Loans Archives

Understanding The Benefits Of Car Title Loans

Car title loans are some of the most popular types of loans today which is one of the benefits of car title loans. This is mainly because they are easy to access and are tied to very few requirements or restrictions.

Unlike bank loans that demand a whole bunch of conditions including stellar credit score, guarantors, and collateral, car loans come with very few restrictions. Often you simply only need to have the title of your car in order to get a short-term loan.

In addition to this, little paperwork is often needed with a car title loan applications being approved in record time. When faced with a financial crisis that needs money fast, title loans can help you get back on your feet quickly. Reduce your total credit card payments by up to 30% to 50% with Debt.com.

Below are some of the benefits of car title loans you need to know.

Benefits Of Car Title Loans

Swift Cash Access

Any car owner with a steady income can apply for a car title loan. Applying for the loan is relatively easy as you can do it online or visit the merchants’ physical location. Upon filling in all the required paperwork, a representative then takes photos of the car and schedules a day to collect the title.

You can as well come equipped with the car title to facilitate faster processing. Once everything checks out, you can have the money wired or transferred to an account of your choosing. Most of these loans take between 24 hours to a few days for them to be approved.

Credit Score Doesn’t Matter

Your credit score doesn’t matter. It’s all about you having the title to your vehicle in hand. With the tough economic times and most people finding it hard to maintain a stellar credit history, more and more people are unable to access conventional loans. This is because banks and other loaning institutions have to pull an applicant’s credit report before processing the loan request.

This, however, isn’t the case with car title loans. All the lender needs are your car title and nothing more to process the loan. The few restrictions are what makes most people go for a title loan and stay away from conventional bank loans.

Buying a Home with Private Mortgage Insurance and Pay PMI Off Early

by Hank Coleman

12 Things You Should Know Before Buying A House

If you are new to home buying, you will soon find out that most lending institutions require that loan applicants put 20% down when applying for a mortgage, or you will need private mortgage insurance. Of course, there are exceptions to this rule, of course, as some financial institutions will accept applications even in this turbulent home buying market with 10% down. Go online first and contact a couple of brokers or several lenders through a service like LendingTree.com which will find you four mortgage loan offers. Buying a Home With Private Mortgage Insurance (PMI) If you do not have the 20% down payment, then you will be required in almost every instance to buy private mortgage insurance which is also … Read more

Should I Get a Small Business Loan?

by Hank Coleman

Should you get a small business loan? Each business is unique. So, there’s no single, universal answer to this common concern. However, we can examine some important questions, whose answers can help you make the best decision for your situation.

What is a Small Business Loan?

A small business loan works just like personal credit, only it’s intended to help you grow your business. For a new business, you will still personally guarantee the loan, but you will have to qualify based on your business’s health and your ability to demonstrate how the money will make your business more profitable and stable.

Though they are conceptually similar to personal loans, you can expect to see a few differences with small business loans:

You can get a small business loan for far more money than for most personal loans short of a mortgage
You may pay more interest, and possibly higher fees, than you would for a comparable personal loan
The application process can sometimes be more detailed and time-consuming

Grow Your Business With A Fixed Rate Loan Up To $300,000 From Lending Club. Approval Takes Just A Few Minutes With No Obligation!

How Can I Use a Small Business Loan?

Don’t think of small business loans as a credit card, which you use for convenience or to buy something today that you can’t really afford until tomorrow. Think of small business loans like student loans: specific investments that will make you more money than you paid in interest once you’ve leveraged what you buy.

By making this kind of investment, you can make more money sooner. This process can help you grow your business’ profits and income. In comparison, a small business loan is much like a student loan.

You borrow and spend the money during college so your salary post-graduation is high enough to justify the expense and interest. With a small business loan, you borrow and spend the money one year to make more money moving forward through the next several years.

Top Financial Mistakes People Make When Buying A Car

by Hank Coleman

We all make mistakes when buying a car, and a seemingly small mistake related to a car loan can actually cost quite a bit of money and erase the savings that have been negotiated on the actual purchase price of the vehicle selected.

If you want to get a great deal on your next car loan, you will need to do much more than just get a great deal by haggling with the salesperson or over the sticker cost.

The biggest mistakes related to a new car purchase relate directly to the finance side of the process. When you make the right decision and consider all the options, you will be able to save several thousand dollars – or more –over the life of the loan.

Top 5 Mistakes When Buying A Car

Trying to Make a Purchase with a Low Credit Score

Regardless of your credit score, there are lenders out there who will provide you with a loan. What you may not realize is the extreme amount of interest you are eventually going to have to pay. This is simply because you are considered a bigger risk. When you have good credit, it means you pay your bills on time, don’t exceed your credit limits and have a good grasp on your finances. This is reflected in a high credit rating, which lenders are willing to give a great interest rate, reducing the cost of the vehicle purchased.

However, those with low credit can wind up paying obscene amounts of money in terms of interest. This can cost them big in the long run and there are some who actually wind up paying more than twice or more of the original cost of the vehicle that is purchased.

Negotiating a Lower Monthly Cost Rather than the Actual Purchase Price

Purchasing a vehicle based on the expressed monthly payment is essentially a trap. While you do need to know what you are able to realistically afford each month, this is not something the salesperson should know. If you let them know this, then you will forfeit your entire power for negotiating a better deal. You should not let the sales person turn you into a buyer based on monthly payments.

What Are Good Federal Stafford Student Loan Forgiveness Programs?

by Hank Coleman

Here is the next installment in our the Reader’s Questions Series which highlight questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if your money question is chosen to be featured on an upcoming week’s blog post. A reader recently wrote in with the following question about his student loans and forgiveness. Is there a way to have my federal Stafford Loan forgiven? There are several instances where you may qualify for loan forgiveness of your federal Stafford Loan. What makes up good student loans forgiveness programs? Student Debt Relief also has a great tool for checking student … Read more