Investment – Sun National Bank Center Tue, 21 Jun 2022 13:46:43 +0000 en-US hourly 1 Investment – Sun National Bank Center 32 32 3 in 4 online shoppers experience buyer’s remorse, survey finds Tue, 21 Jun 2022 13:46:43 +0000

Online shopping can lead to impulse buying and the temptation to overspend, preventing consumers from reaching their financial goals, according to a new survey. (iStock)

While online shopping is a convenient way to purchase the items you need and compare prices between retailers without leaving the comfort of your home, survey data indicates that it can also lead to bad shopping habits. consumption.

Nearly three-quarters (74%) of online shoppers have experienced buyer’s remorse, according to a recent study on the Slickdeals coupon search website.

The most common regret expressed was that the value of an item was less than expected for the price (39%), followed by not really using an item purchased online (34%). About a third (32%) of consumers said they regretted spending too much money when shopping online.

If you feel the need to splurge, keep reading for tips on how to curb overspending habits. Plus, learn more about how to manage your credit card debt. One strategy is credit card consolidation, which involves paying off high-interest credit card debt with a fixed-rate loan. You can read more about personal loans for debt consolidation on Credible.


How to Adopt Healthy Spending Habits When Shopping Online

One of the most common consumer regrets is that they spend too much money when shopping online, according to the survey. If you share this feeling, check out these tips from credit reporting company, FICO, to help you stop overspending online:

  • Don’t shop online when you’re in a bad mood. Get yourself in a clear frame of mind before whipping out your credit card to avoid unnecessary spending. You might also want to stay away when you’ve been drinking – around six in 10 consumers have admitted to shopping online while intoxicated, according to Slickdeals.
  • Wait a day before making an online purchase. Move the item out of your cart and into a list to save it for later. If you still need the item in the next few days, think carefully if the purchase is worth it.
  • Avoid Buy Now, Pay Later (BNPL). Installment finance options like BNPL can tempt you into spending too much on a purchase you can’t really afford. And if you miss a BNPL payment, it could hurt your credit score.
  • Make a shopping list with spending limits. Just like at the grocery store, you should come prepared with a detailed list of the items you need, to avoid impulse buying those you don’t have. Also set a dollar limit for how much you’re willing to spend per item.
  • Put some money aside for a “splurge fund”. This separate account can come from birthday money, work bonuses or other cash receipts. If you need retail therapy, you can tap into that extra cash reserve instead of relying on credit or dipping into your emergency savings.

As a bonus, you can put your rainy day fund into a high yield savings account and watch the balance grow over time with interest. You can visit Credible’s online financial market to compare savings rates from multiple banks at once.


What to do if you’re struggling with credit card debt

Shopping online can be a gateway to overspending for consumers struggling to manage their credit card balances. If you’re having trouble keeping track of your spending behavior, learn more about common debt repayment methods in the sections below.

Consider meeting with a credit counselor

Non-profit credit counseling agencies offer free or low-cost debt management services to consumers struggling with financial planning.

A credit counselor can analyze your monthly income and expenses to help you establish a budget. In some cases, they might sign you up for a debt management plan (DMP) to pay off your creditors in fixed installments. Credit counselors may even be able to negotiate with creditors on your behalf to secure a lower interest rate or waive late fees.

You can find a licensed credit counseling agency in your area at the Department of Justice website.


Use a credit card with balance transfer

Credit card balance transfers allow you to transfer debt from one or more accounts to a new card with a lower interest rate. Applicants with excellent credit can even qualify for a 0% APR introductory offer, effectively giving them a period of up to 18 months to pay off their debt interest-free.

However, balance transfer cards are generally reserved for borrowers with a very good credit score, defined by the FICO model like 740 or higher. Therefore, debtors with good or bad credit may not qualify. Additionally, many credit card companies charge a balance transfer fee, usually between 3% and 5% of the transferred amount.

You can visit Credible to compare balance transfer credit cards for free without affecting your credit score.


Consolidate your credit card balances into a fixed rate loan

Credit card consolidation allows borrowers to consolidate multiple higher interest rate debts into one monthly payment with a personal loan. According to the Federal Reserve, personal loans typically offer lower rates than credit cards, which means you may be able to save money in interest charges, pay off debt faster, and lower your monthly payments. through debt consolidation.

Personal lenders determine interest rates and eligibility based on the length and amount of the loan, as well as the creditworthiness of the borrower. Applicants with good credit and a low debt-to-income ratio (DTI) will be eligible for the lowest interest rates available, while those with fair or worse credit may not be eligible at all.

Personal loan rate by credit score

Most lenders allow you to prequalify to see your estimated interest rate with a soft credit check, which won’t affect your credit score. You can prequalify with multiple lenders at once in Credible’s personal loan marketplace.


Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at and your question might be answered by Credible in our Money Expert column.

Interest-Free Loan Program: How the Interest-Free Program Works Sun, 19 Jun 2022 10:29:26 +0000 The pilot initiative will expand beyond its existing areas in Herefordshire, Shropshire and Worcestershire to other parts of the UK

The Treasury-backed interest-free loan (Nils) scheme, which is run by credit unions and other lending organisations, has been successfully piloted in Manchester and will be rolled out across the UK in September.

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It is hoped the scheme will provide a low-cost alternative to the UK’s three million high-cost credit users, preventing people from going into debt or, in extreme situations, turning to loan sharks.

How does Nils work?

From September the pilot scheme will be extended from its current locations in Herefordshire, Shropshire and Worcestershire to other parts of the UK for a period of two years, with a decision on whether it should be extended later.

Customers are only allowed to take out one loan under the program, which can last from six to 18 months, although the average term is one year.

Borrowers can access between £100 and £2,000, with the average loan size being £500.

“We fund items ranging from household essentials and school uniforms to laptops to access education and training, and tools and equipment to help people get back to work,” Nils says on his site. website.

In May, John Glen, Economic Secretary to the Treasury, expressed optimism that a large-scale program could be implemented in the future.

He told the Association of UK Credit Unions that Nils “is a fundamental and worthwhile new initiative, to provide a gateway product for people who at the moment are beyond the lending capacity of some credit unions”.

“The challenge now will be to bring this proof-of-concept pilot to a larger pilot so that we can now validate it.”

How is it funded?

The pilot project is being funded with £3.8m from the Treasury, £1.2m from JPMorgan Chase and up to £1m in loan capital from each of the devolved administrations, with matching from Fair4All Finance in England.

The Treasury and the Department for Culture, Media and Sport set up Fair4All Finance three years ago to “support the financial wellbeing of people in vulnerable situations”.

Joanna Elson, chief executive of Money Advice Trust, said: “Too many people fall into a vicious cycle of debt that starts with needing to borrow a small amount for something essential like a fridge or cooker – with high interest and quick charges. turn small debts into big problems.

“It is essential that we improve access to affordable credit for those who need it. »

Why is it necessary?

(Photo: Matt Cardy/Getty Images)

In January 2022, research by a charity showed that the number of people struggling to meet payments and credit commitments had risen by around a third since the start of the Covid-19 pandemic.

According to a survey for StepChange, almost a third of UK adults – 30% or 15million people – said they struggled to meet their financial obligations, up from 15% or 7.5million people in March 2020.

Its survey found that nearly 8.6million people in financial difficulty borrowed £26billion in 2021 to cover basic needs, including 3.5million using credit to pay essential bills.

The cost of living crisis, according to StepChange, is expected to increase the number of people using credit to cover basic household needs in the coming months, and the organization warns that “immediate action” is needed to help households to pay the necessary expenses without resorting to credit.

How can I use the diet?

Avenue College Vs. SoFi Student Loans Fri, 17 Jun 2022 20:12:38 +0000

College Ave and SoFi are two of the most well-known private student loan companies. Both lenders offer loans to undergraduates and graduates looking for money for college funding. Although both lenders offer a good range of loan amounts and repayment terms, they offer different benefits and unique features, especially for graduate students and returning borrowers. To find out which one is best for you, compare all lender features and get quotes to see your rates.

Take away key

College Ave is best suited for grad students looking for generous reimbursement options, and SoFi is best suited if you prioritize discounts or membership perks.

SoFi College Avenue
Interest rate 1.89% to 13.17% variable, 3.47% to 12.55% fixed (with automatic payment) 0.94% to 12.99% variable, 3.22% to 13.95% fixed (with automatic payment)
Repayment Terms 5 to 15 years old 5 to 20 years
Loan amounts $1,000 for the total cost of participation $1,000 towards the total cost of participation ($150,000 maximum for some graduate degrees)
Advantages No charges; member rewards program; career coaching and financial planning assistance Quick initial application; long grace period for some loans; scholarship opportunities
Disadvantages Bad rating on Trustpilot; possibility of high interest rates Bad rating on Trustpilot; $150,000 loan limit for certain graduate degrees

Details accurate as of June 16, 2022.

SoFi offers student loans for undergraduate and graduate students, as well as specific loans for MBA programs and law schools. It could be a good choice for students who want to take advantage of the SoFi membership program; here’s what you need to know about the pros and cons of the business.


  • No charges: You will not pay any fees with SoFi, even if you make a late payment.
  • Career coaching and financial planning: Whether you’re looking for help with your resume or help planning your personal finance strategy, SoFi’s membership program provides access to career services at no additional cost.
  • Protection against unemployment: If you lose your job, SoFi’s unemployment protection policy can make your life easier by adjusting your payments while you get back on your feet.
  • Several discounts: In addition to a standard 0.25% discount for setting up autopay, borrowers can earn a 0.125% discount if they have a checking account, auto loan, or other financial product with SoFi.

The inconvenients

  • Potential for high interest rates: Interest rates at the high end of SoFi’s rate spectrum are very high – over 12%. For this reason, borrowers with poor credit could end up with an expensive loan.
  • Bad customer reviews: SoFi has a poor ranking on Trustpilot, and many complaints from past customers are registered with the Better Business Bureau.
  • Relatively short grace period: All of SoFi’s loans have a six-month grace period, which means you’ll need to start repaying your loan six months after you graduate or fall below half-time. Other lenders offer longer grace periods, especially for college loans.

College Ave’s student loan portfolio includes undergraduate loans, graduate loans, MBA loans, medical school loans, dental school loans, law school loans and loans for health professions. This wide range means that almost any type of student can find a suitable loan with College Ave, although it is always important to consider the pros and cons of the lender.


  • Wide range of repayment terms: Borrowers can choose a repayment term of five, eight, 10, or 15 years, and some graduate students have an option for an additional 20-year repayment term. This gives borrowers flexibility and can help them find a monthly payment that works for them.
  • Grace period extended for some borrowers: While most College Ave loans come with a standard six-month grace period, law school borrowers get a nine-month grace period, dental school borrowers get a grace period 12 months and medical school borrowers are granted a 36-month grace period before repayment begins. .
  • Promotions and giveaways: College Ave runs regular promotions, such as college scholarships and textbook giveaways.
  • Extremely low starting APR: Borrowers with great credit can take advantage of College Ave’s lowest rates, which are also among the lowest rates in the industry.

The inconvenients

  • Bad past customer reviews: While College Ave’s review pool on Trustpilot is small – under 60 – the ratings aren’t great. College Ave scores 2.6 out of 5.
  • Potential for high interest rates: Some of the College Ave loans have interest rates as high as nearly 14%, which can make repayment much more difficult.
  • Loan ceiling on certain diplomas: Borrowers who take out loans for dental school, law school, medical school or trade school will face a loan cap of $150,000. That should be enough for most students, but it’s a limitation that few other lenders impose.

SoFi and College Ave offer very similar loan experiences with a variety of repayment options and a wide range of loan amounts. If you have excellent credit or a co-signer with excellent credit, either company may offer you low interest rates to pay for your education. Deciding between the two hinges on a few questions.

Are you attending a specialized graduate program, such as medical school or dental school? If so, College Ave is a better fit, as the company has a 20-year repayment term for some graduate programs and grace periods of up to 36 months. Both of these options can make it easier and more affordable to pay off a lot of monthly debt.

Do you want a company with lots of bonus resources and discounts? In this case, SoFi is probably a better choice. The company’s career counseling and financial planning programs set it apart from other student loan companies, and borrowers who want to take out multiple student loans from the company — or other financial products — could significantly reduce their rates. interest through membership discounts.

If you have time, it’s a good idea to get quotes from both companies to see what interest rates and terms they’re offering you. Both companies offer a three-minute prequalification process, allowing you to compare offers with relatively little time and without impacting your credit score. By taking advantage of SoFi and College Ave prequalification, you are guaranteed to have all the information you need to make an informed decision about your student loans.

Medical billing errors hurt US troops’ credit, says Federal Consumer Agency Thu, 16 Jun 2022 14:00:40 +0000

According to the Consumer Financial Protection Bureau, U.S. service members say their credit ratings have been affected by medical billing errors and late payments to providers under Tricare — issues that can jeopardize their security clearances and chances of promotion.

A new report from the CFPB found that in 2021, active duty, Reserve, and National Guard members filed more than 42,700 complaints with the agency, with more than 60% relating to credit issues and debt collection.

Among this group, medical debt and health care billing issues were among “the top drivers,” a surprising finding given that active duty personnel and activated Guard and Reserve members receive medical benefits. comprehensive and that their families have extensive coverage under Tricare.

Read more : VA weighs limiting access to outside doctors to curb rising costs

“Servicemen have said they fear the irreparable harm that negative credit reports from incorrect medical bills could do to their careers,” The CFPB Member Affairs Office wrote in its annual report, released on Monday.

From 2018 to 2021, the CFPB received more than 5,000 complaints about medical billing and negative credit reports, including 1,500 from service members in 2021 alone.

The report noted that service members often encountered problems when being referred to a non-military provider or seeking care in an emergency room.

Military credit was also hit when the billing process broke down between the provider and the military’s Tricare health program, the report said.

A member of the service told the CFPB that when he sought emergency care, he filled out the necessary paperwork for coverage, but then received a bill for the radiology services he received during the visit. . They thought it was paid for by Tricare as part of the overall hospital bill, but instead the radiology part went to collections.

“In February 2021, three separate same day/service account numbers were subject to collections and listed on my credit report, causing it to drop over 70 points,” the service member wrote in his complaint to the CFPB.

Compounding the problem, according to the CFPB, are credit bureaus tracking consumer debts and payments, which did not sufficiently respond to disputes, according to the report.

“I have instructed the company … to thoroughly investigate the [debt collector] rely on my credit report because it is inaccurate,” another member of the service wrote. “The insurance paid this debt. Now, [debt collector] tries to be paid twice by us as patients as well as by the hospital. It’s illegal and unethical… [the company] always refused to take it off.”

A Kaiser Family Foundation analysis of Census Bureau survey data found that nearly 1 in 10 adults owe more than $250 in medical debt, totaling $195 billion nationally.

But data is scarce on the extent of the problem in the US military community, according to the CFPB.

“These complaints raise significant concerns that medical debt has an underappreciated and underresearched effect on the financial health of service members, which in turn may affect military readiness,” the report notes.

The analysis also revealed that the reserve component and members of the National Guard are affected by medical debt and incorrect billing due to their unique status, under which they can be covered by private insurance through their civilian jobs or the military healthcare system if activated. for more than 30 days.

“The CFPB has heard from reservists that vendors are not billing the correct entity due to confusion that reservists are not full-time military members. Instead, they often bill the member directly to the member or directly to a debt collector,” the report said. said.

And veterans face similar concerns, especially if they receive care at non-VA facilities. Often, veterans believe their care with a civilian provider will be covered, only to learn later they didn’t meet VA payment standards, the report said.

In other cases, non-VA medical providers wrongly referred bills that had been paid or were due to be paid by the VA to third-party collection agencies, according to the report.

Earlier this year, the VA took steps to ensure that veterinarians’ credit scores were not affected by negative medical debt reports. The VA has announced that it will only release information about unpaid medical bills to national consumer reporting companies after it has exhausted all debt collection efforts, determined that the patient is n is not severely disabled and the debt is over $25.

As a result of the changes, the VA estimates that 99% of the 530,000 cases of debt reported annually by the department to credit bureaus will stop.

The three largest credit reporting companies – Equifax, Experian and TransUnion – announced in March that paid medical bills would no longer be listed on credit reports and that unpaid medical bills must be at least one year old. to be reported.

They also agreed to exclude medical collection debt under $500 on consumer reports.

David Treacher, deputy director of government relations at the National Association of Military Families, said the measures are helpful, but more information is needed to determine the extent of the problem in the military community.

Bad credit reports can cause “serious harm to service members and their families,” preventing them from getting a home loan, renting a house when they move, buying a car and more.

“It’s on the family side. On the service side, a negative credit report can affect whether they maintain their security clearance and their job,” Treacher said. “Military families have sacrificed so much, and these credit report errors and medical billing issues are causing a lot of stress.”

He encouraged military families having difficulty resolving their credit issues to report the problems to the CFPB.

In its report, the CFPB recommended that the Department of Defense improve data collection on medical debt among the military and its effects on credit scores. He also encouraged providers and businesses to create safeguards to ensure that service members are not charged incorrectly and called on credit reporting companies to respond promptly to complaints from service members, families and veterans.

“Military members are expected to keep their finances in order at every stage of their military career,” the report said. “The CFPB wants to ensure that the military is able to effectively navigate the military financial lifecycle.”

– Patricia Kime can be contacted at Follow her on Twitter @patriciakime.

Related: VA home loans leave veterans outbid in boiling housing market, lawmakers warn

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Student Loan Refinance Rates Fall Below 3% for 5-Year Variable Rate Loans Mon, 13 Jun 2022 20:12:46 +0000

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

The latest student loan refinance interest rate trends on the Credible Marketplace, updated weekly. (iStock)

Rates on 5-year variable rate loans tend to drop for qualified borrowers who use the Credible Marketplace to refinance student loans, and upward trend for 10-year fixed rate loans.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender during the week of June 6, 2022:

  • Rates on 10-year fixed-rate refinance loans averaged 5.14%, down from 4.91% the week before and 3.56% a year ago. Rates for this term hit their lowest point of 2021 during the week of November 22, when they were at 3.35%.
  • Rates on 5-year variable rate refinance loans averaged 2.94%, down from 3.26% the previous week and 2.91% a year ago. Rates for this term hit their lowest point of 2021 during the week of November 22, when they were at 2.41%.

Weekly Trends in Student Loan Refinance Rates

If you’re curious about what kind of student loan refinance rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

Current Student Loan Refinance Rates by FICO Score

To ease the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended until at least August 31, 2022. As long as this relief is in place, there is little incentive to refinance federal student loans. But many borrowers with private student loans are taking advantage of low interest rates to refinance their student debt at lower rates.

If you qualify to refinance your student loans, the interest rate you may be offered may depend on factors such as your FICO score, the type of loan you are seeking (fixed or variable rate), and the repayment term. of the loan.

The chart above shows that good credit can help you get a lower rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms. Since each lender has their own method of evaluating borrowers, it’s a good idea to ask for rates from multiple lenders so you can compare your options. A student loan refinance calculator can help you estimate how much you could save.

If you want refinance with bad credit, you may need to apply with a co-signer. Or, you can work on improving your credit before applying. Many lenders will allow children to refinance parent PLUS loans in their own name after graduation.

You can use Credible to compare rates from several private lenders at once without affecting your credit score.

How Student Loan Refinance Rates Are Determined

The rates charged by private lenders to refinance student loans depend partly on the economic environment and interest rates, but also on the duration of the loan, the type of loan (fixed or variable rate), creditworthiness the borrower and the lender’s operating costs and profit margin. .

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.

Getting Approved for a Mortgage: Mortgage Pre-Approval Checklist Fri, 10 Jun 2022 12:55:40 +0000

Before you can access a mortgage, you need to get approved. Figuring out what items are needed to get approved for a mortgage loan can be tricky.

Several elements are necessary for the approval of a mortgage loan, and these elements often come into play during pre-approval. This article will help you understand the documents and evidence that are essential to obtain this confirmation when seeking financial assistance.

Mortgage pre-approval checklist

There are several things you will need to get pre-approved for a mortgage. All of these documents provide proof of income, payment history, and other debts you may have. Lenders use this information to determine if they are willing to lend you money.

Items needed to get approved for a mortgage include:

Let’s dive into the individual items on this mortgage pre-approval checklist. These will help you be as prepared as possible for getting a loan, and each is essential for pre-approval.

Proof of Assets

The first item you will need is proof of assets. This proof shows that you have enough funds to pay the essentials of the mortgage, such as closing costs and down payments. They also expect excess funds just in case.

You will prove that you have enough assets through bank statements and investment accounts. These prove that you constantly have money in your account and that there is currently finance inside.

Lenders want someone they can count on for the long term. If they don’t get anything from you as a buyer, they won’t approve you for a mortgage.

proof of income

Among the documents required for pre-approval of a home loan is proof of income. The lender needs sufficient proof that you have a consistent way of making money and paying off the debt.

Proof of income is valid through forms such as:

  • W-2 Document
  • payslips
  • Pension
  • Bonuses
  • Taxes

These prove to a lender that you have made money over the past few years.

Offer a few years of documentation on your salary. The more thorough you are with proof of income, the more confident a lender will be.

Buyers must produce a few forms of proof of income to be considered for approval. This is one of the first things that might show up in the application process. When you ask – what do you need for pre-approval? – proof of income should be at the top of your priorities.

Employment Verification

Although there are a few exceptions, verifying employment is one of the most essential steps in getting approved for a mortgage. Lenders are more likely to give a loan to a buyer with a stable job than to someone who is unemployed.

Many lenders look at payslips, but they might need this information to contact your current or previous employer if you’ve recently changed jobs. They will ask them questions about your situation as an employee, as a person, and the income you earn.

If you are self-employed, you will have to work harder to prove that you have a stable source of income. This proof means tax stubs for the last two years with schedules, the nature of your business, your income and anything else that might be useful.

Credit rating check

Good credit is standard for most loans, and it’s no different for mortgage pre-approval. A lender will usually check your credit score to make sure you are trustworthy with your payments.

An ideal credit score will be at least 620, but the higher the better. Lenders will reserve lower rates for those with higher scores – so if you want a good deal, work to raise your credit score.

If you have bad credit, it’s not too late to act. There are many resources to improve a credit score in a short time.


Then you will have to carry over the previous debts. A lender needs to know what other loans you are responsible for and how that might affect your payments on their loan.

There are two types of debt to consider:

  • Monthly debt payments: A lender will look at your debt-to-income ratio and consider things like student debt, car loans, mortgages, and credit cards.
  • Real estate debts: A statement of any property you currently own that has a mortgage you are responsible for paying.

Present them to facilitate approval.

When it comes to the documents needed for home loan approval, don’t forget to include your debts. Don’t hide them from your lender, as this could lead to problems in the future.

Other Documents Needed for Non-Traditional Loans

Most mortgages have simple terms. However, you may want to opt for a non-traditional option like a balloon loan. If so, you will need to provide other documentation to get approval for this riskier investment.

Here are some documents needed for non-traditional loans:

  • Credit score
  • tax returns
  • payslips
  • W-2s
  • Bank statements

These should be enough for a lender to feel comfortable approving your loan.

Non-traditional loans can be profitable in a mortgage, but many are riskier than traditional choices. Lenders might need more convincing before offering approval. Make sure you know what loans are available to you before choosing a non-traditional choice.


What do you need for a mortgage pre-approval? Proof of assets and income, verification of employment, credit score and previous debts are necessary to give the lender as much information as possible to make a choice and possibly approve you for a loan.

Investing in a mortgage is an important decision. The more prepared you are to ask for approval, the more confident you will feel about your decision. Make sure you know you can pay before you dive in and you could have a nice piece of real estate in no time.

Try Total Mortgage’s Loan Options Today

What do you have and do you still need to get a mortgage? Let us help you! Explore one of Total Mortgage’s many locations to find the best loan options for you. Let us help you with this big decision.

Carter Wesman

Carter Wessman hails from the charming town of Norfolk, Massachusetts. When he’s not busy writing about mortgage-related topics, you can find him playing table tennis or playing bass guitar.

Gen Z and millennials have the hardest time affording car loans Wed, 08 Jun 2022 19:45:11 +0000

Millennials and Gen Z auto loan default article highlights:

  • Gen Z and Millennial auto loan holders have higher default rates than the national average
  • Higher default rates could be related to the wealth gap and/or poor credit history which causes them to borrow at high interest rates
  • There are ways to avoid defaulting on your car loan and even get your car back if the financial institution repossesses it.

Let’s face it: without financing, that is, without loans, most of us could not afford to buy cars. This was the case even before the prices of new and used vehicles skyrocketed. But even though just getting a loan is stressful enough, it’s nothing compared to paying it back. And that’s assuming you can repay it at all. To some, that sounds like a reasonable assumption. Yet, according to a new report, this is not a given for many Gen Z and Millennial auto loan holders, as they are defaulting en masse.