Get a Grip on Rising Interest Rates

Interest rates are more than a popular topic in the news. They can make a world of difference in what you pay for a vehicle, house, loan or credit card.

The simple math is that a higher interest rate means you’ll pay more to borrow money, but there’s more to understand.

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How Do Interest Rates Impact You?

Whenever you borrow money from a financial institution, there is a good chance you’ll have to pay interest. Part of your loan payment goes toward the principal of the loan itself, and part is dedicated to interest.

When rates rise or you’re offered a higher rate, what you pay in interest will rise as well. With a good credit score, you may receive a lower rate and therefore pay less. Considering the impact of interest rates on your existing loans? You could potentially save money by refinancing. At Vantage^™, we’re offering $100 or more when you move your auto loan to us.^* It’s a great opportunity to potentially lower your monthly payments and reduce the overall interest you pay.

Interest can impact you differently depending on what you’re paying off. Typically for vehicle loans and mortgages, you pay interest with each monthly payment. For credit cards, interest may only be charged if you have a remaining balance that carries over into the next month. This is one reason why paying off your credit card bill each month is vital.

*$10,000 minimum loan. Valid only for a refinance of a non-Vantage personal use vehicle loan. Offer does not apply to refinancing an existing Vantage Credit Union vehicle loan. Restrictions apply. View rates for financing information.

What Does a Loan Actually Cost?

Interest is just one piece of the equation. When borrowing over multiple years and accruing any lender fees, you’ll end up with a greater cost than the simple equation of principal plus interest.

To understand what you’ll pay on a loan, you’ll want to know the APR (annual percentage rate), which includes your interest rate for an entire year plus any additional costs that could come with the loan.

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Don’t Be Afraid to Ask Questions

Understand the terms before you borrow money. There could be variable rates, fees and other expenses that end up costing you.

If you have questions about what you can afford or need help planning your next major purchase, Vantage is in your community and happy to help. Speak with a financial coach for education on fixed vs. variable rates and the full cost of a loan.

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