When you need access to a large amount of money rather quickly, there are a few different options available, including personal loans and personal lines of credit. Both offer consumers access to funds that can be used for almost any purpose, including financing a trip, consolidating debt, or even paying for a wedding.

You may be wondering about the difference between a personal loan and a personal line of credit. When does a personal loan make the most sense, or when is a personal line of credit the better option? The answer depends on a few key factors, like …

When Is A Good Time To Refinance An Auto Loan?

Most consumers are familiar with refinancing a mortgage loan as a way to reduce their rate and monthly payment. However, not as many are familiar with the process of refinancing an auto loan, know what to expect, or when to consider refinancing this type of loan.

While everyone’s financial situation is different, typically the best times to refinance are when:

• Current interest rates are lower than your existing auto loan
• Your credit score has improved from when you originally took out your loan (meaning you likely to a lower rate)

Personal loans can be a useful way to obtain extra money when you need it. For example, if you run into an emergency, you might not have the funds available to meet your needs. If you’re planning a large life event like a wedding, you may want a little extra cash to finance it. In these cases and many others, personal loans can come to the rescue. 

If you’re wondering how a personal loan can be of help in your life, we’ve made a list of ways in which personal loans can be beneficial. 

1. They help you pay for