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6 common car loan mistakes that cost you money Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing objective and original content. We also allow you to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example such things as the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. However, this compensation will affect the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that could be open to you. My Ocean Production/Shutterstock

5 min read Published March 02, 2023.

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain the confidence to manage their finances by providing concise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate promise

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In 1976, Bankrate was founded. Bankrate has a long history of helping people make wise financial choices.

We've maintained this reputation for more than 40 years by simplifying the process of financial decision-making

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who ensure everything we publish will ensure that our content is reliable, honest and reliable. The loans reporter and editor are focused on the things that consumers care about the most -- the various kinds of loans available and the most competitive rates, the best lenders, the best ways to pay off debt and more -- so you'll feel safe investing your money. Editorial integrity

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content that will aid you in making the best financial decisions. Our main principles are that we value your trust. Our goal is to provide our readers with accurate and unbiased information. We have standards for editorial content in place to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you're reading is correct. We have a strict separation between advertisers as well as our editorial staff. Our editorial team does not receive any direct payment by our advertising partners. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our goal is to provide you the best advice that will help you make smart financial decisions for your personal finances. We follow strict guidelines in order to make sure that the content we publish is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Therefore whether you're reading an article or reviewing, you can trust that you're getting credible and dependable information. How we earn money

There are money-related questions. Bankrate has answers. Our experts have helped you understand your money for over four years. We are constantly striving to give our customers the right advice and tools needed to make it through life's financial journey. Bankrate follows a strict , therefore you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the best financial decisions. The content created by our editorial staff is factual, objective, and not influenced through our sponsors. We're honest about how we are in a position to provide quality content, competitive rates, and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services, or through you clicking certain links posted on our website. So, this compensation can affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own rules for our website and whether the product is available in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. We strive to offer a wide range offers, Bankrate does not include information about every financial or credit product or service. If you're looking to save money on the next car purchase, you'll require more than just make a great bargain with the salesperson about the . An error when buying a could cost you money and erase any savings that you have negotiated on the purchase price. Unfortunately, it's not all that common, particularly among people with good credit scores. An investigation from revealed the fact that 3 percent of super-prime and prime consumers had auto loans that had an APR of more than 10 percent, which is more than double the average rate for their credit scores. Not shopping around to find the most affordable deal on auto financing is just one of the mistakes you should avoid. Here are some others to avoid if you want to get the most affordable deal. 1. Not shopping around is an easy and efficient method to get a car loan, but it also isn't without cost. Dealers usually increase their rates by a few percentage points to ensure they earn. Before visiting the dealership look around and visit credit unions or banks. This will give you an idea of the interest rates you can get for your credit score , and ensure you get the best deal. Be aware that banks' requirements may be stricter as compared to credit unions', however, they might offer better rates than you'll get at the dealership. If it's your first experience purchasing a vehicle, look at financing options for first-time buyers at credit unions. After you've been approved for a loan then you can bargain with the dealer more effectively. If the dealership isn't willing to match the rate you currently have, you don't need to count on their financing in order to obtain the car you want. Key takeaway

The preapproval process will ensure that you receive the most competitive rate, and gives you an advantage to bargain.

2. Negotiating the monthly payment instead of the purchase price While the monthly installment on your car loan is vital -- and you should have it in advance every month -- it shouldn't be the sole basis of your . After you've volunteered, the each month's car loan amount informs the seller how much you're willing to invest. The salesperson may also attempt to hide other costs, like the higher interest rate and add-ons. They might also pitch you on a more lengthy payment timeframe, which can keep that monthly payment within your budget, but could increase the overall cost. In order to avoid that, you should negotiate the price of your vehicle's purchase and the price of each, instead of focusing on your monthly installment. Important takeaway

Never purchase a car based on the monthly payment alone as the dealer might utilize that information to stop negotiations on hold or to upsell you.

3. Let the dealer determine your creditworthiness Your creditworthiness determines the rate of interest you pay, and a borrower with good credit scores can get an improved car loan rate than one with a lower score. By reducing just one percentage point of interest from a $15,000 vehicle loan over 60 months could save hundreds of dollars in interest throughout the duration of the loan. Understanding your score on credit ahead of time will put you in the driver's seat in negotiations. By knowing your credit score, you'll know what rate you can be expecting -- and also if your dealer is trying overcharge you or lie about the loan you're eligible for. What is an unacceptable APR for a car loan? New auto loans had an of 6.07 per cent in 2022's fourth quarter according to figures from . The credit score of those with excellent credit was eligible for rates of around 3.84 percent, while people who had bad credit had an average new car rate at 12.93 percent. Used car rates were higher than 10.26 percent across credit scores. And the was a sky-high 20.62 percent. Thus it's a "bad" APR for a car is on the higher end of these numbers. Legally, loans can't have an APR of more than 36 percent. Seek an lender that offers you the average interest rate for your score, or higher. What's the most important takeaway

Check out a variety of lenders to determine the estimated interest rates. You can take any steps to improve your credit score prior to heading to the dealership.

4. The wrong term to choose length can be a challenge. The range of durations is from between 24 and 84 months. More lengthy terms can offer attractive low payments. However, the longer the term , the more interest you'll pay. Some lenders also charge a higher interest rate when you choose to take an extended repayment period since there's a greater risk you'll end up upside-down on the loan. To determine which is the most suitable option for you, take a look at your top priorities. For example, if you're the kind of driver interested in getting behind the wheel of a new vehicle every few months, being trapped in an extended loan may not be the best option for you. However If you're on an extremely tight budget then a longer-term contract might be the only way to afford your car. Make use of a tool to analyze the cost of your monthly payments and choose which option is best for you. Key takeaway

A short-term loan will cost less interest in the long run however, it will also have higher monthly payments; a long-term loan will come with smaller monthly payments, however it will cost you more rates of interest over the course of time.

5. Finance the cost of added-ons Dealerships make money from -- especially aftermarket products that are sold by the finance or insurance office. If you're looking for an insurance policy or gap insurance, these options can be purchased at a lower price through sources other than the dealership. The addition of these items to the financing you choose to use will result in more expense in the end, since you'll be charged interest on these items. Question every fee that you don't know about to avoid unnecessary additions to the cost of your purchase. If you find an additional item that you're really interested in and can't afford, you should pay it out of pocket. It is better to check if it's available outside the dealership at a lower cost. Buying from a third party is usually cheaper than aftermarket products including extended warranties . Most important takeaway

In the end adding financing options will lead to more interest paid in the end. Come prepared to negotiations knowing which add-ons you truly need and which you can find cheaper in other places.

6. Rolling negative equity forward Being " " on a car loan is the case when you owe more money on your car than what it's worth. The lender may let you carry that negative equity into a new loan but it's not a wise decision for your financial situation. If you do, you will pay interest on the current and prior car. If you were upside-down when you traded in your last car it is likely that you will be the next time around. Instead of rolling negative equity into the new loan Try it before taking out the new loan. It is also possible to repay your equity upfront with the dealer to save yourself from paying excessive interest. Key takeaway

Don't put negative equity in your car forward. Instead, pay off as much of your old loan as you can or make the payment when you trade in your vehicle.

The bottom line The key to success when you take out an auto loan is preparedness. It is about negotiating your monthly payment as well as understanding your credit rating, deciding on the right duration, making sure you are aware of additional costs and avoiding rolling into negative equity. Make sure to be aware of potential mistakes as you negotiate. If you do, with the luck of the draw, you'll be able to save money and time. Find out more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely borrowing money to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-researched content that breaks down complicated topics into manageable bites.

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Gravity the 2023 automobile loan review, published 2023-01-27 at 15:21:19.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely borrowing money to purchase a car.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He values the clarity of his reporting, which helps readers confidently find deals and make the best choices for their finances. He specializes in small business and auto loans.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive financial calculators and financial tools as well as publishing original and objective content. This allows users to conduct research and compare data for no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website come from companies that pay us. This compensation could affect how and when products are featured on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our loans, mortgage,, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that may be accessible to you.

Reviewer's disclosures The reviews are written by staff. The opinions expressed are only the opinions of the reviewer and are not reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is correct as of the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender's website to find the most current information.

At a glance 3.6 Score: 3.6 stars out of five

Bankrate Score

Available Rating: 3.8 stars out of 5

Affordability Rating 4 .

Customers Experience Score: 3.4 5 stars. five

Transparency Rating Five stars from five.

Check auto loan rates

The amount of the loan is of $10,000 to $125,000

Min. credit score of 500

APR from 5.34%

Funds available in 10 days

Pros and cons of gravity for some, the benefit of a seamless application may not outweigh the potential lengthy funding timeframe.

PROS No fees

Online application

Delayed payment schedule

CONS funding timetable

Refinancing limitations

Gravity operates an online auto loan marketplace that lets borrowers compare top refinance offers online and in just a few minutes. The easy application is done via telephone or on the internet. It only will require drivers to upload their car documents and agree to an existing loan. With the option of applying online and receive loan officer guidance, refinancing a car or purchasing a lease with Gravity is a simple process perfect for those who prefer assistance.

Do you qualify? Each lender in the Gravity network carries their own requirements for approval, but consider the following guidelines before applying. Credit score. To be eligible, you must have a minimum credit score of 500. If your credit score is not as good, you might want to look into bad credit auto loans. Income. Although Gravity doesn't disclose specific income limits, it's probable that banks will search out for a certain number as employment disclosure is required. Vehicle. Some lenders will not provide loans for ride-share cars, discontinued vehicle models or large one-ton vehicles. What we like and what we do not like Take a look at the entire of what Gravity has to offer before accepting a loan. We like the fact that there are no fees. Gravity does not impose any charges. Online application. Borrowers are able to upload documents and submit their applications online. Delayed payment schedule. Gravity permits borrowers to delay payments for up to 90 days. We don't like the funding timeline. Although approval can be as soon as the day you apply, funding could take up to 10 days or longer. Refinancing limitations. In order to refinance with Gravity you must have an initial loan amount of $10,000. Contact Gravity Support for your Gravity loan is available over the phone or online Monday to Friday from 8 a.m. until 6 p.m. Questions specific to your situation can be posted online or sent to . Gravity's website has an extensive FAQ section. There are a variety of auto loan types offered The Gravity marketplace provides borrowers with choices for auto loan refinancing and lease buyout. You can borrow anything from $10,000 and $125,000. While rates and terms vary for the lender partners, it is will receive terms between 25 and . Gravity also offers the option for drivers to add or eliminate co-borrowers. The choice to add or remove depends on a , but this could potentially provide you with more competitive terms.

Refinance

The loan's quick facts range from $0 to $125,000. Terms: 25 to 84 months APR: 5.34% to 14.99%

Drivers looking to lower their monthly payments or modify loan terms can refinance using some of the banks within the Gravity network. When considering refinance options, make use of a refinance option to ensure you are saving money over the long term. Lease buyout

Quick facts about loans: From $10,000 to $125,000 Terms: 25-84 months APR: 5.34% to 14.99 Percentage

Buying out your current vehicle lease is a great way to secure your current set of wheels and reduce the potential for high car cost. How do you apply for an loan with Gravity You are able to apply for one of Gravity's loan products from its site, with the option to prequalify encouraged. After a soft credit pull and a credit check, you'll be matched with an loan person who will guide you through the loan process. Once you've been matched to one of Gravity's national lenders You can apply for free, for the loan suggested. It is possible to complete the process securely online. After that, you'll be able to examine the new loan conditions and decide whether you'd prefer to reduce or stretch out the loan duration, in the event of refinancing.

Information required for the application is valid driver's license Valid insurance Proof of residence Social security number Vehicle information Employment proof of income

Gravity FAQs

Is Gravity a reliable business? Yes, the company holds an A+ BBB Rating and Accreditation and a perfect five stars for Trust Pilot review sites.

Does Gravity lending conduct the hard credit pull? Although Gravity doesn't conduct any kind of credit pull however, its lenders who are partners with it will likely do so before final loan approval. Gravity uses a soft pull to get your credit history without affecting your score.

What does prequalifying for a loan differ from preapproval? Prequalification will give you an estimate of what you can expect for a monthly payment. Preapproval, also known as an unlocked rate that is based on a hard credit pull.

How does Bankrate rate Gravity

Overall Score

3.6

The availability

3.8

Gravity has a vast network of lenders but does carry a high minimum loan sum for customers.

Affordability

3.6

Gravity boats fairly competitive APRs and there are no additional fees from the site of comparison.

Customer Experience

3.4

Gravity provides customer support only on weekdays , and has a a long funding timeline.

Transparency

5.0

Gravity shares both its fees and rates on the internet and also offers prequalification.

Methodology For evaluating lenders who focus on auto refinance loans, Bankrate considers 16 different elements. The factors are based on to the loan amount, APR that is disclosed and acceptance criteria. Each lender has a score that is based on four categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and their availability in every state. Affordability: Primarily, this section deals with the expected APR, acceptance criteria, discounts for autopay and the number of fees. Customer experience: This section includes online access, support availability, funding timeline, option for automatic payments and app accessibility. Transparency: Here prequalification and disclosure of rates and fees are recorded.

Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review are accurate up to the date of the review. Check the data at the top of this page as well as the lender's website for the most recent details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase an automobile.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers successfully get deals and make most appropriate choices regarding their finances. He specializes in small business and auto loans.

About

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or for you clicking specific links on our website. So, this compensation can impact how, where and in what order products appear in listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity, and other products for home loans. Other factors, like our own website rules and whether a product is offered in your region or within your self-selected credit score range can also impact how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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3 Things to Know If You're new to gig work

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. While our website does not include every company or financial product available in the marketplace however, we're confident of the guidance we offer and the information we offer as well as the tools we design are independent, objective, straightforward -- and completely free. So how do we earn money? Our partners pay us. This could influence the types of products we write about (and the way they appear on the site) however it doesn't affect our recommendations or advice, which are grounded in thousands of hours of study. Our partners do not pay us to guarantee favorable review of their services or products. .

3 Things to Know If You're Not Experienced with Gig Work

Written by Kelsey Sheehy Senior Writer | Small business, personal finance Kelsey Sheehy is a senior writer at NerdWallet and a guru on small-business. She started at NerdWallet in 2015 and spent six years as a personal finance writer and spokeswoman before shifting gears to write about financial decisions and challenges that small-business owners face. Kelsey's work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch among others. She writes a column on millennials and money for The Associated Press along with some other NerdWallet writers. Kelsey has appeared as a guest on "Today" talk show NBC News and ABC's "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice and many other publications. prior to her joining NerdWallet, Kelsey covered college (and how to pay for it) at U.S. News & World Report. The location of her work is Washington, D.C.

Published on Jan 29, 2021 6:01 AM PST

The edit was done by Kirsten VerHaar, Senior eBay and Yahoo! Kirsten VerHaar works as an editor of personal finance, with an English literature degree from the University of Colorado Boulder. In her previous roles she was the lead editor with eBay, where she managed a team of writers who wrote about eBay's content team across the globe. She has also written for Yahoo. Since she joined NerdWallet in 2015, she has covered subjects as diverse as vacuums (yes it really is), budgeting and Black Friday.

Many or all of the items featured on this page are from our partners who compensate us. This affects the products we review and the location and manner in which the product is featured on a page. However, this does not influence our evaluations. Our views are our own. Here's a list of and .

Shutdowns, layoffs, and salary reductions brought about by the have caused millions of Americans looking for new sources of income. Those who've recently turned to working gigs could be weeks away from a financial surprise in the form of tax bills that aren't expected and fine print on insurance coverage.

"These are the two key items that most new business owners overlook," says Chris Russell who is a certified financial planner who specializes in business owners and self-employed.

Do you think that you are a small-business owner? Well, let's start there.

To the IRS, you are a small-sized company

Sure, you're operating food delivery. But that simple act makes you a small-scale business in the eyes of the IRS. That's the only one that counts when it comes to taxes.

"Basically, you're considered to be an independent contractor" Says Garrett Watson, a senior policy analyst for the Tax Foundation, a nonprofit organization. "You aren't required to be doing anything complicated. You don't need to incorporate or do anything like that."

However, you will need to pay tax on any income you earn from gig work. This can be an unwelcome, and expensive, surprise for those who are new to gig work. As an employee, your income and payroll taxes are automatically withheld from your salary. This isn't the case for gig workers, Russell says.

"No taxes are taken out of the earnings you earn as a business owner" Russell says. "Meaning that you'll likely have to pay a large amount to the IRS in the event that you submit your taxes."

A useful rule of thumb is for calculating your earnings is to: For each dollar you earn from gig work, save 30% to be able to apply to income as well as . As time goes on, you must estimate your taxes and pay them every quarter to avoid paying a penalty from the IRS.

And if you're thinking "I didn't earn much. I'm not going to report it. How can the IRS know?" Don't. It'll know.

Make the most of your money

Track all your spending at a glance to understand your trends and spot opportunities to reduce your expenses.

Expense tracking is your best partner

It's not just about money that you deposit in the bank. You are incurring expenses also. Make a note of these expenses because you may be able to be able to deduct some of them to reduce the tax bill we talked about in the past.

"Keep up-to-date and accurate documents to make the most of any deductions you are entitled to," says Ryan Greiser who is a certified financial planner from Doylestown, Pennsylvania.

Apps like Stride, Hurdlr and MileIQ will automatically track your miles and expenses for free or for a small cost, to help you calculate tax. Based on your specific situation, Greiser suggests QuickBooks could be worth a look.

"It is a low-cost cost to calculate your quarterly taxes, track your mileage and pay your quarterly tax online," Greiser says.

Also, you should research the details of what could and shouldn't be deducted based on your specific gig work, Watson says, pointing to ride-hailing as an example.

If you drop a person off and then drive to find the next one, he says. Are you able to deduct the cost of gas used in between rides? (You can. )The is a great place to get answers to your concerns.

The insurance process can be confusing

The IRS isn't the only one who needs to be aware of your new income stream. Your insurance agent needs to be aware, too. In the event of not disclosing your work, it could result in you being removed off your insurance in some circumstances. In addition your insurance agent will guide you through the details of your gig are covered.

Moving people or food? It's important to find out whether your car insurance policy will cover accidents while you're at work. (It most likely won't.). Commercial or rideshare insurance might help fill any gaps.

Although the platform you're working on may cover you under commercial policies but it's only applicable only in certain circumstances. It's important to know the specifics of the coverage.

Uber and Lyft provide commercial coverage for drivers, however it is applicable only when you have passengers in the car or are on the route to collect passengers after having accepted the ride. DoorDash provides liability coverage only and just when food is inside the car. Grubhub and Instacart do not offer commercial insurance for delivery drivers using their platforms.

The piece is written by NerdWallet and first published in The Associated Press.

About the writer: Kelsey Sheehy is a personal finance writer at NerdWallet. Her work has been featured in The New York Times, USA Today, CBS News and The Associated Press.

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Fewer Black-Owned Banks Survive to Fill Vital Financial Needs

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make financial decisions with confidence. Although our site does not include every company or financial product on the market We're pleased of the guidance we provide, the information we provide and the tools we create are independent, objective, straightforward -- and free. How do we make money? Our partners pay us. This can influence the products we write about (and where they are featured on the site) however it in no way affects our recommendations or advice that are based on hundreds of hours of research. Our partners do not pay us to guarantee favorable reviews of their products or services. .

Fewer Black-Owned Banks Survive to Fill Vital Financial Needs

The article was written by Alice Holbrook Assigning Editor | Savings, homebuying and banking products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance issues for more than a decade . She has also worked for NerdWallet's banking as well as insurance teams and was also a part of a stint on their copy desk. The location of her work is Ann Arbor, Michigan.

Updated on February 6, 2018.

Written by Tony Armstrong Lead Assigning Editor | Banking Tony Armstrong leads the banking team at NerdWallet. He has been writing about personal finance for nearly 10 years. Tony started his career at NerdWallet as a writer , and then moved up to the position of assistant assigning editor, and eventually to the position of lead assigning editor. The writing of Tony has been highlighted in the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony is a resident of Minneapolis, Minnesota.

The majority or all of the products we feature are provided by our partners, who pay us. This affects the products we feature as well as the place and way the product is displayed on the page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list of and .

The hashtag #BankBlack sparked a flood of attention to black-owned banks when it became a viral topic in the middle of 2016 But two and a half years later, the majority of those institutions have balance sheets that are moving towards the opposite direction.

The hashtag was inspired by a calling on individuals to open accounts with black-owned banks. The rapper's preference for his bank -- Georgia-based Citizens Trust Bank -- is among those that have grown since #BankBlack began. But for many black-owned banks, the picture is less than rosy, with lower assets and even closures.

"The operating costs [and] the costs of regulating make it very difficult to operate a profitable community bank," says Kim Saunders who is president of the National Bankers Association. The problem isn't unique to black-owned banks, says Saunders -- it's something all smaller banks face. "Scale matters."

However, on Twitter, people are still tagging their enthusiasm and plans to move their money. Here's why black-owned banks are worthy of saving.

>> MORE:

Black-owned banks offer needed access

African-Americans as a group are not well-served by banks. Almost half are either unbanked or underbanked, which means they can supplement their bank account with often-costly alternatives such as check cashers and payday lenders. This is more than double the amount of the population as a whole, according to a 2018 Federal Deposit Insurance Corp. report.

Black-owned banks play a significant role to play in improving those statistics.

As an example 67% of mortgage loans are given to African-Americans as per 2013 remarks made by Martin Gruenberg, former chair of the FDIC. Among banks that aren't black-owned and owned by blacks, less than one percent of mortgages are given to African-Americans. The residents of the neighborhoods that banks serve tend to have low to moderate incomes.

Saunders calls the approach "compassionate loaning." "We're going to be with our customers] in the good and difficult times" she assures us.

OneUnited is the largest black-owned lender by assets, offers second-chance checks for customers who've been denied accounts in the past secured credit cards for those who need to rebuild damaged credit as well as instruction for homebuyers who are new to the market.

"The cities we support are primarily brown and black," said Teri Williams the president of OneUnited and chief operating officer, in a 2018 interview "and on the income side, many are those who are struggling. There are people aged 50 and 60 who tell us they've never set foot in an institution. They didn't feel welcomed. They didn't feel that banking was for them."

After being victimized by fraud involving check cashing, Travion Jackson couldn't open an account with his family's bank. He finally tried OneUnited in hopes of opening another account. "But they told me they were fine with me. I opened a new bank account." Jackson said in the year 2018. "That improved it."

Jacqueline Boles, director of retail banking at Industrial Bank, says expanded access, particularly to small-sized business lending, leads to more stable communities. "Small enterprises in our communities will hire people who look like them. Now, these individuals are able to earn an adequate living," she says.

>> Find across the U.S.

Black-owned banks can be a political force

Jackson's adoptive mother, Amy McCabe Heibel, and her husband switched to OneUnited after they saw an increase in media and social media coverage of banks owned by blacks. "For us as a family of biracial origin, it was important for us to put the money where our values have been," she said in the year 2018.

That includes "having funds in a location that invests in the black community," but those aren't the only advantages, McCabe Heibel said. "The images are of people who look like people we've met," she added, and "communication is transparent. It's not full of financial industry doublespeak."

McCabe Heibel isn't alone in one who chooses a bank owned by blacks because of ethical concerns. "A quite diverse set of people are choosing our bank," Williams said. "They like the fact that their funds are helping the development of communities."

Many black-owned banks, including Industrial and Industrial Community Development Financial Institutions. This means that they invest 60% of their assets back into low- to moderate-income communities, as per Boles.

If they do make the switch, they can expect services similar to the ones offered in other banking institutions. In the case of OneUnited, that includes mobile and online banking including bill pay, as well as remote deposit for check.

Saunders suggests everyone consider a black-owned bank. "Not only are we seeking to do well when possible however, we're also trying to be good and I believe that this should be a common theme for everyone," she says.

>> Want to do more? Discover more about

The Black-owned banks' position

The first black-owned bank was established in the era of segregation, when a lot of African Americans didn't have access to capital, as per Saunders.

In 2007, there were 44 institutions with majority African-American ownership in 2007 prior to the recession. However, when the communities these banks served suffered higher-than-average job losses and home foreclosure rates The banks were also affected, too. Recent FDIC statistics show 23 institutions owned by blacks and managed by blacks, down from 24 at the close of 2016, just after #BankBlack went viral.

Of the banks that are with us, about half have reported less assets as they did at the close of 2015, prior to #BankBlack. Banks with greater than $100 million in assets were more likely to gain over smaller ones, but bigger banks were not immune to problems with finances. New York's Carver Federal Savings Bank falls just behind OneUnited in terms of assets. However, it reported $135 million in assets less in September 2018 than in December 2015.

For certain banks, #BankBlack could have actually been a money-losing proposition, according to Industrial Banks' Boles. "We make money from comprehensive relationship with our customers," Boles says. which includes loans as well as credit card. Savings and checking accounts, particularly those that are not used, are financial liabilities, as they require banks purchase online banking as well as other services without much of a return -- meaning those who support #BankBlack need to move their money around, as well.

Other banks, including OneUnited and Industrial -- have risen following the #BankBlack scandal. OneUnited currently has assets of around $649 million, as per the most recent FDIC information.

Industrial too has seen an increase in activity. On a typical week Boles stated that they had about 150 new online application for accounts pending. Following #BankBlack, she said, "We had up to 2000 applications sitting in the queue." The bank needed to call in additional assistance to deal with the surge and continues to see increases in interest every now and again.

"The community is starting to realize the power of its dollars," Williams said, "and the necessity of being more deliberate when it comes to how it makes use of the money."

If you're interested in #BankBlack, look into these options

Jeanne Lee contributed to this report.

The author's bio: Alice Holbrook joined NerdWallet in 2013 and is now an editor on the home/mortgages team. She has had her work highlighted in USA Today, MarketWatch, Newsweek and The Washington Post.

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Can you refinance a car in someone else's name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and evaluate information for no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site come from companies that compensate us. This compensation could affect how and when products are listed on the site, such as for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be available to you.

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3 minutes read Read Published February 06, 2023

Authored by Rebecca Betterton Written by Auto Loans Reporter

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If you've discovered that your car's payments are high , you may feel inclined to remove yourself from the loan completely and have someone else take responsibility. This isn't an easy process that can be completed by simply the vehicle that has a new owner instead of you. Instead, consider other routes to eliminate the vehicle. The most important thing to remember is

In theory, it is possible to refinance a car into another person's name, however, it's a multi-step procedure which involves refinancing twice. It could not be successful. Selling the car is often a better option.

How do you transfer a car loan in the name of someone else In order to transfer the car loan to someone else, you need to transfer the vehicle itself, which is legally as if you were selling the vehicle. There are two methods to transfer ownership of the vehicle to another person. Sell the vehicle if you are looking to transfer vehicle ownership but haven't yet paid off the loan, you have an obligation on your vehicle. This means that the lender has a legal right over the vehicle until it is paid off or transferred to someone else. In this situation the simplest way to transfer it sell the vehicle is through a dealer, however, you are able to sell it privately. If you are selling privately, prepare to the vehicle title yourself. Bankrate insights

Selling the vehicle is the best choice if you are looking to transfer a car loan to another.

Refinance your vehicle two times if you plan on refinancing the vehicle into someone else's name You will need to go through two steps. First, refinance the vehicle by using the help of . Refinance it again to eliminate yourself from the loan. In the beginning, you must make an application for loan with the co-borrower and sign off with new equal responsibilities. After that, you'll refinance the loan once again and this time you'll remove your name from the loan. Make sure you are aware of this might not be successful and is not a good idea. Keep in mind that lenders set specific . If the loan isn't a long time in the making and not yet approved, the lender is likely to not be able to approve this step. It is important to note that, while there's no limit to the amount of loans you can take , repeating the process in rapid in a row could damage your credit score. Additionally, you'll have to pay loan origination and transfer fees. Alternative ways to save money on your auto loan Here are more practical alternatives to reduce the cost of your current loan or even get rid of your current car. If you're looking to modify your loan it, you'll need to speak with your current lender. Typically, modification is presented as a possibility to benefit both the borrower as well as the lender. The borrower will still have access to the car, and the lender does not have to cover the cost of repossessing the vehicle. Gather information about your current financial situation and be ready to make a case for why your loan should be changed. It's not good enough to state that you need it adjusted. It is essential to demonstrate that you can keep making payments once the changes are made. Sell your car your issue is due to the ability to afford your current loan payment and refinancing is not an option, it could be a great idea. If you're able to find a more affordable car that is still able to meet your needs and costs the same or less than what you're currently paying, then you'll be able to get out of the current loan and take home a more affordable monthly cost. You can refinance yourself. Refinancing on your own is the best option if you want to hold on to your current vehicle for the duration of . After considering your current loan and the amount you are able to afford, it is wise to seek loan prequalification and shop around to find different alternatives. Credit unions, banks, as well as online lending institutions are the best available when you are ready to start . Next steps It is not easy to refinance your vehicle into the name of another person or in certain cases it's not even possible. If you're interested in selling your car and loan to someone else, they must undergo the typical buying and financing process. The other option is to refinance the auto loan twice in order to add an owner new to the loan and then remove yourself. You can also modify your loan in case you wish to hang onto the car.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely using loans to buy a car.

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Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied and well-organized facts that break down otherwise complicated topics into bite-sized pieces.

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(image: http://www.imageafter.com/image.php?image=b20nature_elements006.jpg&dl=1)Cash Advances Still Sting However, what about A credit Card Loan? Perhaps Less So

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Cash Advances are still a pain However, what about the Card Loan with a Credit Card Loan? Maybe Not So

Options to borrow to your credit limit- - if your card has such features -- can cost less than using your account at ATMs to get fast cash.

Written by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards and debt payments Sara Rathner is a NerdWallet expert in credit and travel. She has been featured in the "Today" show and the CNBC's "Nightly Business Report" as well as being featured by The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Before joining NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She was also a personal finance writer freelance as well as a paraplanner. She also holds a bachelor's degree in journalism at Northwestern University.

Updated Feb 7, 2023 at 6:43 AM PST.

Editor: Kenley Young, Assigning Editor Credit cards, credit scores Kenley Young is the director of daily coverage of credit cards for NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer at Fox Sports, and before that a front page editor at Yahoo. He has years of experience in digital and print media, including periods as the chief of the copy desk and wire editor as well as an editor of the metro at the McClatchy newspapers chain.

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If you don't have enough money in the bank account to deal with an unexpected expense it is a way to quickly access the funds you require, but there are some serious drawbacks. You'll be on the hook to pay cash advances and ATM fees, in addition to interest that begins to accrue as soon as you receive the cash.

In regards to that interest: According to data from the Federal Reserve of St. Louis, average APRs among credit cards with interest rates reached 20.4 In November 2022, the rate was 20.4 percent. That's pretty high already and, in many cases the interest rates for cash advances are higher than that.

Also, this cash advance will cost you.

However, you might have other, less expensive options, thanks to credit card loan programs that allow you to use your card's current credit limit. This is basically what you get when you apply for a traditional cash advance. However, unlike cash advances, these newer loan programs have several benefits:

A fixed rate of interest for the life of the loan.

A separate loan application or credit check is required.

In many cases, there are no charges that go beyond interest payments (or any possible late payments).

A transparent process that lets you see what options you'd be eligible for , as well as what the monthly cost for each option would be.

New ways to take advantage of your credit limit to borrow

Of the major lenders among the major lenders, each of Chase and Citi offer these types of loans to qualifying cardholders. You can see what you'd potentially have the ability to get by logging into your account online or through the Chase or Citi applications.

My Chase Loan

You can borrow up to $500. You'll have the choice of a variety of payment plans with varying terms -- for example, you might have the option of choosing one of the six-month or 12-month plan, which could be at a lower rate (think single digits) than the card's regular variable rate for purchases. (Your rate and conditions will vary based the creditworthiness of your.) You'll also see what the monthly payment would be with every loan option. Your loan amount will add to the credit card's minimum monthly payment until the time you are able to pay it off. There's no penalty if you decide to pay the loan in advance. Conditions apply.

Citi Flex Loan

A operates similarly: Borrow at least $500 at a fixed APR for a predetermined time. You'll be able to choose from loans with different amounts and lengths, and know what your monthly payments will be in accordance with the terms you select. Your payment will be included in your minimum credit card bill every month. The terms and conditions apply.

Beyond the loan programs offered by major players, you may have alternatives. For example, hybrid products offered by a start-up called Upgrade can be used to purchase items, just as you would do with a traditional credit card, but you pay off your bill in installments fixed at an APR that is fixed, just as you would with an individual loan. You may also be able to use your credit limit to borrow by requesting cash to be deposited in your account. APRs and terms can vary but it can be cheaper than cash advances.

Potential drawbacks

Both loan programs allow access to money relatively quickly with a lesser cost than cash advances however, there are downsides:

You don't get cash in hand immediately. With My Chase Loan, the loaned money could require between one and two business days before it is direct-deposited to your bank account. Citi Flex Loans can also come in the form of a direct deposit, which takes as little as a day of business or a mail-in check, which takes however long the mailer will take.

The interest rates might not be as competitive as personal loans. Based on the type of loan you are eligible for, you may be able to get lower rates on other types of loans (though for a personal loan it is necessary to submit an application and undergo an assessment of your credit). If you've got a bit more time to shop around and compare rates, it's worthwhile to consider other ways you can get the money you need.

You'll still pay interest. If you require cash for upcoming purchases There are other ways to pay with no interest, but you could be charged a fee.

Options to think about

If you've got expensive purchase coming up There are ways to use credit cards to defer interest payments or divide the payments:

A similar plan that you can get through the credit card you use -- such as My Chase Plan or Citi Flex Pay It allows you to break up a larger amount into monthly installments that are added onto your credit card bill. With Chase the plan, you'll pay an annual fee that is fixed, while with Citi's plan you'll be charged interest. Many other major issuers offer some version of these plans. If you decide to join an installment plan with your credit card or through the purchase now from a third-party pay later, you must be cautious. A report issued in September 2022 from the Consumer Financial Protection Bureau identifies the risks that are associated with these plans, including the likelihood of spending more and the possibility of not being able to make payments if you stack several loans simultaneously.

A credit card with an interest-free promotion of 0% on new purchases can give you a year or more depending on the card, to pay down the balance on a debt-free basis. Be aware that if you have any remaining debt when the promotion ends and you're assessed the normal interest rate.

About the author: Sara Rathner is a NerdWallet travel and credit cards expert. She has been featured as a guest on "Today" program, Nasdaq as well as CNBC's "Nightly Business Report."

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Green Dot Prepaid Card Review

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Green Dot Prepaid Card Review

Jeanne Lee Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on credit, debt and loans. She has covered financial topics for over 20 years, and has also worked in Fortune as well as Money magazines.

Updated February 9 2021

Written by Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance topics for more than a decade . She has also was a member of NerdWallet's banking and insurance teams as well as an internship at their copy desk. She is based in Ann Arbor, Michigan.

A majority of the items featured on this page are provided by our partners who pay us. This affects the products we write about as well as the place and way the product is featured on the page. However, it does not affect our opinions. Our opinions are entirely our own. Here's a list of and .

Green Dot card Green Dot card is an FDIC-insured, rechargeable prepaid debit card that can be utilized to make payments, purchase cash and withdraw it. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. The prepaid debit card, known as the Green Dot Prepaid MasterCard or Visa is a card with an annual fee that is lower than some other Green Dot cards.

The Green Dot card has no free ATM access. If that's a major issue for you, look through our list of other options.

Best for:

Reloading at least $1,000 per month.

People who don't use checks made of paper.

Individuals who wish to access banking services without the requirement of an inquiry into credit.

You want to know how to make the most of this card? Find out

Dot Card Green Dot Card Benefits

Free online and mobile bill pay.

Free mobile and direct deposit.

Visa along with MasterCard are both widely accepted by retailers.

Are you searching for a way to build credit instead? Learn about

Dot card in green Dot Card Pros:

There is a hefty $7.95 monthly fee (waived by deposits of at least $1,000 a month).

There isn't a free ATM network. There is a $3 ATM fee, plus any other fees the ATM owner is charged.

The cash you load on your card at retail stores can cost between $5.95.

Cash withdrawals through a bank teller costs $3.

Paper checks cost $5.95 per dozen.

>> Ready to open an account with a traditional savings plan instead? Check out the

Overview of prepaid debit cards

What is a prepaid debit card?

A Prepaid debit card form of credit card that lets you spend the money you load onto the card. They aren't able to assist in building credit. Similar to a debit card it can be used at any store which accepts its payment network, like Visa, Mastercard or American Express. It's more secure and convenient than using cash. The prepaid cards usually have a mobile app to deposit checks or transfer funds. Learn more on our .

As opposed to checking accounts, debit cards that are prepaid could not offer certain services like free ATM or branch networks, checks, among others. If none of that appeals to you, take a look at our list of . If you've been struggling with banks before take a look at .

Prepaid debit card vs. debit card vs. credit card

Pay with prepaid debit cards before the card is loaded with money the card via check, cash, direct deposit or a bank account before paying for transactions.

Debit cards -- pay today Use money directly from a checking account to pay for purchases or withdrawing funds through an ATM.

Credit cards -Pay later: You take money from a bank each time you make use of the card. You repay the loan later.

What is the procedure for FDIC insurance for prepaid cards work?

Prepaid debit cards typically include FDIC insurance, which ensures that your funds safe in the event the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, so the prepaid card must be controlled by a bank or a prepaid credit card company that partners with a bank to provide that insurance. You must register your debit card prepaid using your personal name as well as other information about your identity to be eligible to receive FDIC insurance as well as other protections.

The author's bio: Jeanne Lee is former personal finance writer at NerdWallet. She has also written in Fortune and Money magazines.

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How to end a car lease early after becoming disabled Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and compare information at no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on the site, such as the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. This compensation, however, does affect the information we provide, or the reviews you see on this site. We do not contain the universe of companies or financial offers that may be available to you. SHARE: Klaus Vedfelt/Getty Images

2 min read Published June 22, 2022

Writer: Josephine Nesbit Written by Josephine Nesbit was a writer for Bankrate. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances by providing concise, well-studied information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee

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We are compensated in exchange for the promotion of sponsored goods and services, or through you clicking certain links posted on our site. Therefore, this compensation may affect the way, location and in what order items are listed in the event that they are not permitted by law. We also offer credit, mortgage, and other home lending products. Other elements, like our own rules for our website and whether a product is available in your area or at your personal credit score can also impact how and where products appear on this website. While we strive to provide an array of offers, Bankrate does not include specific information on every financial or credit item or product. Car lease agreements are legally binding contract where the lessor owns the car, and you are required to pay a set monthly amount to use the vehicle. But what happens when some unforeseen circumstance prevents you from driving your car? There's no way to guarantee that you won't break a lease due to disability. But, there are alternatives other than giving the car back or paying high charges. Can I end my lease early because of an illness? Disability does not automatically get you out of the car lease. A contract between you and the lender. In order to break the lease, both parties must agree to terminate the lease or prove that the contract allows for cancellation. Breaking a lease due to disability could be costly. There's usually an early termination fee , and, depending on the lessor and the terms of the lease the lease may require you to make the final payments in the lease. The sooner the lease is terminated, the greater this charge may be. You can also speak to your leaseholder and explain that you're violating a lease agreement for medical reasons. They may be able to help you find the most effective solution or provide you more information about early termination policy. How to end the lease of your car early There are several ways to end your lease to avoid penalties. When you're trying to get out of your lease, you need to be aware of your alternatives. Check your contract. The best source of information on breaking an early lease on a vehicle is the contract. The lease contract will include an agreement on the process of early termination and the associated fees. Depending on the agreement and your finances they may be manageable for you. But double-check if your contract allows you to break the car lease due to medical reasons like disability. These could include the transfer of a lease, a lease buyout or full termination of the contract. Request an exception even when there aren't any exceptions stated in the contract, check if the lessor is willing to help. In the ideal scenario, you'll be able to support the request with evidence such as a medical note stating that you're unable to drive. If you discover that early termination is unrealistic or costly then you may think about finding someone who can take over the lease. In some cases when a family member is able to take over the lease, this can be done for a small fee. Transfer your car lease lease agreements allow you to transfer your car lease to another individual -in the event that the new party has the required credit score. Different lenders have different rules for leasing transfers. So check with your lender prior to making any decisions. There are marketplaces online like SwapALease or LeaseTrader, that match lessees seeking to get rid of car leases with potential lessees at a minimal cost. Many automakers permit lease takeovers and third-party companies manage the paperwork involved so that you can feel confident they've done it right. If you want to try to find someone on your own, this could take a while. And you're still responsible for taking care of the lease until it is transferred. The bottom line Early ending a lease on a car could result in fees and other costs that could add up in the thousands. While you can't automatically break the lease because of disability, this doesn't mean you're stuck. There are ways to avoid penalties with an agreement to transfer your lease. Check your lease agreement to see if there's a clause about early termination and then contact the leasing company to discuss your options. Learn more SHARE:

The writer, Josephine Nesbit is a former contributor to Bankrate. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-studied and well-researched content that break down complicated subjects into bite-sized pieces.

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Can Debt Consolidation hurt Your Credit Score?

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Does Debt Consolidation Hurt Your Credit Score?

Consolidating debt into one payment which is more manageable will improve your credit score and your budget, but there are also risks.

By Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's degree of journalism at Auburn University and a master's in education from Georgia State University. Before joining NerdWallet she worked for daily newspapers, MSN Money and Credit.com. Her work has been featured in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and other publications. Twitter: @BeverlyOShea.

Updated Oct 12, 2021

Edited by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Previous experience included news and copy editing for a variety of Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in the University of Iowa.

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Consolidating debt can reduce your monthly payments, but it also can cause a temporary dip of your credit rating. Two common debt consolidation approaches are obtaining a .

Each credit request typically puts an inquiry on your credit, which can lower the credit rating by just a couple of points for several months. But the overall credit effect of debt consolidation is positive, if you make sure to pay on time and make changes to the habits that led debt to stack up.

Here's a closer analysis of the potential effects on your credit when you consolidate debt using the use of a personal loan or credit card for balance transfer, plus some alternatives to consolidate debt.

Be aware of how your credit score is scored

Find your free score and the factors that impact it, and get tips on how to continue building.

How debt consolidation affects your credit score

The combination of several debts is, ideally with a lower interest.

Having fewer payments to juggle aids in budgeting. And cutting the interest rate can help you faster, because more of your payments go towards debt rather than the interest.

Consolidating debt using a personal loan

Pros:

Generally , a credit card requires a lower score to be approved than an account that is a balance transfer. (Not sure where you stand? Verify your NerdWallet account.)

It can help you improve your life if you had only credit cards since it is an installment loan.

Combine multiple payment into one, making it easier to manage your finances.

through reducing the credit limit you're using, if you move your balances on credit cards into an installment loan.

Cons:

It can lead to even more debt if you use the new space on credit cards.

If you find yourself overextended and in a position to not pay, late payments could damage your credit.

You may pay high fees to borrow money unless you know the APR.

The loan could have the penalty of prepayment, locking the borrower into a specific date for repayment.

>> MORE:

Consolidating debt by using a balance transfer card

Pros:

You may be able to negotiate a lower interest rate (often for a set time), including a 0% APR for excellent credit consumers.

Flexible payments are easier than those with loans. loan.

No prepayment penalty.

Cons:

Your score might initially decline because of if you use lots of the credit limits of your card.

You may owe interest if you don't pay off the loan before the rate at which you were introductory expires.

Other options for debt consolidation

If none of those options seem like the right fit, there are other These may affect your credit.

Keep in mind it's generally not an ideal idea to substitute the debt that is unsecured (like credit card debt) with secured debt (like mortgages or a car loan) as you could lose your home or your vehicle if you can't pay.

The loan will be reported either in the form of an installment loan or revolving account depending on the loan type you receive. Also, you'll be subject to a the credit report.

Debt management plan: Meeting with a credit counselor and signing up for a plan does have no direct impact on your credit score, however negotiating to lower the payment amount or closing your credit card can hurt your score. A DMP will be noted in your credit file as it is in effect but not until the plan is completed.

: This does not appear as a credit matter on the report you have, therefore it has no effect on the credit rating. But you're losing investment returns The effect will increase over time. This should be considered an option last resort.

The author's bio: Bev O'Shea is a former credit writer at NerdWallet. Her work has appeared on the New York Times, Washington Post, MarketWatch and elsewhere.

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