Getting the best interest rates on mortgages, auto loans, personal loans, and even credit cards depends largely on two things – your credit score and the market. Yesterday, the Federal Reserve raised the interest rate by .25% and they “signaled” two more planned interest rate hikes this year alone – that means that the rates on every single loan of any kind can be expected to go up by that same .25%.
Now, while that doesn’t seem like a lot of money, over the term of any loan, it can add up to a significant amount of money that you will pay in interest. For example, that 30 year home loan, or that 6 year car loan, or even those credit cards that you’re only paying the minimum payments on each month… ALL of them will cost more, and not just with this rate increase, but with the two more that are expected before the end of this year.
So, what should you do? Well, if you’re considering buying a home or a new car, now is definitely the time to lock in those loans! And those credit cards? Maybe it’s time to take out a personal loan at a lower, fixed rate so that you can get those paid off, too. But remember, interest rates are going up again, so you don’t have much time to waste. Here are some of the best personal loan offers we’ve found today: