Finance

6 steps to getting a car loan quote

Looking for a new car and do not have enough finances? You can always look for a car loan but before that, it is important to know about different loan quotes. Here are some important steps to take while getting a car loan quote from a potential lender:

  • Start with credit score: when you know your credit score, you know how the lender has calculated the factors. Without getting your credit score, there are chances of being blindsided into taking a lesser deal that will cast a heavy burden on the payee.
  • When going in without having a detailed report on your credit history, there may be some discrepancies that you have over looked as a result of which you may not get the loan. So when you start out, if there are any essential red flags on the credit report, then take the time to resolve it and then approach the lender after a short interval to get the best and expected loan quote.
  • Don’t just stop with one lender who is ready to sanction the loan. Take time to reach out to other prospective banks or financial institutions so that you have a detailed list to pick from based on your affordability.
  • Step out and take an interview with the lender. While searching online may provide enough information, all the terms of the loan cannot be stated or clarified online. Going in person to meet the lender and then taking time to fill out paperwork and getting a written loan quote will be helpful to understand your options. Also, make sure that you give enough time between the appointments so that you have time to weigh the factors and ask better and important questions to clarify all your doubts before getting another loan quote.
  • Carry all you documents. When setting out to check about a loan and get a quote, make sure to carry all documents that may be required to check your eligibility so that you can show the lender your prepared and they go the extra length to get you the best offer.
  • Once you have got the quotes, shortlist the options, do one more round of clarifications and pick the lender you are sure about.

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Finance

Points to remember while setting out for an auto loan quote

If you are considering to pick a car loan for the next vehicle, some important things should not be missed about loan quotes. However, taking extra caution in researching and then picking the best auto loan may help you to save thousands of dollars that could otherwise be lost in the loan transaction in the form of interest rate, hidden costs, etc. To start with, check out these essential tips that can help you get right loan quotes to save yourself the hassle of losing money:

  • Budget: Fixing the budget within your means is essential because when you pick a loan, you will not just be repaying the loan amount borrowed but also the interest and extras. So, when you start looking for a loan quote, mention only the overall cost and keep your budget plans to yourself. Let the financial institution give you their best terms and then you can play it up for negotiation. Don’t reveal your cards, but drop them when you have got the best out.
  • There are quite a few online forums that help you calculate the prospective amount to be paid and the method of calculation. However, these forums also reveal what lengths the lender could go up to. Through these online calculators, you can evaluate the various interest rates that would be feasible for your repayment.
  • Check your credit score. This is important because the rate of interest depends on you r score eligibility. Having a high score would mean that you could get to negotiate certain terms of the loan.
  • If you have decided to trade-in your old car, then it is essential to know the rate at which the trade-in is being done. This amount will help you to finalize the total loan amount and also provide leverage for higher deals in case of an even pricier car.
  • Research the lender’s rates online and then take them up on giving detailed loan quotes. This will ensure that you get to pick the best deal for you.

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Finance

Using credit cards wisely

In the present times when credit cards offer us great flexibility in terms of buy-now-pay-later schemes, it is extremely important that you use your credit card wisely. Here are some ways to ensure that using credit cards works for you instead of against you.

Just because you have a line of credit, does not mean that you spend indiscriminately. It is extremely important to keep careful track of what you spend and ensure that you aren’t making purchases that exceed your available income.

From the time you swipe your card till you make your payment, credit card companies give you between 30 and 45 days. However, it is vital that you pay all outstanding dues on or before the date specified so as to not incur interest and penalties on late payments or defaulted payments. Defaulting on payments can also adversely affect your credit score.

Although your card statement will tell you the minimum amount due, it is not advisable to keep paying on this minimum due as you will be levied heavy interest on the unpaid amount still outstanding, a sum that will only compound month on month, possibly running you deeper into debt. If making the monthly payment is difficult, you could negotiate with your card issuing bank to offer you a lower monthly interest rate so that you can make larger payments whenever possible.

When setting a credit limit, do not be lured into setting credit limits that are very high and that might cause you to spend far more than you can actually afford to.

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Finance

Credit cards vs debit cards

In today’s times, it is hardly unusual or even a luxury to own credit cards and debit cards. Both are small pieces of plastic that are embedded with a uniquely identifiable magnetic strip. All debit and credit cards are also assigned a unique 16 digit number to identify them.

Debit cards are issued by banks to all customers who hold an account with them to provide transactional ease and also facilitate a cashless economy.

Credit cards are issued by the card provider upon request and after the customer passes through the necessary credit checks.

Debit cards essentially allow you to access money that you have deposited with your bank, which is already in your account.

Credit cards, on the other hand, offer you a line of credit so that you can make a purchase but make the payment for that purchase within a stated time period.

From a point of view of spending safely and wisely, debit cards score, and are especially beneficial to compulsive shoppers who may buy indiscriminately on credit without factoring in their ability to repay.

On the other hand, credit cards may offer users a number of lucrative deals in the form of points accumulated per spend, money back options and even the possibility of redemption of points accumulated for air travel and so on.

From a legal and safety standpoint, if you misplace your debit card and it is used fraudulently, the money is immediately debited for your account and you may have to go through a long process of verification before some or all of the money may be returned, that too contingent upon the extent of the bank’s liability. However, with a credit card, even if you lose or misplace a card, you can inform the credit card provider who will immediately block the card, thus reducing your liability.

Also, when it comes to an assessment of your credit standing, most banks, and financial companies use credit card payment details for verification rather than debit card usage.

While both debit cards and credit cards offer their own respective benefits, it is important to be responsible in using your credit card.

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Finance

Free grants and free grant applications in the US

The government of the United States of America offers over 900 grant programs through its 26 federal agencies. Free grants are offered to candidates who submit their free grant application in the manner specified, to provide financial aid and partial or full funding in the areas of

  • Business and commerce
  • Arts
  • Health
  • Housing
  • Economic development
  • Rural development
  • Energy
  • Disaster prevention and relief
  • Women and children
  • Minorities
  • Science and technology
  • Education
  • Regional development and more.

Federal grants generally fall into the following categories- block grants, categorical grants, project grants, formula grants and earmark grants.

Block grants are large sums of money made available by the federal government to individual states for their use in specific areas of development.

Categorical grants provide partial funding in clearly specified areas or categories.

Project grants are usually financial aid packages extended to students and research for the purpose of carrying out a research project.

Formula grants provide financial aid and funding as indicated by specific legal injunctions.

Earmark grants are slightly controversial in that they at times bring in the involvement of political lobbyists who are paid by individuals or corporations to secure funding as per the Appropriations of the US Congress. These grants are not awarded through the normal competitive free grant application process.

Some of the websites that offer detailed and systematic guidance on finding all grants available in the USA and also guides you through the free grant application process are https://www.grants.gov/; http://www.sciencemag.org; http://www.fundingusstudy.org/. Some of these websites provide a complete database of funding opportunities, the specific program number, the title of the funding project, the agency that offers the grant, the date of posting and the date on which the application deadline closes. The site also helps you to verify your eligibility criteria for each funding opportunity and guides in filling and filing your free grant application.

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Finance

Best supplemental dental insurance policies

Offsetting the costs of dental treatments tremendously, are dental insurances. By paying a monthly premium, a part or the full expense incurred for dental procedures are covered by dental insurance policies. The normal scope of dental expenditure from insurance companies could sometimes leave you with a disparity in the coverage, thus necessitating the need to pay from your savings for the oral care you need. This is where supplemental dental insurance can be beneficial.

Offering insurance specifically to oral care that is not commonly included in general health insurance policies, or augmenting the funds required to execute a major procedure in spite of having a dedicated dental insurance policy, supplemental dental insurances are aplenty in the market and procurable without any difficulty.

Listed here are a few dental insurance companies that are highly appreciated by satisfied customers.

  • Not having to submit claim forms and a convenient set of plans with coverage for people of all ages in a family from UnitedHealthcare is certainly user-friendly.
  • Cigna medical insurance plans support preventive care and also basic and major services with offers like no limit to the maximum benefit and discounts for restorative and orthodontia services.
  • Delta Dental is a remarkable option too. With a no-deductible, no-maximum basic plan and an attractive no-waiting period added to it, this is a good one to consider for purchasing a supplemental dental insurance policy.

Nowadays, researching for an excellent supplemental dental insurance plan is easy. With the help of online quote tools, calculating costs are relatively straightforward. Companies have a wide-ranging presence all over the United States, a distinguished history of paying claims quickly, with very little or no waiting period, are the top players in the market.

Most dental insurance plans cover $1,000 to $1,500 per year, and that is not much if a lot of dental work is necessary for you or your dependents. So, helping you smile through good health and with considerable monetary savings, supplemental dental insurance is a comfortable cushion to fall back on when you need them the most.

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Finance

Supplemental dental insurance – The need for it

On our monthly or yearly budgets, most of us allocate funds for the purchase of a health insurance policy. We know for sure that how much time and energy we spend on being physically fit, there would be some occasions when we might need reliable and trustworthy medical advice and treatment. And, this is not usually easy on the pocket. Health insurance policies are an advantage to ease the financial burden.

Typical health insurance policies provide benefits for many illnesses, but generally, do not include dental care. A general dental insurance policy works well for regular dentist appointments, periodic cleaning and small issues related to the teeth and gums. But there are many specific dental insurances for particular procedures that need treatment.

We can choose from amongst the following – No wait plans, individual or family plans, family plans that include children, seniors plan, students plan, short term and supplemental plans. While most of these are self-explanatory, let us explore supplemental plans.

Supplemental dental insurance is necessary for those whose general medical insurance policy does not include dental coverage. Also, for those who already have dental plans but have exceeded the prescribed limit for the year, the supplemental program which features no annual limits and deductibles would be ideal. For those who are looking to cover a particular procedure, a supplemental dental insurance would be the best option.

Starting from as low as $7 per month, supplemental plans are available in plenty of price ranges and investing in one will help you relax even in times of unexpected emergencies. Especially worthwhile to large families, high-risk patients and seniors, supplemental dental insurance covers braces and other orthodontic issues and cosmetic procedures, such as bleaching, whitening, and such, either partially or entirely. Moreover, the independence to choose your dental care provider based on your personal and health needs is possible.

Providing additional coverage to reducing or completely eliminating out-of-pocket expenses, supplemental dental insurance is the best choice for those who are keen on safety and savings – the security of health and savings in finances.

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Finance

Answering some questions on equity loans and business loans

What is the difference between an equity home loan and an equity business loan?

Any equity loan is secured by assets that are owned by you. An equity home loan uses as equity that value of the property that is wholly owned by you to secure the loan. In the case of an equity business slogan, assets that have been acquired by the business for its functioning may be used as equity.

Why do equity loans come with lower rates of interest?

Equity loans are loans or a line of credit that is offered using your property as collateral security. Since such a loan is fully secured, it proves to be less risky for the lender. It is for this reason that banks and other financial companies can offer equity home and business loans for better loan tenure and at the lower rate of interest.

What kind of questions will a lender ask?

This depends on the lender, but according to the SBA, there are in fact some standard questions that one should be prepared for:

  • The reasons for applying for a business loan?
  • Which department or area of interest would the loan proceeds be applied on?
  • Nature of capital expenses – buying assets or incurring substantial costs should be disclosed along with the supplier details
  • What other debts relating to business does the business have and who are the creditors?
  • A detailed profile of the Management personnel (team).

What kind of questions should the business be prepared for, when they meet the potential lender?

  • The requirements of the potential lender must be asked in detail – especially the aspects relating to paper work. It is quite known that paper work takes away most of the time and it would be prudent to equip the business with it.
  • Will the potential lender be prepared to address the business needs? Do they believe in the business
  • How flexible are they regarding offering certain leverage on repayment terms, interest rates, prepayment penalty, etc.,
  • The terms of the business loan by itself should be as clear as water with no ambiguities. Risks associated with the business loan should also be studied in detail.

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