How to put smart debt on our side
Smart borrowing can help you do the things you’ve dreamed about, like buying your first home or upgrading to a new ride. Yes, borrowing can help you do some pretty awesome things, but you have to be smart about it. Let’s look at a few examples of smart borrowing so you can take the next big step forward in life.
Probably the biggest loan you’ll have in your lifetime, a home loan gives you the power to achieve home ownership, but there's more to it. The value we build in our home over the years (known as equity) can be used to your benefit, too. You could tap into that value to help pay for renovations, college tuition and more.
Personal loans could help you renovate your home, like upgrading a bathroom or turning the backyard into the dreamy oasis you've always wanted. Whatever the project, it’s important to ensure the improvement increases the value of your home when you decide to sell. For a little extra know-how on paying for home improvements, read more here.
A car loan helps you secure transportation to get to and from work, run errands, shuffle kids to soccer practice and sleepovers, and more. Additionally, having a car loan shows lenders your ability to make consistent payments over an extended time period. This credit history is helpful when you want to apply for other loans.
Check out our auto loan calculator to determine monthly payments and build a budget.
Smart borrowing puts you on the path toward your goals. For more information, check out our Dominating Debt ebook.