Moran advises people to protect their credit rating by paying their bills on time and checking their credit report often. She also cautions that zero-percent financing isn't always the best deal.
"If you can choose a rebate instead of the zero percent financing, you may do better to forego the zero percent financing and choose a low interest loan elsewhere," adds Moran. "It's simple arithmetic and will only take a few minutes to calculate which option is really the best deal."
TCUL's survey also found that 65.8 percent of Texans are not planning to purchase a car this year, and another 20 percent are on the fence. Additionally, 87.8 percent said they won't be buying a home. Moran points out that even if people aren't planning to make a major purchase this year, they can still save money on their financing. For example, Moran says it might be advantageous for some homeowners to take advantage of lower interest rates and refinance their home. Of course Moran says homeowners should consider whether they will live in their current home long enough to recoup closing costs, since they are paid up front out of pocket.
"It's quite possible that those with a car loan or a mortgage loan could find a cheaper rate than they are currently paying and keep their term the same," says Moran.Moran suggests consumers check with their local credit union to explore their options. TCUL's latest survey is available online, at https://www.research.net/s/AprilPoll. The League is encouraging Texans to take the short poll that asks questions like:
- Are you a disciplined saver?
- How long could you live without a paycheck?
- Do you have student loan debt?