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Auto Loan Tips For Subprime Borrowers

Few people have the financial resources available to pay cash for a new vehicle, so having access to an auto loan can be beneficial. Unfortunately, obtaining an auto loan can be challenging if you are considered a subprime borrower (meaning you have a poor credit rating).

Here are three tips that you can use to help you successfully shop for an auto loan if your credit is less than perfect.

1. Know your credit score.

Understanding the state of your credit is essential when it comes to securing an auto loan. Before you can begin locating a lender that will be able to supply you with the funds you need to complete your vehicle purchase, you need to know your credit score.

This number tells a lender a lot about your risk level as a borrower. By knowing your score before you try to apply for a loan, you can work only with lenders that you know are willing to accommodate your credit situation.

2. Clean up your credit in advance.

Improving your credit before you try to secure an auto loan could help you qualify for the funds you need at a lower interest rate. Paying a lower interest rate will save you a lot of money over the life of your loan, so if you have time to correct any errors that may be showing on your credit reports prior to applying for an auto loan, you should make cleaning up your credit a priority.

You can dispute inaccuracies with the credit bureaus directly by filing a claim online, or you can talk to creditors that are reporting inaccurate information and request that they contact the credit bureaus directly to resolve these errors. Cleaning up mistakes on your credit report will help you improve your credit, making it easier to find an auto loan lender willing to work with you.

3. Be prepared with a substantial down payment.

While consumers with excellent credit might be able to finance the entire purchase price of a new vehicle, subprime lenders will typically require a down payment before they extend auto loans to their borrowers.

You should play to have a substantial down payment saved before applying for an auto loan. It can be beneficial to contact several subprime lenders in your area and ask about down payment rates to get an idea of how much money you will need to set aside for your own down payment as you begin saving for your auto purchase.

Subprime credit can make obtaining an auto loan challenging, but knowing your credit score, cleaning up mistakes on your credit reports, and saving for a down payment will help you successfully secure the auto loan you need. Contact a company like New Horizons Credit Union for more info.

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Answers To Common Concerns About Title Loans

It is a reality that you may one day encounter short-term financial difficulties. Unfortunately, there are many individuals that may not be informed about the options when it comes to raising the money to address these temporary situations. In particular, title loans can be highly effective for helping you to quickly raise money. If this applies to you, it may be beneficial for you to learn the answers to a few common concerns that people may have when it comes to title loans.

Will You Still Be Able To Drive Your Car?

When you take out a title loan, you may use the title for your car in order to secure the loan. The title will essentially act as collateral, and if you fail to repay the loan, the lender will be able to take possession of the car in order to settle the debt. Unfortunately, there are some people that may not seriously consider this option because they are concerned about being unable to drive their car until the loan is repaid. Yet, this is not actually the case as you will retain possession of the car as long as the loan remains in good standing.

How Much Of A Loan Can You Receive?

Not surprisingly, many people want to know how much they will be able to receive if they take out a title loan. Unfortunately, there are numerous factors that will determine this. For example, the lender will likely consider your monthly income, the value of your car, and some may perform a credit review. The exact requirements will vary from one lender to another, and you will want to meet with several lenders before you make your final choice to ensure that you are getting the best deal for your situation.

What Is The Repayment Process For Your Loan?

Sadly, another common reason for individuals being leery of taking out title loans is that they are concerned about having to pay back the entire loan at once. While this is normally standard for payday loans, title loans are often much larger. As a result, individuals will be allowed to pay off the debt in a series of installment payments. This will allow you to have access to the money that you need while keeping the repayment process as stress-free as possible.

Taking out a title loan can be an excellent choice for those that have found themselves facing a temporary financial emergency. By appreciating the fact that you will still be able to drive your car while repaying the loan, the factors that will influence the amount you receive and the repayment plan for these loans, you will be better able to decide if this is a suitable option for meeting your financial needs.

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3 Things To Consider When Getting A Mortgage While Pregnant

Getting approved to purchase a new home can be a balancing act for many families. Lenders often look at your overall income compared to your current debt and family size to ensure that you will be able to make your monthly payments and not default on your loan. If you are pregnant, you are in a position where your financial situation may change rapidly after the birth of your baby. However, should you reveal your pregnancy to your mortgage broker? Below are three things to consider if you are applying for a loan while you are pregnant. 

Legally, You Are Not Required to Reveal a Pregnancy 

Under federal law, it is a violation for a mortgage broker to ask if you are pregnant or planning a family. However, it is still common for many brokers to ask this question. If you are asked about your plans for a family, you can simply state that you are not required to answer that question and your broker should move on. 

Your Loan May Be Affected If the Baby Is Born Before Your Loan Is Secured

While your broker cannot ask about your plans to create a family, they can ask how many current dependents you have. Your answer to this question will be considered when determining your monthly disposable income. Since purchasing a home can take a long time, you may be asked to confirm your financial details several times during the process. If the baby is born before your loan is secured, it may change the amount you are eligible to receive. If you think your baby will be born before you close on your home, consider letting your broker know so they can adjust your loan amount ahead of time so there are no surprises. 

Make Sure You Can Afford Your Loan After the Baby Comes 

As with any loan, it is important that you only request an amount that you are sure you will be able to afford, even if you are approved for more. You should carefully consider how a newborn will affect your budget and whether you will be able to meet your financial obligations while on maternity leave if you plan to take it. For example, you may want to only claim one income when applying for a loan in case your second income is reduced due to child care responsibilities. 

If you are pregnant, you may not want to tell your broker. However, it is important that you negotiate a loan that you will be able to afford with your changing family size and obligations. For more information about home loans in your area, talk with your mortgage broker today.

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Different Types Of Short-Term Installment Loans And When Each Might Be Of Value To You

Installment loans are essentially any type of loan that is repaid in certain amounts over a set period. For example, loans you take out for the payment of a car, boat or motorcycle are often installment loans because you promise the bank or the credit union that you will pay “x” amount of dollars every month for the next several months or years. What you may not know about installment loans is that there are several types. Here are some of those types of loans and why each may be of value to you.

Short-Term Unsecured

Short-term, unsecured installment loans usually have very high interest rates and you are required to pay them back quickly. You can get this type of loan from many non-traditional lenders, including payday loan lenders. This type of loan is most beneficial when you need cash right away, you cannot get a traditional loan because you have nothing to secure it with, and you know you will be flush with cash in the next couple of months (e.g., you are expecting a sizable tax refund).

Short-term Secured

Short-term secured installment loans require some type of valuable collateral. This could be your vehicle, your wedding ring, your boat, etc. It could also be your credit card sales from the prior months of conducting business. The interest rates and fees vary widely (depending on the lender), which can include a pawn shop owner or title loan lender. The loans are often based on the fair market value or resale value of the item you use to secure the loan, but you retain the rights to the item(s) by consistently making timely payments on the loan. These might be some of the easiest loans to get, although they might not meet your full and current monetary needs.

Unsecured Based on Business Profits

This is a new type of installment loan emerging for small business owners. It helps you secure working capital based on your prior month’s or prior quarter’s profits. Typically, the loan amount comes with a hefty fee attached, and the amount is only a percentage of your prior month’s sales or profits. However, if you own and operate a small business and you are struggling to make ends meet this month, this might be the perfect short-term solution. Small businesses located in tourist areas often benefit from this type of loan in the off-season months right before the high-season months begin because it keeps the business afloat until the high-season profits can pay back the loan.

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Selling Your Gold And Silver Jewelry? Get The Best Prices By Doing These Things

Whether you want to make room for more jewelry or truly need the money you’ll earn from sales, selling your silver and gold jewelry might seem easy to do. However, if you want to ensure you make the most money possible, follow the advice below.

Sell Separately

The first mistake you might make when selling off your collection is to sell in bulk lots. You might not want to take the time to sort through and price each piece, and you might assume that a buyer will be able to give you a fair price for everything.

However, it’s important to note that every piece isn’t valued the same. You may have some very expensive pieces that would get overlooked in one big bulk sale, causing you to be paid less than you could have gotten otherwise. It may take more time to sell each piece alone, but ultimately you may make a higher profit.

Get a Professional Appraisal of Each Piece

It might seem strange to think that spending money on an appraiser’s fees would help you make more money overall, but that is what indeed may happen. Being able to present a piece for sale–with the support of an appraiser’s professional opinion of value–is one way to ensure you get the price you want for your piece. Buyers may be more likely to pay more for a piece when they can see evidence of its worth.

Beware of Your Emotions

One of the things that could stop you from getting a good price on one of your pieces is how you feel about it. Your attachment to particular pieces can be problematic when you’re trying to make a sale, because someone might place an offer that you feel isn’t enough for the piece–not because of its value, but because of your feelings about the piece.

You might have thought you were willing to part with your great-aunt’s opal ring, for instance, but you might want much more than it’s worth because of your attachment to it. Be sure to get a handle on your feelings so that you don’t make the mistake of losing out on a sale altogether.

Now that you have a better grip on what actions you can take to get the most money for your jewelry collection, start doing your research and pricing your pieces accordingly. Work with gold and silver buyers like Wimpey’s Pawn Shop.

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Buying A New Home? Get Better Mortgage Rates Using These Tips

Buying a home gives you the opportunity to become your own landlord, create a customized household look through renovations, and maintain full control over your quality of life at home. Taking the time to plan and prepare for the mortgage application process before you start making offers on homes you like is an effective way to optimize your chance of getting great mortgage rates on your loan. Here are three things to consider doing before you start shopping for your new dream home:

Take Care of Unpaid Bills

Even small unforgotten bills that have gone unpaid can be detrimental to your credit score, which in turn will likely increase any mortgage rates you’re offered by potential lenders when shopping for a home. Whether it’s a five dollar late fee that wasn’t paid with a final credit card payment months ago or a last cable bill you overlooked during a move last year, if you’re delinquent on any payments it can result in higher mortgage rates when you apply for a home loan.

It’s a good idea to request a copy of your credit report so you can see exactly what’s reported on it and take care of any old bills that haven’t been paid yet. Debts that aren’t so small, such as hospital bills, can also present a problem if not addressed. If you can’t pay a bill that’s on your credit report in full, inquire about making payments until paid in full. Some companies may offer you a hefty discount on the whole of your past due bill if you agree to pay it in full.

Improve Your Asset Portfolio

Improving your asset portfolio before applying for a home loan can help keep your available mortgage rates low too. Mortgage lenders will look for assets that you own when considering your rates because they interpret assets as wealth. Having access to various types of assets lets lenders know that you shouldn’t have a problem making your mortgage payments long-term. If you already have a 401K account set up, start putting more money into it if possible. If you haven’t yet paid your vehicle off so you own it outright, consider doing so even if it means taking out a small personal loan at your bank. Putting money into a 529 plan to save for college is likely to be counted as an asset as well. Invest in a bond or buy into a timeshare if you can.

These tips and tricks should help prepare you for a successful home shopping experience that results in excellent mortgage rate offers when all is said and done. Contact a financing company, like Doolin Security Savings Bank, for more information.

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4 Common Mistakes To Avoid When Opening A Checking Account

Whether you’re looking to switch banks or are even planning on opening up a checking account for the first time, the fact remains that you have a lot of options available to you. No matter where you live, online banking makes it possible for you to open a checking account with one of dozens of banks. Before you open an account with just any bank, however, there are some important mistakes you’ll want to avoid.

Choosing a Bank That Doesn’t Waive ATM Fees

These days, no reputable bank should be charging you an ATM fee when you use your bank card to withdraw money from an ATM. If your bank won’t waive these fees or, at the very least, reimburse you for them at the end of your statement month, then it’s time to look for a different bank. Keep in mind that individual ATM providers (such as those found inside your local convenience stores) can still charge you fees, however.

Going With a Bank That Doesn’t Have Online Account Access

Another important thing to look for in the bank where you wish to open a checking account is easy online account access. It’s difficult to find a bank these days that doesn’t have online account access, but not all platforms are easy to use or very robust in terms of their features. Ideally, you’ll want to find a bank that offers online bill pay, money transfer, and similar features. Bonus points if they have a free app you can download so you don’t have to log-in every time.

Choosing an Account With Monthly Balance/Deposit Requirements

Some banks will have requirements and minimums when it comes to how much money you need to deposit into your checking account each month and how much of a balance you need to maintain in order to keep your free checking or avoid service fees. Avoid this hassle and open an account with one of the dozens of banks that don’t impose these kinds of minimums.

Failing to Consider ATM and Branch Location Convenience

Finally, though you may be able to find checking accounts with excellent terms online, you’ll also want to make sure you can find a local branch in the event that you need one-on-one help with your account or wish to take out a large sum of money from your account. Specifically, look for banks with locations close to your place of employment and your home.

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