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Cut Your Car Loan Term to Save Cash

Which is more expensive? A $300 a month car payment or a $400 one? The $300 one sure sounds cheaper, and that’s the trap. If you pay less money but pay it for way longer, a lower monthly car payment can end up being more expensive than a higher one.

And yet that’s exactly what people are doing. These days, 30 percent of all car loans are for six years, according to J.D. Power and Associates. And a five-year loan is still the most common of all.

Why is a long car loan generally a bad idea? Because cars depreciate so fast that some time in the not-too-distant future, you could end up owing more on your car than it is worth. I like to encourage people to pay cash for the cheapest used car they can stand. But recognizing that that’s not possible for all people, I suggest a maximum auto loan term of two years.

Here’s why. Let’s say you’re buying a car for $14,990 at 6.5 percent interest. If you make payments for five years, you will have actually paid $17,580 for that car. If you make payments for just two years, you will only pay $16,032 for it –a savings of $1,548 simply because you’re not paying interest for as long.

True, if you choose the two-year loan you’ll have higher monthly payments, but you’ll have NO monthly payments after that. Most Americans keep their cars for only five years. That means the poor sap who took out the five-year car loan is likely to trade it in just as he’s finished paying it off. He’ll take out a new car loan and never enjoy the financial freedom of being out from under a car payment.

Still tempted by a snazzy car you can’t really afford…unless you stretch out the payments for five –or now six– years? You’re making a mistake, but here’s how to minimize your mistake:

• Buy a vehicle that holds its value well, so you won’t be under water in it. You can get some ideas from the Edmunds.com Best Retained Value Awards.

• Shop around for the lowest possible interest rate. Only people with credit scores of 720 or above get the very best rates that car dealers hype in their ads. These days a rate of 2 percent or less would be a sweet deal.

• Keep your car longer. The longer you keep a vehicle, the more value you’ll eke out of it. And you’ll get the chance to see what it feels like to be car payment-free. Maybe you’ll even be inspired to pay cash for your next car.

[…]

Cut Your Car Loan to Save Cash

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Which is more expensive? A $300 a month car payment or a $400 one? The $300 one sure sounds cheaper, and that’s the trap. If you pay less money but pay it for way longer, a lower monthly car payment can end up being more expensive than a higher one.

And yet that’s exactly what people are doing. These days, 30 percent of all car loans are for six years, according to J.D. Power and Associates. And a five-year loan is still the most common of all.

Why is a long car loan generally a bad idea? Because cars depreciate so fast that some time in the not-too-distant future, you could end up owing more on your car than it is worth. I like to encourage people to pay cash for the cheapest used car they can stand. But recognizing that that’s not possible for all people, I suggest a maximum auto loan term of two years.

Here’s why. Let’s say you’re buying a car for $14,990 at 6.5 percent interest. If you make payments for five years, you will have actually paid $17,580 for that car. If you make payments for just two years, you will only pay $16,032 for it –a savings of $1,548 simply because you’re not paying interest for as long.

True, if you choose the two-year loan you’ll have higher monthly payments, but you’ll have NO monthly payments after that. Most Americans keep their cars for only five years. That means the poor sap who took out the five-year car loan is likely to trade it in just as he’s finished paying it off. He’ll take out a new car loan and never enjoy the financial freedom of being out from under a car payment.

Still tempted by a snazzy car you can’t really afford…unless you stretch out the payments for five –or now six– years? You’re making a mistake, but here’s how to minimize your mistake:

• Buy a vehicle that holds its value well, so you won’t be under water in it. You can get some ideas from the Edmunds.com Best Retained Value Awards.

• Shop around for the lowest possible interest rate. Only people with credit scores of 720 or above get the very best rates that car dealers hype in their ads. These days a rate of 2 percent or less would be a sweet deal.

• Keep your car longer. The longer you keep a vehicle, the more value you’ll eke out of it. And you’ll get the chance to see what it feels like to be car payment-free. Maybe you’ll even be inspired to pay cash for your next car.

[…]

Rapid Auto Loans of Florida Now Offers Faster Approval Times for Quick Cash – Loans Can Now Be Processed in Just 15 …

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Rapid Auto Loans of Florida Now Offers Faster Approval Times for Quick Cash – Loans Can Now Be Processed in Just 15 Minutes

Rapid Auto Loans adds faster approval times as their customers asked for quick cash.

Pompano Beach, FL (PRWEB) April 30, 2013

Rapid Auto Loans of Florida is one of the few title loan companies that offers consistently flexible repayment terms and very low interest rates. They have been providing Florida residents with quick access to cash by allowing them to access the equity in the cars they already own. Borrowers can still drive their car while the loan is being repaid, providing them with the cash they need instantly without parting with their much needed vehicles. The company has now announced that they have made concessions for the need for faster access to funding. In response to a growing need for instant loans, they have modified their approval process and can now approve a loan in just 15 minutes. This provides their customers with the speed they need to assist them in any financial situation.

In addition to faster online approval, Rapid Auto Loans has several convenient inspection stations where applicants can take their vehicles for a fast and speedy inspection. The cities where this service is currently available include Bartow, Miami, Daytona Beach, Jacksonville, Kissimmee, Lauderdale, Naples, Fort Myers, Ocala, Orlando, Pompano, Port St. Lucie, Stuart, Tampa, and West Palm Beach.

The approval process begins when applicants fill out the information on the online form like name; phone number and email are the standard questions. After this basic information has been submitted, Rapid Auto Loan is able to make a quick decision about whether to approve the auto title loan. With the process now completely streamlined, the entire approval time can occur in only 15 minutes or less. The anxiety of waiting to find out whether or not a loan approval has been granted is completely eliminated with the fast and easy loan process offered by Rapid Auto Loan.

Customers of Rapid Auto Loan will also enjoy attractive loan terms during the course of the time their loan is outstanding. Rates can be as low as 1.50% and the actual length of time to repay is 12 months with payments being accepted at any Wells Fargo ATM machine 24/7. This innovative method allows applicants with even the lowest credit rating to have an opportunity for access to cash when they need it most.

Rapid Auto Loan is a leader in creative personal financing solutions for the greater Florida area. Their customer driven approach has yielded a responsive and attentive company that delivers a service that is greatly utilized by the communities they serve. For more information about receiving a quick auto loan, visit their website at http://www.raloan.com .


[…]

Orlando Auto Equity Loans Dispels False NBC report

NBC has reported false information regarding auto equity loans; Orlando Auto Equity Loans promotes responsible borrowing of secure, low-interest loans for Florida residents who need cash now.

Orlando, FL (PRWEB) March 28, 2013

NBC

recently reported

that those who take out auto equity loans end up paying, on average, three times the loan amount by the time they pay off the loan entirely. They state that the average person spends $2,140 to borrow an initial amount of $950 by taking ten months to pay off the loan. Orlando Auto Equity Loans wants consumers to know that this information is false, and that many people are able to take out a secure, low-interest loan through their company and then pay it off within 30 days, avoiding high interest fees.

Responsible borrowing is key; Orlando Auto Equity Loans encourages borrowers not to take out more than they can afford to pay back in a reasonable time frame, even if they’re offered more. Loan amounts are based on the value of the borrower’s car, and lenders offer anywhere from 30 to 50 percent of the cars value to borrowers. Many people do not need the full amount offered, and by only taking out what’s needed to cover immediate expenses, borrowers can avoid paying more in interest.

Auto equity loans are designed to be paid off in a short period of time. Most borrowers do not need ten months to pay off their loan; Orlando Auto Equity Loans encourages borrowers to pay off the loan within 30 days if possible. This keeps the amount owed in interest low. If borrowers are able to pay off their loan early, there are no additional fees for doing so. Additionally, if borrowers make their monthly payments on time, their credit score can actually increase, allowing them to qualify for better housing options or lower interest rates on their vehicles.

Auto equity loans are designed to provide financial assistance to those who do not qualify for traditional loans. They understand that sometimes circumstances can leave people strapped for cash, and they just need a little help to get by. Borrowers who take out loans responsibly have no problem paying off the loan in the allotted time, and often take out a second loan because the process was so easy and beneficial. Those considering an auto equity loan should research their options and speak with representatives to discuss any concerns. Orlando Auto Equity Loans representatives are available by phone 24/7 to assist borrowers with the loan process.

Cheryl Wilson
Car Title Loans
888.304.2120
Email Information

[…]

Guest Post Blog | Why People need Pay Day Loans : hostmypost.NET

Image payday.jpg

Being stuck in an economic recession is tough on the majority of people because prior to the recession the average salary or wages was just above sufficient to cover living expenses. Now that the recession has been dragging on for several years, it has definitely taken a toll on many people.

The inability to pay your bills on time has put a dent in your ability to borrow since you probably have a bad credit score. Or worse still you may have filed for bankruptcy. The refusal from banks does not change the fact that you need cash to live. This is why people are turning to pay day loans as an alternative to borrowing the money they need.

What is a payday loan?

This is where you can borrow a reasonable sum of money between paychecks. Usually this service is used by people who fall short of cash during the course of the month. Customers of pay day loans use the money to pay their utility bills, fuel for their cars, grocery bill or even to have some cash in their pocket as a precaution.

How does it work?

The great attraction of pay day loans is that you can access the funds even if you have a bad credit rating. Pay day loan transactions take place online where you would fill out an application, including how much money you intend to borrow. The information requested from the site has to also do with your age and you must be employed. Pay day loans are not accessible to anyone under the age of eighteen years.

Since it is an unsecured loan there is no collateral needed and the lengthy process of submitting documents and having to wait days for a reply is totally eliminated. Once you have been accepted it takes as little as two hours (in some cases) to have the money wired to your bank account.

Advantages of pay day loans

The convenience of accessing cash whenever you want allows people to breathe a little easier since they can meet their financial obligations. The amount of cash available to borrow usually ranges between two-hundred to twenty-five hundred dollars. With the average amount borrowed falls between two-hundred to a thousand dollars. With your wages or salaries coming in you can afford to repay the small amount borrowed.

Once you have a job and have the appropriate age then pay day loans are always available to you. Pay day loans are fast and can get you out of a sticky situation very quickly.
Disadvantages of pay day loans.

The downside to pay day loans is that it usually comes with high interest attached to the loan. This is because of the other convenience of fast cash in your hand. People can abuse the loan facility and use the money on non-essential items and services. The result is that you are worsening your already bad debt situation.

Once your use pay day loans responsibly it can be a good temporary measure to help keep your head above water until you find your way out of debt.

Author’s Bio: Sharon Brown is known for writing informative articles on finance and related issues. To get answers to further queries visit the website PayDayLoans.org

Guest Post

This post was written on behalf of hostmypost.NET by a guest contributor. If you have a good story or feel you can contribute something good for our readers, you can submit a guest post to be reviewed by our editorial team. Please be sure to read our blog guest post guidelines before getting in touch.

[…]

Getting a loan to save a business

WATERBURY, Vt. –

Snowfire in Waterbury sells and fixes cars.

It’s a busy Monday in the shop, a stark contrast to almost a year ago.

“We never had water over the road, this time it was 2 feet over the road, and through the business it was a shocker for everybody,” said Skip Hoblin of Snowfire.

Irene stormed through Snowfire leaving mud, debris and wrecking all the cars on the lot, causing about 100-thousand dollars in damages.

Owner Skip Hoblin needed cash for clean up. He considered applying for a small business administration loan, but decided against it when the SBA wanted three years of business records. Irene had ruined his papers and computer.

“Where do I put my energy into opening the business or a loan I don’t know if I’ll get?” asked Hoblin.

When it comes to getting a loan from the federal government, many Vermont business owners were like Skip Hoblin. Of the 1900 Small business administration loan applications handed out, only 234 business owners filed paperwork, with 137 actually getting a loan.

“Lets make SBA and federal government work better for people in the wake of the next storm, that’s the goal here,” said representative Peter Welch.

After hearing concerns, Congressman Peter Welch sent a letter to the SBA asking the agency to create a new emergency loan program. It would simplify the loan process for businesses with fewer than 50 employees. For example he says instead of the SBA requiring years of records that may have been destroyed owners could sign a waiver giving the SBA access to tax returns. Loan approval Welch says should take days, not weeks.

“The real threat to a business is the gap between the storm and when they reopen their doors – the longer that is – the less their chances of survival are,” said Welch.

Tom Stevens represents Waterbury at the statehouse. He says a big problem post irene was lack of federal money for small businesses without flood insurance. At least two Waterbury have shut down.

“If this program were in place to make it easier to reach out to the SBA then I think it would have positively affected this community in the immediate aftermath,” said Stevens.

After being in business for 33 years Skip Hoblin had good credit and was able to get a loan from his bank and reopen with help from employees and volunteers a week after Irene.

“As a local business we did it but it wasn’t easy.” said Hoblin.

Fixing the business so it can once again fix cars.

[…]

Jumbo loans can factor assets into qualifying process

Mortgage broker: David Cary, California Mortgage Advisors, Sausalito. Property type: Owner-occupied single-family residence in Menlo Park. Appraised value: $1.87 million. Borrowed amount: $1.15 million. Loan type:… […]

Judge deals setback to payday loan proposal – KansasCity.com

JEFFERSON CITY The summary and cost estimate of a proposal to cap interest rates on payday loans were struck down by a Cole County judge Thursday, dealing a setback to groups pushing to put the issue on the fall ballot. […]

New loan shark laws unveiled

A raft of proposed new laws to stop dodgy loan sharks taking advantage of people who are strapped for cash have been announced.Consumer Affairs Minister Chris Tremain today released the draft legislation for the Credit Contracts… […]

Government wins EU backing to defer €3.06bn payment

THE GOVERNMENT has won agreement from European institutions to defer a cash payment of €3.06 billion which was due to be paid tomorrow on the bailout bill for Anglo Irish Bank and Irish Nationwide. […]