The credits
in the USA.
Usually people try to avoid debts, however in some situations to borrow money happens favourably. Moreover, by means of extra money it is possible even to grow rich. For example, if to take the credit and to direct it on education increase, opening of own business, or to use this money for favorable investment.
It is possible to take the credits and for the consumer purposes, for example, for car purchase. Own car will help you to reach quicker for work, but it hardly will make for you any profit. Unless you will earn private carrying.
Credits for Education
The prices for training grow in college so quickly, what even advance inflation. By some estimates, by 2015 four-year training in college will manage to students in 127 thousand dollars. This cost includes payment for training, and also accommodation, a food, textbooks, a transportation and other expenses. With average prosperity it is very difficult to families to find means for training of children in college, but after all it can be done.
Usually parents prestore a part of money for training. Often pupils earn additionally in free time to have the additional income. The students showing outstanding successes in study or sports, receive a grant. And best of them even allocates federal grants. But this money can extinguish only small part of expenses on training.
In this case the credit comes to revenue. On the average, the American students borrow more than 21000 dollars on training in college. In the USA there are many types of loan on training, including such widespread, as Perkins, Stafford or PLUS. All these credits can be repaid after the college termination. The second advantage of the credits for training are low interests. Though the size of an interest rate depends on the chosen credit, it, as a rule, lies within 5-7 %. Moreover, in 2007 the Congress passed the law thanks to which percent on the credits for training will gradually decrease. The state also offers various maturity dates of the credits for training. On some of them the maturity date can reach 30 years. Though, of course, it is better to extinguish the credit earlier and not to pay large sums on percent. Information on the credits for training is easy for finding in the Internet, and also in educational institutions.
Commercial credits
Opening new or expansion of existing business always demands additional money. One of ways of their receiving is the commercial credit. The commercial credits are usually provided by banks, and also some other creditors.
To obtain the commercial credit, it is necessary to have carefully worked business plan. It should reflect the direction of your business, contain data on available finance and planned expenses, to describe the scheme of obtaining the income, structure of management and other necessary information. The creditor also will request detailed information on your guarantors.
The guarantor on the commercial credits the Administration of small business (as Small Business Administration - www.sba.gov) often acts. This state agency itself doesn't give out money, but acts as the guarantor of their return to the creditor in case of insolvency of the recipient of the credit. Thus responsibility for repayment of the credit remains for his recipient, and SBA actually only helps to receive the necessary sum. In SBA to you will offer the list of the certificated creditors, and also will consult on financial questions.
Credit for car purchase
As the system of public transport in the majority of the cities of the USA is quite difficult and confused, movement around the city can take very long time. Rescue a situation own car can. It is best of all to get the car for cash money as in this case you shouldn't pay percent and, besides, you can manage to get lower price. If it is impossible, it is necessary to choose the credit with the smallest percent and more favorable payment plan. Compare the conditions offered by the autodealer and your bank.
Percent on the credits for purchase of the car can strongly differ. Usually the credits for new cars stand out under 5-7 % per annum, on second-hand cars the interest rate is higher. But from time to time auto dealers face increase in number of cars in warehouses, and then they start to do very favorable offers. For example, suggest to take the credit under only 1 %. So look through announcements more often – sometimes it is that costs.
To estimate the amount of monthly payments, we will make simple calculation. Let's assume that you bought the new car for 15000 dollars. Add 1200 on taxes and initial expenses. For an example it is representable that you have no savings, and you take the credit for all cost of the car for 60 months. At an annual rate of 6 % you within five years will monthly pay 325 dollars. For all the time you pay nearly 20000 dollars, i.e. on 5000 more than a costs of the car.
As cars constantly become cheaper, to take the long-term credit is unprofitable. Happens that in five years the car loses the most part of the cost in the price. So it is quite possible that your car in some years will cost cheaper that sum which to you needed to be extinguished on the credit. Also don't forget that the car is more senior, the more cure leaves on its contents.
Then that sometimes nevertheless it is more favorable to go by the bus.