Four Effective Uncommon Approaches to Bad Credit Auto Financing

People with bad credit often feel desperate, as traditional auto loans are mostly not available to them. Many give up on their quest for a newer vehicle, as they feel they would face nothing but rejection after trying few times at auto dealers and banks. Very few know that there are a number of options available to bad credit borrowers that are unable to utilize traditional auto lending tools, with some being better than the others are. There are four uncommon approaches to auto financing listed below.

Using Home Equity To Finance A Vehicle Purchase

Most homeowners with bad credit do not even realize they have a powerful borrowing tool at their disposal in form of equity in their home. If you have been a homeowner for a while, you most likely have accumulated some equity in your home despite the real estate market drop, i.e. the difference between your home market value and your mortgage balance. Home equity loans, also known as second or third mortgages are an excellent way to borrow money for whatever needs you see fit. Besides the fact that such feature lowest interest rates possible, as home equity loans are consider the safest by lenders in terms of risk, the interest is also tax-deductible, allowing you to save even more money. Therefore, if you can utilize home equity to get funds to purchase a vehicle, you should definitely go for it.

Utilizing Long-Established Banking Relationships

In case you have been banking at the same place for years, you may try applying for an auto loan with your bank or credit union. The financial institutions that you have some history with, whether it is just having a checking or a savings account or a paid-off loan, in some cases, are able to make an extra step to push your application through. Therefore, it is always a good idea to seek financing with your bank or credit union first.

Shopping At Non-Traditional Auto Dealers

There are auto dealers that provide in-house financing for bad credit consumers. Commonly called buy here, pay here dealers, they do not utilize lending institutions to fund car purchases made by their customers, but rather do it themselves. Usually, they are smaller local dealerships that sell used, high mileage vehicles. They get their inventory from wholesale auctions, where other dealers sell off trade-ins that they would not put on their lot or banks dispose of repossessed vehicles. While such places offer an advantage of financing everybody who has some money for down payment and a steady job, the car prices and interest rates are usually overinflated, making you pay extra. You should only consider buy here, pay here dealers as a last resort, when you need car desperately and no other options are available to you.

Applying With Online Auto Lenders

Online financing companies are becoming very popular among bad credit consumers, as they offer decent rates and terms on auto loans and are able to approve applicants with serious credit blemishes. Simply put, they are able to grant auto loans, when banks or dealers reject you. Such lenders operate individually, or through a network of online brokers. Applying online for an auto loan with one or several lenders is going to take few minutes of your time and will most likely result in your application approval.

Auto Refinancing – Motives and Solutions

The reasons for auto refinancing are to either reduce monthly payment levels or to reduce interest rate payments, or perhaps both together. There are a number of tools available to make the assessment of auto refinance rates and its well worth spending the time working with these tools.

Internet access is all that is required to arm yourself with all you need to know and thus alleviate some of your financial burden that is caused by your current auto finance deal. But before actually making any applications let us assess some of the tasks that should be completed first.

Get an appraisal carried out on your car – the one you wish to refinance. Ensure that it is an official appraisal. This will provide you with a value that can then be used when approaching a refinance company for your auto loan.

If you actually still owe more on the auto than the appraisal value shows then the chances of auto refinancing are going to be slim at best. If this is the case, then in future, try to maintain a low mileage if you can and keep up with the auto servicing. Make sure the servicing is accompanied by an authentic certificate.

On the other hand, if you currently owe less than a predetermined amount outstanding on your current car, you may not be accepted onto a refinancing deal. This varies lender to lender so if its an issue for you, then by all means shop around.

Do try to ensure that you utilize the tools at your disposal, courtesy of the internet. There are various interest rate calculators which can be used, thus it is easier to determine the various financing options and loans that will be available to you. It does take a bit of time to do this but once you have the information to hand you are in a better position to seek the best deal that may be available to you.

The vast majority of lenders will need to know that you have maintained a steady job – kept a reasonable wage coming in for at least the previous 6 months. This way you can expect to be offered some nicely competitive rates, providing your over-all credit record is good.

It varies from one lender to another – some may only need 3 months of proof that you have maintained a steady wage, but in general it is 6 months in the United States. The longer you have maintained a good income that you can prove to the prospective auto refinancing company, the better for you.

It is also vital that the names on the title deeds for your vehicle are entirely accurate. If there are any other names on the title deeds then they are required to be present when the refinancing deal is taking place.

Saving Money – Bad Credit Car Loan Vs Guaranteed Auto Financing

So you need a new car. If you are like most everyone else in the country, you are going to need some sort of financing. That may not be a happy prospect to face if your credit scores are less than stellar. If you follow some guidelines and keep your thinking cap on, you can find guaranteed auto financing or a bad credit car loan.

Give the Dealer the Brush-Off

If you walk onto a dealership lot with all your financing squared away, you are walking onto that lot with a certain amount of power to find the best car at the best cost. You will not have to worry about dealers doing you a big favor or making you feel lucky to even have a loan considered. Your credit challenges do not have to be any business of the sales clerk.

Three Options to Consider

Since you know you have certain credit challenges, you should thoroughly understand the options available to you – bad credit car loans, guaranteed auto financing, or online lenders.

Bad Credit Car Loans

New car dealerships do typically offer bad credit car loans with the purchase of a new car or a pre-owned certified vehicle. Sure, all the paperwork may be handled at the dealership, but those loans are usually sold off to lenders on the side. That is the party that will maintain and service the loan. They can range in terms from 12 to 60 months. And the rates, fees, and costs can vary widely from dealer to dealer, but the options available at any one dealer can be severely restricted, offering no real choices.

Guaranteed Auto Financing

These types of loans differ from bad credit car financing in that they are offered by smaller or independent car financing facilities. The finance contract is provided by the wholesale auto dealer and is paid directly to the dealer that sold you the car. This financing never offers you the opportunity to apply your good faith payments toward helping your credit score. These are most often used for used or pre-owned vehicles. New vehicles are rarely financed this way. These require no credit check. Payments are usually made weekly and can even be made in person.

Alternate Online Lender Options

Another option concerns online lenders. Many people have suffered from bad credit lately so there is a large market for poor credit auto buyers. Many lenders have entered the market and competition can be fierce. You could find a very good deal and get your credit report updated too. If you have been turned down with the other options, go online. You may be surprised at how easily you will be approved. Some may even be willing to finance a new car for you.

Go Loan Shopping Before You Go Car Shopping

So, you do have options. Sit down, figure out a budget, calculate what you can afford every month, then approach a lender. Allow yourself time to do some diligent shopping. The more you do, the better you will come out on the overall price of the loan and the car. Once you have secured a loan, you can walk into a dealership with confidence and get the best car deal you can finagle. Bad credit car loans, guaranteed auto financing, and the internet are all good tools, use them.

Top 5 Benefits Annuities Can Bring Except The Lifetime Income

Earning a consistent income in their retirement life is a major concern for the seniors approaching their retirement and many of them invest in different annuity insurance plans. These annuities help the insured to receive a guaranteed income for life protects from the fear of outliving their savings. Also, if a senior couple hasn’t saved enough or doesn’t have someone to support after their retirement, these policies help greatly to take care of their daily expenses and maintain a better lifestyle. However, the majority of seniors isn’t aware of all the benefits an annuity can bring. Most of them buy an annuity solely to receive a guaranteed income in their retirement life but the annuities have a lot to offer. Here, we are going to explain five more benefits of a retirement annuity plan that you might not be knowing.

Benefit to your loved ones

At times, seniors pay a long series of premiums to earn them back during their retirement but die at an early age without receiving the complete benefits. Many seniors die soon after their retirement and insurance providers keep their share of investment with themselves. But, the new additional feature allows transferring the benefits to the beneficiaries, if the insured dies early. Along with the immediate annuity plan, you can choose a guaranteed period of 10-20 years that are calculated since the time you start receiving the payments. If you opt for a 20-year guaranteed period with the annuities, your insurer will provide a series of payments for exact 20 years. You can name your spouse or kids as the beneficiary and they will receive the benefits for rest of the period, in case you die early.

Tax deferral on earnings

Most of the investments are applicable for state and federal taxes, but the investments such as interests, annuities, dividends and capital gains earn a tax-deferred status. These investments are tax-free until you withdraw the accumulated amount. The tax-deferral is similar to 401(k)s and IRAs, but there isn’t any limit on the amount and you can put any amount into the annuities that you assume enough to spend your retirement comfortably. Moreover, the minimum withdrawal criteria have more flexibility than that of to 401(k)s and IRAs.

Tax-free investment transfers

Market performs differently at a different time and an investment performing strong today may perform poorly after a certain period. Hence, investors keep transferring their investment amount form one to another fund and there are financial advisors to help with the same. Usually, these investment transfers or rebalancing are applicable for taxes but the annuity retirement plan has no such tax consequences. That means, you can rebalance your investments as per your financial advisor’s suggestion and you won’t have to pay any taxes on that.

Protection from lenders

People take different types of loans to match a better lifestyle and pay the due amount in installments. At times, people reach a stage where they only have the money enough to take care of their fundamental requirements and aren’t able to pay the loan installments. In such cases, if the lender files a lawsuit, they may lose the return on the investments made. Annuities insurance policies also help protect your investment return even if you can’t make the installments. Usually, the premiums you have made to your insurance provider, belongs to them and there are laws that restrict that money to be accessed by the lenders.

Variety of investment options

Insurers help the investors with a range of annuity options at retirement including the fixed and variable one. The first one credits a certain rate of interest on the amount you deposit while with the later, your money is invested in the stock or bonds like mutual funds and provide a return based on the market performance. Also, various insurance providers have introduced different types of floors that set a limit by which your investment value may not fall further. That means, if you have invested in a variable annuity, you return won’t fall below a certain value, despite the fluctuations in the market.

Top 6 Advantages Of Student Loans

It is just a common myth that only the federal loans provided by the UK government are cheaper and easier to repay than the student finance options provided by the private direct lenders. However, if you see the APR and repayment modes, then you come to know that private student loans are the clear winner! Let’s have a quick look at the top 6 advantages of education funds offered by the direct lending companies:

Borrow Short-Term and Long-Term Funds

Whether you are looking for a big amount to complete the higher education course, or need short-term funds, to give just hostel and tuition fees; both options are easily available and you can access the required funds in less than 24 hours without facing any hurdles. You can ask the lender to transfer funds directly to your bank account or deliver to your doorstep.

No Documentation to Waste your Time

The time of a student is very precious and instead of taking stress about the cash, he should focus on studies. Direct lending companies know the importance of young generation in the development of the UK and hence they offer paper free student loans plans. You are not required to submit your last class mark sheet or the address proof.

Apply Online in Just 2 Minutes

You don’t have to bunk classes or take leaves from the college, just open your laptop or smartphone and apply for the student finance loans on any reliable direct lending website. You would need just 2 minutes to complete the online application procedure. No hard copies or soft copies are required.

Avail Funds with No Guarantor

Students don’t have a big network to arrange a guarantor. They are dedicated towards their studies and interact less with people. Arranging a guarantor is an embarrassing task for them as people are not ready to co-sign their application. They can easily access student education loans with no guarantor and no broker by applying to a reliable direct lender.

No Hurdle of Bad Credit History

Some students have bad credit issues due to pending credit card bills or some other reasons. Banks and conventional lending companies don’t entertain their funding requests. However, they can easily secure the cash by applying student loans to a bad-credit friendly lender. There are no hidden charges. You can compare various deals and grab the best one with the lowest APR.

Easy and Flexible Repayment Modes

Everybody knows that a student can’t repay funds during his education time. He doesn’t have a steady source of income. Direct lenders offer various student repayment plans that can be chosen as per comfort. You can either start repaying in installments from the next month or repay the total debt in instalments after completing your education.

Does Social Media Help In Getting An Auto Loan?

We live in a world dominated by technology and social media. Whether they are your shared posts, status or your connections, social media platforms play a key role in carving your virtual personality. A well-known fact is that technology is an inevitable yet an integral part of our lives. When it comes to financing your car, social media is building its way and becoming a relevant medium of profiling. For instance, John walked into a dealership to purchase and obtain financing for a car. The quickest and easiest way to search for a tentative background of John would be to get a grasp of his personality on the basis of his behavior on Facebook and Twitter account, respectively. Currently, a small percentage of lenders use social media for judging an individual’s creditworthiness. However, the developing presence of social media is gaining mind share of the lenders.

Can Social Media help in ascertaining the Creditworthiness of an individual?

1) Facebook can build your Credit Circle

The very essence of Facebook lies in networking. A creditworthy profile does not require millions of posts or many friends. However, if you have a genuine profile and do not pose any abnormal social behavior, your profile is likely to get approved for an auto loan. Additionally, the presence of certain contacts in your friend list with a clean history and a strong credit score further add to your creditworthiness. Lenders can look for mutual contacts that have been previous customers. The payment history of the mutual contact can then be used as a basis to judge your creditworthiness. In order to get the most out of your circle, seek a person with a good credit score and make him a cosigner and your auto loan process will become smooth.

2) With LinkedIn, lenders can check your Employment Stability

A stable employment speaks volumes about your personality and trustworthiness. LinkedIn can serve as the best source of obtaining information regarding your job history, duration, professional position and interests. The documentation of an auto loan requires you to display evidence of a source of income through pay stubs. However, there is less proof one can gather regarding the stability of employment. Social media can become a tool to ascertain not only if there is job-hopping, but also the financial strength of the individual. A person with a 500+ connections, long duration of employment history and a considerable profile activity can become a favorable applicant in the eyes of the lender.

Buying a Car: Making the Most of your Social Media Profile

Social media has made its way into the minds of auto buyers as well as lenders. As primary sources of guides, nothing comes above your credit score, current income status and payment history. However, virtual platforms such as Facebook and LinkedIn are starting to occupy mind share in terms of creditworthiness. Once the primary sources of information seem insufficient, lenders may turn to social media to get an idea of your personality. A few helpful ways to make sure your social media positively adds to your credit score is to be careful with your online posts, invite only genuine friends into your virtual circle and to always keep your professional profiles updated.

Increasing Auto Dealership Profits With Quality Referrals

There are a lot of ways to generate leads for your car dealership. You can have your sales people make cold calls, working lists purchased from cloaked lead generation Web sites. You can send sales letters out to all your old customers, offering to take the last vehicle they bought from you in trade for a new one. You can even entice every motorist who passes by with the promise of free hot dogs and hamburgers, hoping one of them will be interested in something on your lot.

The difference between leads and quality referrals

Why spend all afternoon on the phone or sweating next to a hot grill when the majority of these leads will not pan out? How many so-called leads walk out of your dealership without the keys to a new vehicle because they don’t qualify for financing or they aren’t serious about buying?

The key to getting more qualified buyers is not generating more leads, but finding quality referrals, like those generated from an online auto finance center. You might ask, what’s the difference? The difference is quality referrals are real names and phone numbers of real people who are really ready to buy and have the financial means to do so.

Sell more cars and improve your dealership’s reputation

Imagine how your profits would increase if every customer you saw on the lot was deep in the buying cycle, looking for financing and was determined to buy a car before you ever shook their hand. It would certainly make your job easier. They want a car, they can afford a car and you have a lot full of great cars. It’s that simple.

That’s what quality referrals do for your dealership. They take the pressure off you so you can stop pressuring the buyer. Customers who buy in this environment drive away smiling, not feeling swindled. They drive home and tell their families, neighbors and friends, who in turn seek out your dealership when they want a new car.

Using the Internet to generate quality referrals

More and more people are using online tools to shop for a vehicle. Doing most of their research and applying for financing in the comfort of their own home relaxes and empowers customers. You can tap into this trend by partnering with Web sites that offer auto financing tools and car shopping resources to potential customers.

Don’t confuse this with purchasing information from disguised lead generation sites. The right online resource will offer valuable services to auto buyers as well as quality referrals to auto dealers. The goal of a good Web-based auto buying center should be to introduce actively engaged, interested customers to reputable, friendly dealerships like yours.

How To Save Money On Your Two Wheeler Insurance

Tips to save money on two wheeler insurance

Many people in India own two wheelers. It is compulsory for you to buy a two-wheeler insurance policy if you own a bike or a scooter. But can you reduce the insurance expenses? Sure you can! Just follow these tips and you will see a difference.

Avoid making smaller claims: Before you make a claim, see how much the bill amount is. If it is a small amount, pay it yourself. Making numerous small claims will unnecessarily bring down your NCB to zero which will overall lead to a loss.

Attach anti-theft devices: A car insurance plan offers protection against theft and other dangers to the car. So if the car is found to be safe and less susceptible to thefts and break-ins, the insurer will offer a discount on the premium. Therefore look to install some anti-theft devices to the car to not only keep it safe but also to reduce your insurance costs.

Be a good driver and earn No-claim bonus: Driving carefully will reduce the chances of your car getting into mishaps. This will reduce the need to make claims and you will earn NCB. The NCB will in-turn pull down your insurance premium costs.

Renew two-wheeler insurance before expiry: Do not wait for the two wheeler insurance policy to expire before you renew it. If you have a lapsed policy, you may need to pay some fees and fines to get a new plan. So always try to renew the policy on time to save money.

Buy online: It is known fact that insurance bought online is cheaper. So buy a two wheeler insurance plan online and save a considerable amount of money.

Choose the right kind of cover: If you have a two wheeler that you use occasionally or is almost on its way out, opt for a third party cover. If however your bike is used daily and is a valuable vehicle, go for a comprehensive plan. Knowing which cover you need will help you save money.

Deductibles: Every two wheeler insurance plan has a deductible component. This means that as the policyholder, you will have to pay certain amount at the time of a claim and the insurance provider will pay the rest. A high deductible will lower your premium costs and vice versa. If you are confident of your driving skills and feel you won’t need too many claims, opt for a higher deductible. This will help you save money on your two wheeler insurance plan.

Compare: Last but not the least, you most definitely need to compare the available car insurance plans to get the best deal at the best rate. This is one of the easiest and quickest ways to save money on your bike insurance plan. Compare when you buy a new plan or renew an existing one.

Sip Calculator Magnetizing The Investors Towards Online Investing

Online investing option has reached to a higher level with the introduction of SIP calculator. Making the calculation of SIP amount easy, the tool is handy to use as well. Let us understand the concept of SIP calculator with a story. There were two friends Yash and Rohan. Both had passed out college and were placed in MNCs. With the commencement of their career, they took a resolution of initiating their investment also. Yash was very trendy, and new technologies magnetized him. On the contrary, Rohan was simple and was not much of a techie. As both of them decided to invest, Yash did all the research online and also prompted Rohan to take up the online investment method. But, as for Rohan, it was not his area of expertise. So, Rohan relied on the mutual fund agent, and Yash went for online investing. When it came to deciding the amount to invest as SIP monthly both were confused. Yash took the help of an SIP calculator, and Rohan trusted the agent. But, the outcome was that Yash got the exact amount required for investment and the agent failed to calculate the precise amount and thus took an approx figure. Thus, for the same scheme Yash paid the correct amount that was required and Rohan had to pay a little more due to the inaccuracy of calculations.

The story signifies the importance of SIP calculator in the investing process, because the amount of SIP decides the corpus (the main aim of investing). Especially in the online investing the role of an SIP calculator is of vital importance. The investor advances towards being free in order to make the optimal use of their money. SIP calculator acts as a catalyst in aggravating the process investment through proper channel.

Features of an SIP calculator:-

There are a lot of features which motivates an online investor to use SIP calculator. A few amongst them are stated below:

Easy to use:

SIP calculator is an easy tool to operate on. The user-friendly approach is the striking feature of the tool. Providing an environment of smooth functioning and quick calculations, an SIP calculator in India is making online investments attain new heights with each passing day. The main reason of the increasing inclination towards online investment is the handy tool (SIP calculator), which ease out the complex calculations manifolds.

Using CAGR:

SIP calculator uses the formula of CAGR (Compound Annual Growth Rate) to calculate the returns. CAGR is the most widely accepted concept for the growth calculation of investment over a period extending one year. The calculation of CAGR is very complex and not beyond the grasping power of non-financial people. It is a mind wrecking concept and takes time to understand. But you need not worry. The CAGR calculation is simplified with the help of SIP return calculator. Paving the way for quick and easy calculations, SIP return calculator has become a defining point of online investment.

Targeting accuracy:

The goal of an SIP calculator is to provide results that are 100% accurate. But, it works on the inputs that are fed to it. Any mistake in the input data leads to an erroneous result. Otherwise, the result shows the exact and accurate outcome without the mistake of a decimal place. A perfection of that level is surely a strong feature of SIP return calculator.

Lead You To The Authentic Zone Of Money Transfer

If you have an international business and you have to move to many countries for the purpose it is the urgent requirement to find a reliable and efficient money transfer service. Business with any other country will require a resourceful money transfer. This transfer should be fast efficient and safe. Your trade shouldn’t be forced by the variation in exchange rates either. For all these reasons, it is prudent to take the assistance of International money transfer Services available. It will be better to find the reputed and quality one on the internet. It is an internet era and you get different types of information on the internet.
Process Involved
This service helps you find a provider that you are comfortable with. After you decide on the money exchange provider you will need to complete some forms. Once you have established contact, you will be informed about the rules, terms and conditions involved with a deal. Finally, you will be asked to complete some forms to set up your account. You can fix a standard rate for your exchange as well. The whole process is hassle free and once you learn how to go about it, the upcoming transactions will be smooth, effortless and quick.
Exchange Rates
When you wish the inexpensive currency transfer to be done, you should be careful about the rate you choose. With large amount of money a little change can make a big variation for your commerce. When you transfer your money to a bank, they will transfer it at a great exchange rate that you are happy with on the day you have mentioned. Exchange rates promised may differ between agencies that are why you should be careful while choosing one.
Staying in the circle
Most good free currency transfer companies will make sure you are kept in the circle about where your money is. When the transaction is being made, you will be sent a verification message and sometimes even a message. You will be consulted before and after the deal, which assures that nothing can go wrong with the deal. This feature gives you more control over your money.
Expediency and safety
Foreign Exchange is a very expedient way of sending money across countries. When you choose a reliable company, along with good customer service, you will also safer transferring your money. This service is as useful for the common man as it is for businesses. Having an overseas exchange agent working for you is an immense way of saving money. In some websites, you get to check the exchanging rates promised before you sign in to transfer money. This makes it easy for you to select the best in the record.
Currency Exchange near me, this thought is quite wise and intelligent as there is lower risk for the safety of your cash. If you are in Adelaide, you can find a good currency exchange company that has a strong team for a powerful deal of money transaction. A reputed and trustworthy company always offers the better rates and a higher security.