3. What’s Next for Your Personal Financial Plan?

Ask several individuals how they would compare loans at different financial institutions.

Survey several friends and relatives to determine if they ever cosigned a loan. If yes, what were the consequences of cosigning?

Purpose: To compare the costs associated with different sources of loans.
Financial Planning Activities: Contact or visit a bank, credit union, and consumer finance company to obtain information on a loan for a specific purpose. This sheet is also available in an Excel spreadsheet format in Connect Finance.
Suggested Websites: www.eloan.com, www.wellsfargo.com, www.ftc.gov

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Type of financial institution Name Address Phone Website What collateral is required? Amount of down payment Length of loan (months) Amount of monthly payment Total amount to be repaid (monthly amount x number of months + down payment) Total finance charge/cost of credit Annual percentage rate (APR) Other costs credit life insurance . credit report other_ Is a cosigner required? Other information