• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Frugal Gardening

Simple ways to save money while you garden

  • About
  • Contact Us
  • Garden Frugally
  • Buy These
  • Privacy Policy
  • Navigation Menu: Social Icons

    • Facebook
    • Pinterest
    • Twitter

Different Types of Loans

August 9, 2022 by Susan Paige Leave a Comment

image_pdfimage_print

By Loans Canada

 

Are you looking to get a loan and you’re not sure which one? In this article we’ll look at the different types of loans available.

 

Car Loan

A car loan is a loan taken out to purchase a vehicle. It can be for a brand-new vehicle or one that’s second hand.

A car loan is different than a car lease. A car lease is like renting the vehicle. You’re just paying for the privilege to use it for the next several years. With a car loan, you actually own the vehicle. This means that you can resell it later on if you so choose.

There was a time when five-year car loans were standard. However, this day in age six- or seven-year car loans are the standard.

If you choose to take out a longer car loan, you have to be careful about not finding yourself in a situation of negative equity. This is when your car dies and you still have money owing on the loan. As such, you might choose to keep your loan short at five or six years if you can afford the slightly higher payments.

Student Loan

Whether you’re attending school for the first time or you’re going back to school, a student loan can help you pay for it.

Student debt is considered good debt in most cases. If you can reasonably expect to grow your income, that’s when a student loan can make sense.

Student loans tend to come with lower interest rates and grace periods. You can get student loans from the government, as well as individual banks.

 

Small Business Loan

They say that small business is the backbone of the Canadian economy. If you’re thinking of starting your own business, a small business loan could be the funds that you need to jump start your business.

Starting a business tends to come with a lot of risk. As such, you can be expected to pay higher interest rates with a small business loan. You can try to get a more competitive rate by backing up your business loan with a well written business plan.

 

Debt Consolidation Loan

Do you have high-interest debt you want to pay off? That’s when a debt consolidation loan can make sense.

With a debt consolidation loan, you use a single loan to pay off any higher interest loans you owe. The whole idea is to save money and simply the process of repaying any debts you have owing.

You save money when the debt consolidation loan has a lower interest rate than the debts you paid off. It also makes it easier to pay everything off because you only have one payment to worry about, instead of several.

 

Personal Loan

Then there’s a general purposes persona loan. The general-purpose personal loan can be used however you like. It could be used for home renovations, to start a business or go back to school.

This is the most flexible option, but tends to come up with higher interest rates, since the reason isn’t specific.

Filed Under: Uncategorized

Previous Post: « Things to Consider As You Plan to Host a Party in Your Garden
Next Post: 4 Frugal Ways To Set Up a Greenhouse »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar




Popular Posts

  • Garden For FreeGarden For Free by Steph Coelho Is it possible to have a lush flower garden, produce…
  • Using Shredded Paper As Garden MulchUsing Shredded Paper As Garden Mulch by Steph Coelho Should you use shredded paper as garden mulch? Normally, I…
  • How To Get Free Seeds From The GovernmentHow To Get Free Seeds From The Government by Steph Coelho   At first glance, seeds seem like a relatively inexpensive…
  • Vinegar Uses In GardenVinegar Uses In Garden by Steph Coelho 1. Clay Pot Cleaning: Vinegar will remove the white salt…
hands in white gloves packing a plant for transport

Packing Plants for Transport

Packing plants for moving or shipping can feel daunting. Yet, you put so much care and effort into these beings that you can’t imagine them being damaged during transport. I will show you how to pack seeds, cuttings, bare-root plants, and whole plants for transport. Transporting Seeds Seeds are the easiest things to transport. Start…

Read More

onions growing in a container on a kitchen counter, edible plants you can grow inside

Edible Plants You Can Grow Inside

Growing edible plants inside isn’t tricky. All you need is an appropriate container, enough light, and to pick varieties that grow well in containers. Picking the Right Container Whenever you want to grow edible plants inside, you need to pick a container that meets the needs of your plants. When picking a container, you must…

Read More

beets with snow on them, top 8 edible plants you can grow in winter

Top 8 Edible Plants You Can Grow in Winter

When temperatures start to drop, many people think gardening has to stop. That’s not true. Here are the top 8 edible plants you can grow in winter. Tons of edible plants can survive winter temperatures, rain, and poor soil drainage conditions. And purple varieties, in particular, contain a compound (anthocyanin) that helps prevent root rot…

Read More

tiktok gardener

The Best TikTok Gardening Channels

  Tiktok is a great place to feel community. And #gardentok does not disappoint. Below is a list of the Tiktok Gardening channels! Gardening with Goo Gardening with Goo follows Goo and his garden! He constantly grows tasty-looking veggies and spreads real know-how by sharing his experiences.  Growing with Gertie Gertie (aka Katie) shares top-tier gardening…

Read More

Footer

Copyright © 2023 · Foodie Pro & The Genesis Framework