- Are you wondering how to finance your projects?
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I'll explain it in less time than it takes to set up this tent.
- Uh, never been camping before.
- There's a first time for everything!
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When you have a project in mind, like buying a car, continuing your education or even buying a home, your savings can really help you out.
But you might still need to seek out some funds to bring your project to life.
Financing is a sum of money your bank loans you, in the short, medium or long term, at a certain interest rate, depending on your specific needs.
The amount you can get depends on your borrowing capacity.
This is determined by the bank through analysis of your financial situation and your credit report.
Depending on the scope of your project, there are several financing options you can choose.
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With a personal loan, the amount you pay back will always be the same.
It's determined at the time of the loan, and depends on the interest rate and the reimbursem*nt period that you choose.
You choose the frequency and the amount.
Your payments can be monthly, bi-weekly or weekly.
With a line of credit, you have access to a pre-authorized amount of money at all times.
That means you can use it, pay it back, then use it again.
Or not!
The big plus with a line of credit is its flexibility.
And interest rates are usually lower with a line of credit than other financing solutions.
If you're a student, you can request a student line of credit.
Your limit will be calculated by taking into consideration your tuition fees, level of education and program.
As with other types of lines of credit, the advantage is that you only have to pay interest on the amount that you use, at minimum.
And the interest rate is often lower than other financing options.
There are other financing options available, like car loans and mortgages.
Meet with an advisor to talk about your project.
They'll be happy to help.
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(wind rustling)
- I'm going to a hotel.
- We live 5 minutes from here!
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 - Shopify)