March 2007
What are your auto loan options?
The key factor that decides the type of auto loan you should be opting for is the duration of the loan. The advent of the internet has made it very easy to look up information on the kind of auto loan best suited to your needs.
A long term loan is usually for a period of 36, 48, or 60 months. The advantage of such a loan is the smaller monthly payments but on the flip side you end up paying more over the period of the loan because of the higher APR. If you are currently making use of a long term auto loan, you could consider auto refinancing to save money on your auto loans.
A short term loan can be of up to 36 months. Higher monthly payments but low payment overall is the sterling feature of a short term loan. The APR is lower than what you would face in a long term loan.
Now it has become possible for people to access auto loans even after filing for bankruptcy. When applying for a post-bankruptcy car loan, ensure that your credit score reflects your latest credit situation so that your lender can offer you a loan that best represents your present situation.
You can get a car loan even if you have bad credit, payday loans have been around for a long time and are a great source of quick money for an emergency car repair, be it the brakes, horn, or a vehicle overhaul. These loans are hassle-free, do not require a credit check and are ideal for any unforeseen auto expenses for up to $600.
Larger auto expenses, like buying a new or used car, for a person with bad credit are also possible with bad credit auto loans. These are the same as other loans except that you may require a co-signer and your rate of interest will be higher. Interest rates are lower if you purchase a used car from a dealer.
A Student Car Loan lets you acquire your dream set of wheels at half the normal interest rate. You have to be a student to avail this loan and if you pay off the loan successfully, it helps to establish credit as well. Once out of college, you will require good credit credentials for various financial transactions.
You can also obtain an auto loan by offering your house as collateral through a home equity auto loan. You can avail some tax advantages as well with this type of auto loan.
An interesting type of loan is the car title loan where you use your car as collateral to achieve some short-term financial objectives. Try not to get into it, instead give payday loans a thought.
You may want to consider leasing as an option, the advantage with leasing is that the lease buy-out requires lower monthly payments as compared to loans but you need to furnish good credit.
In business services sensibility matters. Small things like using a mortgage calculator and paying back your student loans, everything is noticed by the forex. Previous travel insurance records also matter a great deal in online trading.
5 automobile myths
So many old husbands’ tales and untruths and half-truths perpetrated by the marketing guys and mechanics, its amazing that there are so many which we still believe in. Given below are 5 car myths busted once and for all time.
1. Ask any conscientious motorist and he’ll recommend changing oil every 3000 miles. This was desirable in the older days but no longer. Modern vehicles can go an amazing 7500 miles without an oil change but the service stations would rather that we continue changing every 3000 miles. Don’t believe? Look up your car maintenance book and see what it says.
2. A big myth perpetrated by clever marketing guys is that premium gasoline is always the better option. Well, you will do just fine with the octane level which your car maker recommends. And yes, detergents for cleaning the fuel injectors are now available in every grade of gas so you don’t need to go premium.
3. This one myth has plenty of substance and support and is in fact no myth; it’s just that when you don’t know the reason for doing something, you’re apt to dismiss it as well… a myth. You should indeed have your fuel tank full; it helps a lot in wintertime when tanks sweat and you don’t want water getting into the tank. The warmth in a garage can lead to moisture generation in tanks not full.
4. Comprehensive coverage is not what it sounds like. It does not cover collisions. Theft, fire, weather-related events, and vandalism are covered by it.
5. Don’t go searching for shiny reflective speed plates; they don’t help you avoid speed cameras.
Knowing about financial planning does not imply learning about foreign exchange or complex stock investing. However you should know about stock investing and simpler things like managing mutual funds and having insurance. This knowledge matters in online trading.