It looks like George Bailey is still getting the better of Mr. Potter. Of course, this is a reference to the old movie, It’s a Wonderful Life, in which a stodgy, traditional banker is outwitted repeatedly by the financial innovations of a young savings-and-loan officer whose goal is just to help people buy the important things they want and need. The same creative attitude is afoot today as a host of new fiscal products are enabling people to finance their important purchases when they most need them. These new tools are appearing across a number of industries. Whatever the items, supplies, tools, necessities like tires for your vehicles or luxuries you needed and thought you could not afford may now be available to you through the newly emerging creative plans designed to accommodate your individual necessities.
Financing Makes Necessary Purchases More Affordable
In former times, the term “creative financing” referred to untraditional real estate purchases. Indeed, new ways to finance home purchases are leading the charge when it comes to these new funding tools. Many families are becoming first-time homeowners thanks to the new government and conventional programs that put home buying within reach. Real estate is not the only place where new lending products are taking hold. The financial industry itself is retooling the way it offers loans to clients. The auto industry is changing terms to attract first-time customers. One surprising clever example of creative payment options is in vehicle tire purchases: drivers can select from a menu of financing options to afford the best tires and wheels for their vehicles.
Financing Encourages You to Be FICO Vigilant
While these new financing tools are extremely useful, especially to first-time purchasers, the essentials of creditworthiness still apply. This means that buyers will find better rates, increase their purchasing ability and even improve their current credit standing by fulfilling their purchase agreements with early and on-time payments. The extra benefit, therefore, of these new purchasing options is to make buyers aware of their FICO credit standings and teach them how they can directly, positively improve their credit ratings. In decades past, one’s credit score was a mysterious quantity. Just inquiring about it, it was said, caused it to go down. In the current digital world, access to one’s FICO score is readily available and encouraged, enabling the typical purchaser to follow and improve her or his creditworthiness.
Financing Allows You Budgetary Latitude
Hand in hand with your increased ability to observe and guide your credit score is a growing awareness of how you can steer your total financial picture. In effect, thanks in large measure to the new financial products coming onto the market, you have the freedom to make arrangements that are personally suited to your needs and payment abilities. You also have the ability to stand back, review your monetary picture and determine changes you want to make to streamline your budget.
There has never been a time when the average individual had more available insight, tools and freedom to direct the course of their family finances than those that are available today. Stand back and watch as these things revolutionize financing like never before!