It is a well-known fact that if you have built up a savings account, you will not need to fall back on using an online cash advance loan when too many costs come at you at once. Saving money is a tough job. It takes focus, dedication and a little saving grace. Your initial plan for a chunk of money to be set aside might end up paying the plumber or mechanic. Unexpected costs which come with everyday life can be a bit of a savings drainer. A great motivator to keep trying is that each time you plan was foiled by an additional bill; you can thank yourself that you had the money rather than having to use third party money like an online payday loan or filling credit cards.I had an inactive savings account for many years. Inactive meaning there were times when I was able to put money into my account, but then just watched the slow leak of cash flow out into my checking account each time I needed more money to cover the costs. As much of a blessing as it was to have this cushion, I had never dedicated myself into refueling the account until tax time came or I received a birthday gift. I guess I can give myself credit for at least saving that amount.I opened a new checking account and the found that the free options came at a price. There was not enough money to keep $3000 at all times to keep the fees away. I opted for the automatic direct deposits and monthly transfer of $25 into my savings. I got to choose the date of the transfer. I thought this was such a simple task I didn’t have to worry about because looking at the paperwork and comparing leaving $3000 or transferring $25 to savings seemed like polar opposites. It wasn’t until the fourth month when I realized that an automatic withdrawal of $25 into my savings account was going to be tougher than I thought. It was the end of the month and my car payment was due on the same day the $25 was going to head over to my savings. My paycheck was coming, but not fast enough. I started to stress thinking that my account was going to be overdrawn, but then quickly remembered that I had already had money transferred to my savings. I was able to quickly transfer funds from my savings to checking with online banking services. I just saved myself from having to apply for an online payday loan or taking a cash advance out of my credit card. Both of those options work in a last ditch effort for cash, but there are fees involved. I was feeling really good that I didn’t have to pay for my $25 transfer and still kept my checking account in good standing.I quickly got motivated to try to save more in case my next emergency was going to be for more than $25. I tucked away a few extra dollars each week and was able to increase my monthly savings from $25 to $40. I made a clear conscious effort when I skip the drive- through line for coffee. I take the cash and put it in a separate pocket in my purse. I may never need to fall back on an low cost cash advance loan for quick cash and it feels great to be financially independent from third party money solutions.
How to Get an Online Auto Loan
The internet has changed the way we do many things and getting an auto loan is one of them. It is a great way to not only save time but in many cases; it could save you a considerable amount over the life of the loan. Not only can you go online nowadays and get financing for the purchase of a new or used vehicle purchase, but you can also find options that will allow you to refinance an existing auto loan or even a loan that will allow you to purchase your neighbors vehicle. Completing an auto loan will also save you time. If you are like most consumers, time is a precious commodity and one that does not seem to be growing. Going online to complete your auto loan will help put some time back into life.The ProcessTo go online and apply for financing is quite simple. Find a reputable lender that does business online, fill out a simple one page application and within minutes in most cases you will have all of the information you need regarding your loan approval. Some online sites even allow you to download all of your documents and complete the entire loan process online. This is a huge time saver and again, one of the easiest ways to save money on your next auto purchase. Why? On average, consumers that finance their vehicle through a dealership pay as much as 3% more in their APR (annual percentage rate) than those that go online to complete a loan. The dealership makes money on the financing so they have a tendency to charge you higher interest than you can find online.Special RatesIt is important to do research beforehand about the vehicle you are buying, especially if it is a new car. Many times you will see special rate financing being offered by the manufacture. What they don’t tell you in the advertising is that most consumers don’t qualify for that special rate or that the rate is for a very short term and if you do opt to go with that special rate, with the shorter term to finance it, your payments will be so high you can’t afford them. In many cases, consumers are better off taking the rebate being offered instead of the special financing and finding a better rate online from a reputable lender. According to many consumers, online lenders offer lower rates than those that are offered through a branch or typically bank location.Added BenefitsSome online lenders do not charge any application fees. That means you can go online and apply and see the terms and conditions of your loan approval before you have to commit to anything. Be aware that some online lenders do charge such fees. When you apply online, get a fast decision and can review the approval terms up front, you become empowered. This gives you incredible negotiation power when you step foot onto a dealership. Now, you are negotiating with the power of a cash buyer because you are no longer depending on the dealership for financing. Why not get your loan directly from the lender and cut out the middle man. You will be glad you did.
How to Get Bad Credit Auto Loans
Preparing Yourself for an Auto Loan with Bad Credit RatingsMany individuals have poor or bad credit ratings due to various reasons. And when such individuals try to avail their car loans, getting the required credit turns out to be difficult. It is quite common for such individuals to apply for car financing and end up with rejected car loan applications. The common reason being improper preparation of the application, or applying for the wrong kind of auto loan at the wrong time. Due to the ongoing economic recession, many of the moneylenders have started offering credit facility to borrowers having low FICO score and poor credit history in the form of bad credit auto loans, simply because they need to sell their loan products and earn some money in the form of interest. Having stringent measures would mean less business and lesser earnings, because there is no way the bulk of the market applicant would satisfy the harsh requirements. So what is the way out for the person if he or she wants to avail the auto financing facility, and has bad credit ratings? The following pointers can help you in deciding how to go about the problem.Special Auto Finance Facilities for Individuals Having a Bad or Poor Credit HistoryTraditional loan providers need good or excellent credit ratings and a high FICO score before they provide their credit. They are generally not inclined to sponsor car financing if the applicant has a history of loan defaults or late monthly payments. Banks and credit lending institutions are typically such type of orthodox credit firm, including some of the car manufacturer like Ford Motor Credit and Toyota Motor Credit who offer car credit options. However, there are several institute and moneylenders who prefer to do business by providing loans and credit facilities for individuals having bad and poor credit ratings. The intention is to cater to the untapped potential of the loan market consisting of individuals who do not quality for traditional auto loans. The primary reason for undertaking the venture is many individuals do not qualify for the loans, and satisfying their requirements would mean earning a substantial chunk of money in the form of interest from such individuals. They are specialized moneylenders who have enough experience to know when to take the risks, and in what manner.The best way to search for such bad credit auto financing institutes and loan providers is to browse online on the net. Almost all credit providers advertise their company or firm through portals, and these websites provide all relevant information related to the loan products offered by them. Variables such as the rate of interest, tenure, turnaround time, monthly installment schemes, and loan options are usually explained on the sites. In addition, majority of the sites also provide online auto loan calculators, which can prove to be very helpful in calculating the combinations of different interest rates and loan tenures. It becomes easy to work out what kind of repayment plan turns out to be most beneficial to you. Another important issue that needs to be worked out is the negotiation part. Car buyers negotiate with loan providers to get the most affordable deal. So if you are not that good at negotiations, it is recommended you seek the services of professional negotiators or credit negotiation service providers who can argue on your behalf, and help you get cost effective deals. Another important benefit of such services is that the company and firm experts help in working out your auto loan application, so your application gets prepared in an organized and professional way, thus increasing your chances of availing your auto finance.Qualifying for a Bad or Poor Credit Auto LoanOne needs to qualify if one decides to apply for an auto loan for bad credit. Majority of the applications get rejected because of improper or incorrect submission of the forms. Insufficient or incorrect details, along with missing documentation such as credit status reports, bank statements, and even employment details can very easily lead to a rejection of your application form. Common documents required are usually ID proof, residential ownership or rent details, contact number, and minimum monthly pay earned. As per the current market trend, it is required to earn a minimum of $2,000 every month to qualify for even the basic amount required for car finance. Another important point to work out is the car insurance and accident claim coverage options offered by the insurance provider. The insurance also adds up to the car buying charges. So it is suggested you check out the various car insurance options offered by the lenders and select the plan which suits your requirement and budget.