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Six mantras to get the best car loan deal

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These tips can save a lot of money for every car loan customer

Image: VW Cross Polo. Photograph: Kind courtesy, Volkswagen

Believe it or not, buying a car is still considered a status symbol in India. Though the advent of the small car has created a huge dent in this reputation, but the fact still remains that a car is a cherished dream of every Indian. Owning a car is made simpler by the fabulous offers by various banks and car finance companies in India on almost every car model. Now, you don’t need to book a car (most of the models) in advance, there is no requirement that you pay entire cost of the car in cash, just have a part of the total cost, add some creditworthiness and rest is filled up by a decent car loan.

Almost every car, be it used or new, is financed and accessible to all those who inspire confidence in banks and car finance companies.

With the car loan taking so much importance and lots and lots of information bombarded on the average consumer via different media, it is very easy to get lured into a trap. To know the intricacies of car loans is the only way one can avoid getting into an unwanted situation and later repent in leisure.

Here we take a look at few such things, which can save a lot for every car loan customer.

1. Borrow as little as possible

Remember every paisa you borrow has to be paid back to the bank or finance company with interest. So, the less you borrow the better it will be. In addition, the interest payments will be lesser and loan can be paid off within a short period. This also means that you should pay a good sum as the down payment for your car loan.

Of course, arranging this down payment can be a daunting task, but if you are able to do it without pushing too hard, go for it.

2. Popular models have better interest rates and good tie-ups

If you are looking for a model, which is rarely seen on road, be prepared to shell out more. Higher interest rates, processing fees, down payments and other charges greet those who are looking for an offbeat model. On the other hand cheaper terms make the popular models better option to buy.

Good reputation, great after sales service, and low maintenance make a car popular and backed by a good car loan they become simply irresistible.

3. An on-road price car loan is definitely better than ex-showroom one

Banks providing car loan at on road prices include the registration charges, insurance, road tax and other costs associated with the car purchase thus making it a comprehensive solution. On the other hand if you go for a car loan at ex-showroom price, you will have to shell out the road tax, insurance, registration charges and any other costs from your pocket and this will be in addition to the down payment you have made.

4. Compare and find the lowest interest rate and EMI

The car loan market is very competitive, and there are many players vying for your attention. By all means contact them and ask for quotes. Choose the one, which offers the best deal on your favourite mode.

5. Processing fees and other costs are negotiable

Do you have consistent credit card repayment record? Does the bank see you as a credit worthy individual? In that case, chances are good that with a little negotiation you can get the processing fees waived. Banks want customers who can take a loan and repay it completely with interest. A trouble free customer always has more worth than processing fees.

6. An offer which looks too lucrative can be deceptive

Dealers and small time companies, in order to lure in needy customers, come out with sugar coated offers which appear too unreal. By posing as agents of big lending companies and banks, they take guarantee to provide a car loan for persons with all backgrounds and without any checks on income and other credentials. These offers can land you in big trouble, beware!

Remember, information is power and this applies to the car loans also. The more you know about them, the better equipped you will be to negotiate a good deal.

Courtesy:

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Home Loan Down Payment Strategies Discussed At LoanLove.com


Home Loan Down Payment Strategies Discussed At LoanLove.com

A new guide to home loan down payment assistance helps borrowers find the best ways to finance their homes.

San Diego, CA (PRWEB) May 28, 2014

LoanLove.com is a borrower advice website dedicated to helping home buyers to find loans that they will love. One of the first things that those seeking to buy a home will have to contend with is gathering enough cash to put down a down payment on their home, unless of course they were able to qualify for a no or low-down payment loan program, such as the VA provides for example. While getting off scot-free when it comes to down payment on a home is a possibility for some home buyers, the fact is most home buyers will need to look into what home loan down payment strategies are available to them, in order to be able to afford their house without suffering too much financially in other ways. A new article from Loan Love takes a look at some home buyer down payment assistance strategies that can help home buyers find their best options.

The new guide, titled “Home Loan Down Payment Assistance (Know Your Options)” explains that coming up with the money for a down payment can be one of the most challenging parts of buying a home. However, before potential home buyers jump at any chance to get their hands on that money, the Loan Love guide suggests that they ask these four questions: “1. Are you able to verify beyond any doubt that the source of your down payment is legal and not a scam? 2. Has your bank lender or mortgage broker confirmed that your potential source is an approved one, according to the rules of your particular loan program? 3. Have you reviewed your plan with a certified public accountant to determine impacts on your taxes and/or retirement account, as applicable? 4. Are you prepared to keep a detailed paper trail of any transactions for both your lender and for tax purposes?”

Loan Love then suggests that those who are seeking home loan down payment assistance try one or more of the following low risk options:

“Investigate state and local housing incentives. Ask friends and family. Maximize your savings. Liquidate unnecessary assets. Sell any stock options. Sell off other investments. Cash in a life insurance policy. Check with your employer.”

Some other options that home buyers can check into if the above suggestions do not yield results are also discussed. These home loan down payment assistance options do carry a bit more risk, or are more heavily taxable etc. but they can be good options for those who are prepared to take on the responsibility. For those who are, Loan Love suggests to:

“Ask your lender. Negotiate with your seller. Bank with your seller. Tap your IRA. Borrow from your 401(k). Time a job change.”

For a fuller explanation on the bullet points listed here, read the full home loan down payment assistance guide at LoanLove.com.


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Tougher new rules under consideration for Birmingham payday …

“It’s one thing to have an emergency. It’s another to continue to pay for the loan five years later,” Councilwoman Lashunda Scales told AL.com today.

Councilwoman Lashunda Scales proposes new rules to restrict payday lending and title pawn businesses. (The Birmingham News file)

BIRMINGHAM, Alabama — After two years of a moratorium on new payday lending and title pawn businesses, the Birmingham City Council will consider new zoning rules as a long-term control on the growth of alternative financial institutions.

Proposed new zoning rules would impose a buffer between new payday lending businesses of 2,000 to 5,000 feet. The rules won’t impact existing businesses.

The ordinance is sponsored by Councilwoman Lashunda Scales, who has pushed for tougher rules regarding payday lenders and title pawn businesses for several years.

Industry advocates opposed the new rules just as strongly as they did the moratorium.

“The objective is to finally provide a resolution that is the best approach to stop the growth of payday lending which has adversely impacted, not only communities, but families who struggle to make ends meet,” Scales told AL.com.

Scales called the provision a matter of both economic development and consumer protection.

Money lending establishments near or on Center Point Parkway. From I-59 to the city limits of Center Point in Birmingham. (The Birmingham News FILE / Hal Yeager)

She also sponsored and lobbied for the moratorium on new payday loans and title pawn businesses two years ago. The provision has been extended several times since then.

She maintains that Birmingham remains inundated with the subprime businesses that she says stifle positive commercial development.

The original moratorium included an amendment stating that that city’s economic development division and its planning and zoning officials would work during the moratorium period on ways to curb ”clustering” once the moratorium was lifted.

Scales said the proposed zoning ordinance follows the intent of the earlier provisions.

Payday lending industry officials, and their trade group, Borrow Smart, have consistently defended their business, saying they provide a necessary service that is unfairly characterized.

“Our position has never changed,” Borrow Smart President Max Wood said this afternoon. “Our position is, it’s anti-consumer and it’s anti-small business.”

Scales said the payday lending industry locks residents into a cycle of debt.

On the contrary, Wood cited a new survey this week that showed most payday loan customers are pleased with their experience. Further, he said the industry is already under state and federal regulation.

A public hearing is set before Tuesday’s vote. Wood and industry supporters are also expected to attend.

“That’s just absolutely ridiculous,” Wood said. “There are no restrictions on auto dealers. There are no restrictions on drugstores. There are no restrictions on fast food restaurants. It’s just picking winners and losers.”

Scales said the hearing is an opportunity for residents to express their views on the proposed new rules.

“The public hearing is to get input regarding payday lending institutions and their impact on the surrounding communities,” she said. “While services are needed, we are attempting to partner with other agencies that could provide long-term solutions to short-term problems by reducing the interest rates, making the loans more affordable to pay and providing a balanced approach. It’s one thing to have an emergency. It’s another to continue to pay for the loan five years later.”

Birmingham’s ordinance was modeled after one passed in Midfield that limits the number of payday lending institutions to the current 12.

Midfield’s law was challenged but was upheld in court.

In addition, Center Point also has a longstanding moratorium on payday lending and title loan businesses.

Birmingham’s moratorium also generated national interest. The new federal Consumer Financial Protection Bureau last year chose Birmingham to hold its first field hearing on payday lending.

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Alabama legislators seek limits on payday loans

MONTGOMERY, Ala. (AP) — An employee of a title loan business in Birmingham, Jera Smith, says she provides a valuable service for people who need cash quickly, and she sees no needs for legislation that would cap interest rates.

“We are here to help our consumers, not harm them,” she said.

Some legislators say there is plenty of harm occurring because Alabama has become a paradise for predatory lenders. They point to annualized interest rates for pay day loans hitting 456 percent and 300 percent for title loans on vehicles. They have prepared bills to limit annual interest rates to 36 percent on both types of loans.

Democratic Rep. Ron Scott of Fairfield said people borrow money for a couple of weeks that they can’t pay back. Then they replace the loan with a new one and keep repeating the process until their interest payments exceed the principle.

“This 300 percent interest is nothing but legalized loan sharking,” he said.

Scott is joining Democratic Rep. Patricia Todd of Birmingham and Democratic Sen. Marc Keahey of Grove Hill in sponsoring bills that not only cap the interest, but place other restriction on the loans, including limiting a person to six loans per year and raising fees for the businesses to pay for a database to enforce the loan limit. Their bills are awaiting consideration in legislative committees.

Alabama has about 1,200 payday loan and title loan businesses, according to Borrow Smart, an industry organization.

Legislators have talked for several years about adding new controls to payday loans and title loans without success. But this legislative session, they are working with a coalition of groups, including the Southern Poverty Law Center, Arise Citizens’ Policy Project, AARP, NAACP, and the Alabama Appleseed Center for Law and Justice.

“We stand together to say no more,” said Shay Farley, Appleseed’s legal director.

State law allows payday loans businesses to charge 17.5 percent interest on a loan of up to $500 that lasts for 10 to 30 days.

“Access to credit is necessary; 456 percent interest is not,” Farley said.

Max Wood of Birmingham, president of Borrow Smart, said 36 percent annual interest amounts to 3 percent a month for a payday loan. On a $100 loan that is paid off on time, the interest would be $3. At that rate, a store wouldn’t take in enough to pay the employees and the utility bill, he said.

“A 36 percent rate is essentially abolishing our industry,” he said.

If the stores close, he said customers would be left to pay high fees for bouncing checks and for getting utilities reconnected after missing bill payments. Or worse, he said, they would have to deal with unregulated Internet-based loans.

He also said the payday loan business has a high loss rate because no credit checks are done. The reason, he said, is that customers want money quickly and they don’t want to wait for a credit check.

Sara Zampierin, an attorney at the Southern Poverty Law Center, said the industry is making so much money that Alabama now has four times as many payday loan and title loan businesses as McDonald’s restaurants. The attorney, who wrote a study of the Alabama businesses called “Easy Money, Impossible Debt,” said borrowers often do not understand the terms of the loans.

Wood, who operates six Cash Spot stores, said the businesses supply printed materials to customers that explain the loans and talk about managing personal finances. “The customers make those choices on their own with full disclosure,” he said.

Smith, who works at Title Cash in Birmingham, said she was a customer before she became an employee, and she knew what she was doing when she took out a loan.

“We as Americans are going to have to look at ourselves and take self-responsibility for our actions. I think we need to stop blaming someone else for some of the things we do,” she said.

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Alabama legislators seek limits on payday loans | timesfreepress.com

By PHILLIP RAWLS

MONTGOMERY, Ala. — Several Alabama legislators are proposing bills to place restrictions on payday and title loans, including capping the interest rates.

Legislators say their bills would limit annual interest rates at 36 percent. The loans can now have annualized rates of 456 percent on payday loans and 300 percent on title loans.

Democrat Ron Scott of Fairfield says he’s optimistic about passage because the bills have a broad range of support, including the Southern Poverty Law Center, NAACP, AARP and Arise Citizens’ Policy Project.

President of the industry group Borrow Smart, Max Wood of Birmingham, says the low interest rates would cause the businesses to close.

Jera Smith, an employee of a title loan business in Birmingham, says the company works to helps consumers — not harm them.

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Online Payday Loan In The UK – The Blog of Naseem

Online payday loan in the UK is a quick and easy solution to your cash flow problem, which can arise anytime. Such loans can provide you with cash for your emergency needs, until your next payday. The lenders of the loan amount are not concerned for the purpose for which you are borrowing the loan. They just want you to fulfill their legal formalities and requirements for the loan and use the cash for your needs.
Why Borrow A Payday Loan?
Need for taking a payday loan in London UK can come anytime. If you are aware of these online payday loan in the UK then you can easily solve cash problems in emergency. With the online facility, you are not required to fax in any documents and are also not required to do any paperwork. Everything is done online, from applying to receiving the loan amount. This online process keeps you away from getting into hassles of visiting the lender’s office again and again.
The online payday loan in the UK can be used for small as well as big expenditures. It can be used to pay your hotel bills, phone bills, groceries, medical bills, or any other utility bill. The amount of loan that can be borrowed under payday loan in the UK can be anything between £50 and £1000. Payday loans are the short-term loans, which are borrowed for 2-4 weeks. In case you failed to pay back the loan amount within the due date, you will be charged a penalty fee, which you have to pay along with the principal loan amount.
The process of online payday loan in the UK begins with filling of an online application form, which once approved, deposits the money to your checking account the next working day. The application may ask you to fill in your personal as well as financial details. No need to hesitate or worried while filling such information, because such sensitive information are kept confidential.
The online payday loan in the UK can be extended to about 6 months in case the borrower is not able to pay back the loan amount. Today, there are many lenders offering payday loan in the UK of which many are fake lenders and few are genuine. It is advisable to do proper research before choosing a lender for your payday loan in London UK.
Online payday loan in the UK is a fast and reliable loan, which can solve all your big and small monetary issues that can be to make a down payment of car or just a medical bill. You cannot depend on personal loans that are borrowed for long term period to solve such issues. So, choose a payday for your monetary problems today.

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Cheap Payday Loans – Dealing With Shortage Of Cash 731557

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For more information visit: officialhawaiiguide.com Cheap payday loans take you through the bad patch when you are in a short term financial crisis. Shortage of cash is not an unusual situation for many salaried people. Sometimes you need some urgent cash so badly that a refusal may result in greater trouble. […]

Americans Paying Dearly for Payday Loans

NEW YORK (TheStreet) — Ready for another toxic byproduct of the weak U.S. economy?

Consider the payday loan market, where cash-strapped Americans are using loans in ways that dig an even deeper financial hole than the hole that caused them to turn to payday loans in desperation in the first place.

A disturbing

study

from the Pew Charitable Trust shows that Americans spend about $7.4 billion annually on payday loans, and pay an average $520 in interest each year.

That’s a pretty depressing fact alone, but it gets worse.

According to Pew’s “Payday Lending In America: Who Borrows, Where They Borrow, and Why,” Americans are no longer using payday loans for emergencies, like for a needed medical expenditure, or to replace a driving belt on their car so they can get to work safely, and on time.

Instead, Americans are paying those inflated interest rates on pay day loans to pay for everyday needs, like groceries and utilities.

“Payday loans are marketed as two-week credit products for temporary needs,” says Nick Bourke, project director for Pew’s Safe Small-Dollar Loan Research Project. “In truth, average consumers are in debt for five months and are using the funds for ongoing, ordinary expenses – not for unexpected emergencies.”

The study notes that way too many payday loan consumers are incurring high interest rates just to pay off an everyday bill.

“69% of first-time borrowers needed funds for recurring expenses, such as utilities, credit card bills, or rent or mortgage payments,” the study reports. “Only 16% sought money for unexpected expenses, such as a medical emergency. If payday loans were not available to them, 81% of borrowers reported they would cut back on other expenses instead.”

Pew also took a long look at exactly who is using payday loans. The demographic that most uses payday loans are employed white females, 25 to 44 years old.

Drilling down even deeper, Pew finds these demographics among consumers who use payday loans most “disproportionately”:

Don’t have a college degreeAre African-AmericanEarn less than $40,000 annuallyRent a homeAre separated or divorced

A new trend, not surprising in the digital age, is how many consumes are going online to get a payday loan.

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You Can Get Accredited for Pay-day Loans On-line


You Can Get Accredited for Pay-day Loans On-line

The online is slowly changing into the tactic with which lenders course of mortgage applications. This is very true with brief-term loans or payday loans. Interested candidates can look for websites and submit necessities for payday loans online no fax. Most of those lenders have a normal course of and switch round times. The first step is to fill out the online utility form. You may be requested to declare your employment and earnings data as nicely as provide a financial savings or checking account. The lender will then piece of email you a quote on the principal amount and curiosity rate. You do not want to agree to this instantly, actually some people submit a amount of purposes to examine quotes from completely different lenders. You will be sure by the settlement when you reply to the email and affix your electronic signature. Some individuals may be hesitant in offering personal info on-line, but you needn’t fear as a end result of these lenders have Internet-based security services.

There are some essential points you’ve gotten to remember earlier than you take out a short-time period loan. One the essential points to suppose about is that payday loans are solely meant to cowl you for emergency expenses and should not be taken out for one thing that’s unimportant. There are payday loans online direct lenders that promise quick and prompt approval, however bear in mind that the interest rates are often higher. The profit of going online to make use of for a mortgage is which you can make a comparability of quotes from totally completely different lending companies. This fashion, you are solely agreeing to the phrases of a lender who has essentially essentially the most affordable rates. Watch out in borrowing bigger quantities, short-time period loans normally range from anyplace between $500 to $1,000 for first time borrowers. For those who ask for an outrageous amount, anticipate your software to be declined. Borrow solely what you’ve got the potential to pay when your subsequent paycheck arrives.

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