Consolidating auto loans
These organizations offer education on consumer credit, budgeting and debt management, and can put you on a debt management plan (DMP).With a DMP, a credit counselor negotiates with your creditors to lower your interest rates and/or fees and penalties.Secured loans tend to have lower interest rates than credit cards, but the big risk is that you could lose your house or car if you can't make the payments. You've probably gotten one of these offers in the mail -- a credit card with a 0 percent introductory rate that lets you transfer balances from other credit cards.That's an option if you're looking to consolidate your credit card debt. If you can't pay off most or all of your debt by the time the introductory rate expires, you'll be back to paying high interest rates again.When you start picturing yourself in your dream car, new or used, we can not only finance your vehicle purchase, but help you determine the best loan option for your situation.Use our calculators to decide whether you should lease or buy, what a good loan rate is and whether a home equity loan is a better idea for your auto needs. Read more about that here, or you can also a Do you feel like your interest rate is too high?Fixed payments help you easily budget all of your finances for the month and can help you get on the right track to pay off your debt quicker.
The debt consolidation option you choose should help you pay down debt while staying within your budget.At State Bank of Cross Plains, we believe your aspirations shouldn’t be put on hold due to your financial situation.Our array of lending options and valuable financial tools can provide you with the resources you need to accomplish whatever you set your mind to.There are several options for making that happen -- a debt consolidation loan, a personal loan, a balance transfer on a credit card, a home equity loan or borrowing money from friends or family.Which one makes sense for you will depend on the type of debt you have, how you ended up in debt, your credit score and your financial goals.