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Borrowing Power
Buying and Owning a Vehicle
Get advice on buying a new or used vehicle, and understanding warranties, maintenance, and repossession.
Calculator
Buying a new or used car or truck? Or maybe you're hitting the road in that motorcycle you have been dreaming about. Use these calculators to get an estimate of your loan term and payment!
Loans & Credit Cards
Learn more about why you need loans or credit cards, paying off credit cards, FAQs.
Understanding Consumer Loans & Credit Cards
Loans and credit cards are financial tools that can help you manage expenses, build credit, and reach your goals—but how do they work, and which one is right for you? Let’s break it down.
What is a Consumer Loan?
A consumer loan is money borrowed from a financial institution that you repay over time, usually with interest. These loans can help you cover major expenses, consolidate debt, or make important purchases without draining your savings.
Let's Break It Down
Types of Consumer Loans
- Personal Loans – A flexible loan you can use for almost anything: home improvements, medical expenses, vacations, or even paying off higher-interest debt. These typically have fixed interest rates and predictable monthly payments.
- Auto Loans – If you’re buying a new or used car, an auto loan allows you to finance your purchase and pay it off over time. You can also refinance an existing auto loan to get a better rate or lower your monthly payment.
- Home Loans & Home Equity Loans – A mortgage helps you buy a home, while a home equity loan lets you borrow against the value of your home for renovations, debt consolidation, or big purchases.
- Smart Solution Loans – Short-term loans designed to provide quick access to cash when unexpected expenses pop up.
- Business Loans – If you're running a business, these loans can help fund startup costs, equipment, or expansion.