Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
- Personal, business, student and car loans
- Credit scores
- Car financing
- Debt consolidation
- Author of over 500 articles on personal and business finance
- Well-versed in breaking down government loan programs and requirements into easy-to-understand guides
- Created rating methodologies — giving unbiased star ratings to over 100 lenders
- Skilled at staying on top of trends in the lending industry to ensure readers get the most relevant, up-to-date content to better make decisions
- Bachelor of Science in anthropology | Middle Tennessee State University | 2013–2017
- Bachelor of Arts in foreign language, German | Middle Tennessee State University | 2013–2017
Industry insights from Kellye Guinan
We asked Kellye to answer our most burning questions about personal and car loans.
When does it make sense to use a personal loan for business expenses?
Mixing personal and business finances isn’t recommended in most cases — but many lenders won’t accept businesses that don’t meet strict revenue and time-in-business requirements. If you’re just starting out, a personal loan can help you grow your business in the first few months. Just make sure you have good credit and can afford the risk since you’ll be putting your personal assets on the line if you default.
How has the coronavirus pandemic changed the car-buying process?
Dealerships like Carvana were certainly a unique experience before 2020, but now the world has adapted to an online model. You can browse local sales and set up test drives from your computer. Best of all, interest rates continue to be competitively low, even for borrowers with bad credit. Of course, car prices have also increased — so your monthly payment may still be a significant chunk of change.
Why does interest rate matter more than monthly payment for car loans?
Your interest rate is the most critical factor when deciding on a car loan because it determines how much you’ll pay. Dealerships may try to manipulate your loan by offering lower monthly payments on a longer loan term. Don’t fall for this trick. Instead, compare loans based on interest rates and opt for a shorter term. You’ll pay less overall — even if your monthly payment is higher. And if the monthly payment is a strain on your budget, consider a less expensive model. Remember: You should try to keep car-related costs to less than 20% of your income.
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