Often, a personal loan can be a more affordable way to finance a large purchase than a credit card. But there are always exceptions.
You can get a low APR car loan with little or money down (with good credit). Use savings to pay off credit cards or other debt, not as a down payment.
In the past year, we have seen banks cut back credit lines, raise interest rates, and limit new loans to only people with immaculate—and I mean immaculate–credit histories. That means it’s become difficult, if not impossible, for well-meaning borrowers to consolidate debt or transfer their debt to a lower interest rate through a traditional bank. […]