Brice Capital | When Financing is a good deal

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More often than not, we find yourself not having the money to buy the things we would like to have.  WE have to finance them.  I am going to tell you about a few things that are a good idea to finance.

Education

When you finance your education you are more than likely getting a student loan.  Student loans are often at much lower interest rates.  I consider this an investment in your education.   Once you are done with your schooling, you begin to pay back these loans.  With the cost of higher education at a record high, getting a student loan is the only way most students are able to graduate.

Home Repairs

Home repairs can be costly.  But, if you don't fix that leak in your roof, it will cost you more in the long run.  That leak is not going to get better and will cause more damage in the long run.  Getting financing for home repairs is usually an easy task, especially if you have equity in your home.  Go ahead and make that couple thousand dollar repair now, because you may not have the equity to finance if your repairs run in the tens of thousands of dollars.  Financing home repairs can usually be done through your bank at a much lower interest rate.

Phones

You can usually finance your phone through your mobile carrier.  I know that sounds crazy to finance a phone, but most carriers offer an interest free plan.  You only pay a few dollars each month for the phone you really want.   Interest free for anything is a great deal.  Make sure to read the fine print, because if you are late making a payment, your carrier may bill you for the entire price of the phone.

Real Estate

When you buy any type of real estate, financing is usually a good idea.  You can build equity on any land, home, or any type of property.  Real estate appreciates in value over time. The interest rates for financing real estate is at an all time low right now.  So, if you are thinking about buying real estate, now is the time.  Lock in your LOW interest rate now.

Credit Card Rewards

While this does not sound normal, my parents told me about this one.  They have a credit card that offers different rewards.  They use this credit card all the time, to pay everything and pay it off the moment they get the bill. As a rewards member, they are able to accumulate points based on their spending amount.  Last year, they were able to turn those points in towards prepaid Visa Gift cards.  They have also traded points for nights at hotels.  This makes for a nice vacation fund.  So, in essence, that is free money.  The key here is paying that credit card balance off monthly so you do not accrue any finance charges.


Financing is not always a bad thing and often times you can find an advantage to financing such as a low interest rate, no interest rate or rewards for financing.




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