loans often come with varying interest rates, which can significantly affect the total cost of your purchase. According to the Federal Reserve, the average interest rate for a 24-month personal loan was around 9.41% in 20221. However, promotional rates from certain lenders can be much lower, especially for those with excellent credit scores.