![Should You Consider Buying Pet Insurance?](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/sick-dog.jpg)
Should You Consider Buying Pet Insurance?
Your beloved pooch or kitty is doubtlessly the light of your life. You spend a lot of your time and money on caring for your family pets, ensuring their happiness and longevity. However, when it comes time to go to the veterinarian’s office, bills can start mounting up quickly. The first ever insurance plan put on a pet was in 1982 on the ever-loved Lassie. Since then, pet insurance has become a relatively conventional coverage plan that pet owners are obtaining for the benefit of both their budgets and animals.
Pet Insurance is Reimbursement-Based
Unlike health coverage that you would have on your family, pet insurance is totally reimbursement-based. This means that you will pay any and all of the bills yourself, file a claim with the provider and then receive repayment by mail in the form of a check. This helps because you are getting money back for what you already paid, but it can be difficult for families that just don’t have the initial money to lay out for vet bills. There are no co-pays, deductibles or basic coverage, as everything needs to be paid in full before reimbursement can be made by the company.
Sick Pets Might Not Be Covered
If you have an older pet in poor health, you will most likely be denied health coverage. Pet insurance companies are legally allowed to deny coverage on any case, and they take advantage of this when it comes to sick animals that are going to need a lot of care. They may also drop coverage if your pet gets very sick while protected under their plan. You will have to submit an examination form signed by your veterinarian before you can be approved for a new policy. The insurance company has all rights to approve or deny your pet coverage.
Your Premium Varies According to Risk
Certain animals are at greater risk for health issues than others. For example, the American Bulldog needs to have a cesarean section if she ever gets pregnant, and this is a risk factor that insurance companies consider. Female dogs might cost more to protect than male dogs and cats might cost you less to cover than a dog. Risk factors determine what you’re going to pay each month on your premium.
Premiums Might Cost More Long-Term than Medical Bills
Some financial experts and veterinarians agree that pet owners are better off putting money aside into a savings account in case their pet gets ill instead of taking out insurance. Insurance premiums can be quite expensive over the course of time, costing you thousands of dollars before you even make use of the coverage. If you’re able to put money into an insurance plan for your pet, surely you can put that money into an emergency vet bill fund.
The Claim Process
When you take your animal to the vet and receive a bill, you will need to submit this bill to the insurance company in the form of a claim. Claims are normally handled in about two weeks, but this can vary depending on the specific company you’ve chosen to go with. In some cases, it can take months to get money back on a vet bill that has already been paid, putting the pet owner in a rather precarious financial situation. Researching pet insurance providers will give you an idea as to which ones are reliable and trust-worthy and which ones are slow to finalize claims and pay back their customers. Also, keep in mind that not all claims are approved. If you went with a more advanced treatment for pet care, the insurance company can deny it claiming that it should have been a cheaper level of therapy.
The bottom line with pet insurance is that it’s a great form of coverage for pet owners who have healthy pets that they take to the vet regularly for checkups and minor problems. It isn’t so great for owners who have older, sick animals that need lots of advanced medical care. Because there is no in-network provider list, you can keep using the veterinarian you have been bringing your pets to for years.
![Saving for a Rainy Day or Spending Now: How to Manage Your Money Wisely](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/accounts.jpg)
Saving for a Rainy Day or Spending Now: How to Manage Your Money Wisely
The traditional way to save for a rainy day has been to stash money in a savings account. Savings accounts generally are a safe and secure way to hold money for long periods of time. Savings accounts often generate interest which accumulates over time. Most people utilize these savings accounts to stash money away for a large purchase, holiday gifts or to go on vacation.
Checking accounts aren’t usually used to save money. In fact money in a checking account is meant to be spent now. Primarily checking accounts are utilized to pay monthly bills, groceries and other necessities. Although some checking accounts are interest generating when you leave a certain amount in the account, there are also fees for going below that amount.
Benefits of Savings Accounts
It is often said and is worth repeating that you should have at least six months’ salary saved for emergencies. You never know what could happen. Job loss is a common reason why you need to save at least a portion of your salary.
Savings accounts, even though they generate less interest than IRAs, CDs and 401Ks, are a safe way to ensure that you get your money back with interest. There are also less fees involved with savings accounts.
Drawbacks of Savings Accounts
Saving does have some drawbacks. You have minimal access to your money. Banks are required to limit transactions to no more than six per month with only three of those transactions to people outside the bank.
Most savings accounts don’t have check writing privileges or a debit card attached to them making it harder to withdraw easily. To gain access you must transfer money to another account.
Benefits of Checking Accounts
The obvious benefit of spending is having the things you need, being able to have shelter and food and being able to provide for others. Checking accounts are a convenient and often necessary way to cover normal every day expenses.
The freedom of being able to spend money is priceless. Checking accounts have the same security as savings account in that they are backed by the FDIC. This security ensures that you won’t be left out “in the cold” without funds. Checking accounts offer easy accessibility to your money at any time.
Drawbacks of Checking Accounts
Convenience often encourages overspending. Many banks discourage this practice by charging overdraft fees and non-sufficient funds fees. The easy accessibility encourages thieves.
Choosing Wisely-What You Need To Know
There are as you can see clearly major differences between savings and checking accounts. It is important for you to understand that there are also some similarities between savings and checking accounts.
Both saving and checking accounts require you to hold a minimum amount in the account.
- Both saving and checking accounts require a minimum amount to open.
- Saving accounts that issue a debit card do charge a fee for using a non-networked ATM.
While researching the best bank to store your money in, you should ask the following questions:
- What fees are attached to this account? Banks should be transparent as to what fees they will charge you for using their bank.
- What is the minimum amount to open and maintain the account? It is important to note this as you will be required to pay a monthly service charge or other fees to keep the account open.
- What is the interest rate on the account? For many savings accounts the interest rate is really low. This could be a determining factor for you if you want a quick return. If you are planning to save for a long period of time, this won’t be a factor for you.
Saving for a rainy day can be easy when you figure out how much money you want to save and for how long you want to save it. Saving accounts are good when you have a major purchase, you need emergency funds or you are saving for a house or a car.
Having both a checking account for everyday expenses and a savings account for long term needs is a good way to manage money wisely.
![Use These Banks to Help Consolidate your Student Loan Debt](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/student-loans.jpg)
Use These Banks to Help Consolidate your Student Loan Debt
For decades, college students have used student loans to help them pay for their college education. In many cases, students were taking out loans that were worth tens of thousands of dollars. Over the course of a college career, these loans add up, and after graduation, banks require borrowers to start making payments. Newly graduated college students often have payments in excess of $1,000 per month and struggle to make ends meet with entry level jobs.
The following five banks can help consolidate student loan debt for both new graduates and consumers who have been making payments for a long time:
1. SoFi
SoFi is relatively new to the student loan market. This company is widely becoming one of the most popular loan student loan consolidation specialists because they offer superior customer service, low interest rates and can consolidate loans for students from both private and government lenders.
SoFi even offers a program that allows borrowers to temporarily pause payments if an unexpected life event occurs.
2. Earnest
Earnest is an online student debt consolidation firm that works with borrowers who have taken loans out from the government and from private banking institutions. The application process is extremely easy and allows borrowers to choose how much they want to pay each month, as long as it is a reasonable amount. Students who use Earnest have saved tens of thousands of dollars in interest.
3. LendKey
Lendkey offers student loan consolidation help in the form of non-profit institutions like credit unions and local banks. When a student or graduate applies online, their application is vetted and sent to the appropriate lender for approval and contract finalization.
Lendkey offers consolidation programs that are free from hidden fees and cost less than traditional bank loans.
4. Citizens Bank
Citizens Bank offers extremely low rates for student debt consolidation. On average, borrowers save $137 per month in interest and payments when using Citizens Bank. Customers can choose from various repayment terms, including 5 years, 10 years and 15 years that better fit their budget.
Other consolidation loan discounts offered by Citizens Bank includes automatic payment discounts and loyalty discounts.
5. DRB Bank
DRB Bank is a major financial institution that saves students an average of $20,000 in fees, interest and student loan payments. The bank offers up to 100 percent refinancing for all outstanding student loan debt and do not charge origination fees or prepayment penalties.
DRB Bank also offers unemployment assistance to borrowers who lose their jobs. These customers will have the opportunity to participate in short term forbearance and can have payment plans temporarily paused.
![Cans Versus Cant’s: Three Types of Insurance You Can Live Without and Three Types You Can’t](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/insurance.jpg)
Cans Versus Cant’s: Three Types of Insurance You Can Live Without and Three Types You Can’t
Paring down your list of monthly bills may be on your to-do list. With so many bills and costs for items that are a need, it can be difficult to figure out what in the budget can be cut. If you are looking into financial responsibilities that can be lowered or cut out completely, you should first take a look at your insurance. Here are some insurance types that you need and three that you may be able to get rid of and save your cash.
Can skip: Children’s life insurance
If you have children, you may be concerned about them and their wellbeing. Some parents will choose to get life insurance for their children, but the truth is that these policies are rarely used. Life insurance is most often used as a payment to supplement income when a dependable income earner dies. Since parents do not depend on their children for income, life insurance for children is not a necessity. Instead, be sure that the have excellent health coverage and contribute money to their savings and college funds each month.
Can’t miss: Homeowner’s and renter’s insurance
Although renter’s insurance and homeowner’s insurance is easy to miss, it is one type of insurance that you can’t live without. If anything, such as a break in, natural disaster, or other issue happens to your home, you will need to have the insurance to help recoup the cost to replace your items and rebuild your home. Homeowner’s and renter’s is also very affordable, making it easier to add to the budget monthly.
Can skip: Insurance through rental companies
If you travel a lot, you may find yourself in need of rental cars at times. At the counter, the rental agent will offer you rental car insurance coverage through the company. Many people take the insurance, however, in most cases, you will not need it. Beef up your own auto insurance coverage to make sure it covers any rental cars that you may drive. If you have a credit card, most will offer collision coverage for rental cars without any extra fee. A quick call to your auto insurer and your credit card company will offer you the coverage that you need.
Can’t miss: Health coverage
A large number of people who file for bankruptcy every year file due to overwhelming medical debt. This is something that can be avoidable with excellent health care coverage. Whether you are a single person, a DINK couple, or a large family, get the most comprehensive healthcare that you can afford. Find healthcare coverage that offers regular checkups, visits to specialists, and even dental coverage. Each of these three areas is vital for the health and wealth of your family.
Can skip: Accidental death insurance
It is both admirable and necessary to want to make sure that your family is taken care of if you are taken away from them too soon. Some will cling to accidental death insurance as a payout for their family if something unexpected happens. Accidental death policies are not necessary as they are notorious for being difficult to cash out and recover. In the event that you do not die by accident, this money would also have been better put to use towards debt or savings.
Can’t miss: Life insurance for adults
All adults will need to have life insurance of some kind. If you are a single person, life insurance will give your family and friends a way to bury you and take care of your family financial affairs. If you have a family that depends on your income, you will need to keep enough life insurance for your family to be comfortable when you are gone. A life insurance professional can help you pick out an adequate policy that will cover anything you may be concerned about at you end.
Letting go of the coverage that is unnecessary will improve your life in several ways. Dropping unnecessary insurance will keep more money in your pocket for wants, which will improve your quality of life. One of the biggest ways that you will benefit from dropping the “can skip’s” is that you have more money to go towards savings and beefing up the necessary insurance payments for life.
![How To Repair Your Credit And Raise Your Score](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/reapir-credits.jpg)
How To Repair Your Credit And Raise Your Score
If you are like the millions of other Americans who have damaged credit, you may be wondering what you need to do to fix it. There are all sorts of schemes out there that say they can repair your credit in a jiffy, but in all actuality, you can do it yourself, and it will cost you nothing. Here are a few ways that you can begin to fix your bad credit fast and get yourself out of debt.
Set A Budget and Stick With It
One of the first ways to repair your credit is by changing your spending habits. It really doesn’t do any good to get credit cards to pay off other credit cards and compounding interest with consolidation loans. You must learn how to manage your money. Speak with a financial advisor, or get someone who can help you if your money management skills are lacking. Finally, don’t depend on credit cards to get you from payday to payday. Allow yourself a certain amount to spend, when you exhaust that amount, you are done. Change your idea that if you run out of cash there is always plastic to back you up. To clean up your credit, you will need to change the way you handle things.
Get Copies of Your Credit Report
Now that you have a new mindset, it is time to tackle those credit reports. The three major reporting bureaus are Equifax, Transunion, and Experian. Each of these companies are required by law to give you a copy of your credit report annually. Additionally, if you have been recently denied credit, you can also get a copy of your report for free.
Go through your reports and look for any errors. Remember, the lenders and companies that report to the bureau can make mistakes too. You can dispute any information that is on your report that you don’t feel is correct. Simply fill out a dispute form, and the agency will contact the company in question. The company will have 30 days to respond to the request. If they don’t respond to verify that the debt is valid, the bureau is required to remove it from your report. Now keep in mind, many companies do not respond because the debt has been sold several times or it sits on someone’s desk. This works in your favor in many cases. However, if they do respond to the request, and they can prove the validity of the debt, you will be stuck with it.
Take Extra Money To Tackle Debts
The best way to tackle your debts is to do it one at a time. Let’s assume that you go to a gourmet coffee shop every morning. That $5.00 that you spend on a coffee can really add up. If you work 5 days, then that is an extra $25 dollars you spend on coffee each week. That is $100 a month, and $1,300 a year. No one is suggesting that you go without coffee, but you can buy a machine and a mug to keep it warm and save yourself a ton of money. This is just one aspect of your life, how many other things can you forgo to pay on your debt?
Pay Down Credit Cards
To maximize your credit, you want to make sure that you pay your credit cards down to about 25 percent of the balance. If you have a limit of $1,000, you don’t want to carry a balance of more than $250 at any time. The credit card can work for you if you have your balances in check. If you have a balance too high or a card that is maxed out, you are killing your FICO score.
Don’t Get Any New Credit or Inquiries on Your Report
When you are in the process of repairing your credit, you want to make sure that you don’t do anything that will further damage your rating. Every time you apply for insurance, credit cards, jobs, or other things that need to check your credit, it goes as an inquiry on your report. These inquiries add up, and they can have a negative impact on your score. Don’t take out any new credit, and don’t apply for anything. While you are trying to clean up a report, you need to make sure that you are doing everything possible to make the score higher not lower. With a little work you can clean up your report and have a stellar rating.
![Best Cell Phone Companies: Big or Small Carrier?](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/cell-phone-companies.jpg)
Best Cell Phone Companies: Big or Small Carrier?
In the age of the smartphone, determining the best cell phone provider for you can be one of the most important tech decisions you make for you and your family. With a wealth of big and small carrier choices, making that decision has also never been more difficult.
Which is better though: a big carrier like AT&T or a small provider like Boost Mobile? Well, the answer is they’re both good for different people.
Upsides of big carriers
Coverage:
- Coverage: In the United States, the major cell carriers are generally considered to be AT&T, T-Mobile, Sprint, and Verizon. These companies have competed for years to expand their coverage to as much of the country as possible. In the past, it was easy to tell which networks had better coverage, but these days it’s almost impossible. It used to be the case that Verizon trounced the competition, but now every carrier is within about 1% coverage of Verizon, with them just slightly pulling ahead. So, if coverage is a concern of yours, I wouldn’t make a decision based on company marketing about that. Rather, look at coverage maps for your specific area and areas you frequent manually to make sure you’ll have service.
- Unlimited data: Recently, carriers like T-Mobile and Sprint have been hopping back on the unlimited data bandwagon, offering affordable plans with no data caps. For some legacy plans, there are also services like T-Mobile’s Binge On, which offers unlimited data usage for popular video and music services. These plans can only be obtained with major cell providers, so if streaming is your thing, you may want to look at some of these options.
- Speed: There’s no question that major carriers offer speeds much faster than the smaller carrier competition. Again, if you’re looking to stream or replace your home internet, this is something to consider.
- Choices: Major carriers offer access to every major smartphone as they are released, and there truly is a lot to choose from. Smaller carriers typically offer a limited range of phones, and some of them do not work with any major phone, like the iPhone. You’ll instead be forced into a cheaper phone that fits their plan.
Upsides of small carriers
Coverage: piggyback
- Coverage: Small carriers in the United States actually piggyback their network off of the major carriers. Popular carrier Boost Mobile, for example, actually uses Sprint’s network to operate. As such, they will have service in the same places as the network they use. The downside is that the usage for these piggyback networks is often capped, meaning you’ll see slower data speeds and potentially lower call quality.
- Value: One of the best things about going with a small carrier is the value. With some small carriers offering major phones like the iPhone now, you can sometimes get the device you want on a much cheaper plan. Especially if you primarily use your phone as a phone or just an occasional web browsing tool, you can save yourself a lot of money and not even notice the differance when you use smaller carriers.
- Customer service: It’s no secret that the major carriers offer somewhat lacking customer service. AT&T for instance regularly ranks near the top of “worst customer service in America” lists. With so many customers to manage and deep corporate culture, it’s no wonder they fall short. Customer service by many smaller carriers like Project Fi and Ting receive praise for excellent customer service. It’s truly an area where they shine.
![Reasons Why You Might Want to Consider Mortgage Refinancing](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/mortgage-refinance.jpg)
Reasons Why You Might Want to Consider Mortgage Refinancing
A staggering one million people every year lose their homes to foreclosure. This hard, but true, reality is often the result of missed mortgage payments and unpaid bills. The average home loan that Americans take out on their properties is roughly $200,000, which means that the standard monthly payment is about $1,500 for a 30-year term. While almost all homeowners enter into the contract thinking that they can undoubtedly pay their bills on time, things can happen and mortgage payments can become a downright burden. The loss of a job, a reduction in your income, the birth of children and increasing interest rates can all make that nominal bill one of your worst nightmares.
Refinancing your mortgage involves getting rid of your old home loan and replacing it with a new one. You might wonder what impact this could possibly have on your current mortgage payment, but it’s important to understand that many who have refinanced in the past have been able to avoid foreclosure because of their new loan. Put bluntly, refinancing could mean the different between losing your home and continuing to live there.
Here are some of the reasons refinancing might be the right option for you:
Shorten or Lengthen Your Term
There are two main term lengths available to home loan buyers: 15-year and 30-year. For those with a 30-year mortgage, refinancing can shorten the term length so that the home is paid off quicker. While this increases your monthly payments, it is beneficial to people who just want their home paid off so they can live there mortgage-free. Alternatively, a 15-year mortgage can be lengthened to become a 30-year contract. This will reduce your payments by about half every single month, but it means you’ll be paying your home off for double that time.
Switch from an Adjustable Rate to a Fixed Rate or Vice Versa
Adjustable rate mortgages are great when interest rates drop and are affordably low. Unfortunately, unlike a fixed rate that stays the same year after year, adjustable rates can sky rocket for variable reasons. Let’s say you purchased your home with a 3.010 percent adjustable interest rate. This is a low rate that will make paying off your mortgage a breeze, that is until that rate gets hiked up to a substantial 5.481 percent. The interest rate can practically double just because you were locked into an adjustable rate agreement. Refinancing can get you out of this contract to go with a fixed rate, saving you lots of money on unnecessary fees. Some homeowners choose to go from a fixed rate to an adjustable one because the current interest rates are so low, and this is yet another reason to refinance.
Cash Out Home Equity
Cashing out home equity is great for paying off debts, starting a business or investing in other properties. Home equity is the line of credit you take out that goes against your home’s value. It is a type of loan that must be paid back on time to avoid foreclosure, making it more beneficial to people who are responsible with their money and are refinancing with a clear plan in mind.
You Need a Better Company with a Better Rate
Not all mortgage companies are created alike. Some charge ridiculous fees that soar year after year. Others offer virtually no customer support when you have questions or concerns. You might have even gone with a company when you had a bad credit score and now your score has been repaired. Switching the loan company is a viable reason to refinance. Thorough research will help you sift through the bad companies to find the one that fits your financial needs, offering interest rates that are comparable in the marketplace and loan agreements that you can afford.
Any time that you find your mortgage payments are causing financial problems, refinancing is a recourse to consider. When you go to refinance, be sure to bring all of the necessary paperwork that you would when applying for a loan. You’ll need income statements, bank account inquiries and credit score print-outs that will help the bank determine if you’re a good candidate for mortgage refinance.
![Stop Drowning in Debt by Swimming Into Savings!](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/Stop-Drowning-in-Debt-by-Swimming-Into-Savings.jpg)
Stop Drowning in Debt by Swimming Into Savings!
Debt can be a means to an end. Borrowing money for a more reliable car can improve your job prospects; investing in a home can save what you’re spending on rent. However, some forms of debt are a complete waste of your money and the time you spend earning it. To better control your debt, consider these tools:
Save Something
No matter how bad things are, tuck away a bit of money. Even stashing $10.00 a paycheck in your bank account can be a comfort when money is extremely tight. Make it a habit to put away a portion of every paycheck first. If your check is direct deposited, ask your bank to split part of it into savings. If you’re payment arrives on a debit card, immediately head to the ATM at your bank, pull cash out and store it in your savings account. This is a gift of security to your future self, and your future self deserves it!
Review Your Credit Report
You can get a free credit report every 12 months without applying for a loan. Review this document for errors. It’s important to note that many loans are based off of personal numbers such as your social security number. Anyone keying in a loan can transpose these numbers, and these errors can impact your credit report, keeping things on your report that should be discharged.
Find A Great Rate
Taking out a debt consolidation loan may be unnecessary, and having too many loans on your credit report can limit how much more you can borrow. With help from a credit counseling service you may be able to renegotiate your current debt at a lower level. If you decide to roll debt to a credit card with favorable loan terms for a limited amount of time, calculate the payments so you can pay the loan off within the promotional interest rate deadline.
Don’t Take On More Debt
One of the dangers of consolidating debt is that you don’t realize you’re spending more than you make. Living within your means can be difficult, particularly in a culture where more is always better and credit is easily available. To reduce the risk of building an uncontrollable amount of debt,
Build a Budget For Your Means and Needs
If you’ve ever put hours into a budget worksheet only to realize you missed a regular expense, it can be tempting to toss your hands in the air and give up. To avoid this frustration, start small.
For example, you can use your bank statements or credit card statement to find the average of your weekly grocery and sundries expense. If possible, determine the eight week average. Now can you subtract $5.00 per week from these purchases? For 8 weeks, pay with this reduced amount. Take the $40 you saved and purchase non-perishable items such as cleaning supplies, laundry soap and bathroom tissue from a Dollar General, Dollar Tree or some other deep discount store. Consider subtracting $5.00 more from each of your next grocery trips. Take the $80 you saved and put it in savings or increase a payment to reduce your debt.
Watch Your Expenses!
Meals out, a daily coffee, drinks with friends and other activities can really sap your cash reserves. Do you need a great cable package to nap in front of your television? Carefully assess where you spend your money. Is the event worth the expense? If not, decline the invite or cancel the service until you’re financial ship is headed in the right direction.
Don’t Lower Your Payment Amount
If you have 3 credit cards or student loans with a payment total of $200 per month, you’re making a $600 payment. Once you consolidate, you may only be required to make a $300 payment. Make $600, or as close to that amount as you possibly can. If your bank will allow, set up the payment to automatically withdraw from your bank account, and have your check split between the account you live on and the loan-paying account so you don’t have to schedule the payment.
Be Patient!
Building savings and paying down debt is a skill. It takes time to change your spending habits and time for the money to build up. Don’t berate yourself! You’re on the right path and headed in a great direction. Keep going!
![Top 7 Steps to Finding the Best Car Loan](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/01/carsloan.jpg)
Top 7 Steps to Finding the Best Car Loan
The smell of a new car’s interior is temptation enough to trade in your old vehicle. Buying a new car shows that you have a steady income with some style in your back pocket. Completing the transaction, however, can be difficult for first-time buyers. Paying for the vehicle is the first hurdle you’ll encounter. Before you picture yourself behind the wheel of that favorite vehicle, learn how to find the best car loan.
Go Online
The Internet is a vast resource when it comes to borrowing money. Go online, and apply for a loan with any reputable lender. Some websites allow you to fill out one application that covers dozens of different lenders too. In essence, you aren’t limited to local banks with few resources. These online lenders will notify you of any offers after they check your credit. They use your credit history as a gauge of your risk. Take a look at the interest rates and loan amounts that they offer so that you can see what’s affordable in your budget.
Visit the Bank
A traditional way to find the best car loan is through your bank. This lender knows your transaction history, income and other details. In many cases, you have a better chance at borrowing money at a lower interest rate when you use your own bank. Be aware that credit unions tend to have better pricing compared to corporate banks, states Consumer Reports. Sit down with a representative, and discuss your options. Regardless of the lender, bankruptcies and late bills can be a negative factor if they exist on your credit report.
Negotiate on Vehicle Pricing
Whether you’re preapproved for a car loan or not, you still need to negotiate a final price with the dealership. Look for dealership sales and other indicators that the facility is willing to work with customers. Salespeople tend to fixate on monthly payments so direct your interest in the entire cost of the vehicle. Negotiate an “out-the-door” price on the desired car. Lowering the car’s cost will reduce the ultimate loan amount. You may be able to afford a high-quality car if you negotiate the cost down to your budget’s goal.
Ask for Dealer Offers
Dealers have many discounts that they can apply, but this information isn’t usually shared with customers. Ask about factory and dealer rebates because both of these items are separate from each other. Other discounts can be found by negotiating costs with a sales manager. A vehicle might be an older model with some damages, for example. Hundreds or thousands of dollars can be taken off of the sticker price when you know what to discuss with the sales staff.
Hold Onto Your Preapproved Offers
If you have preapproved auto loans, keep these documents to yourself as you negotiate with the dealer. The loan amounts shouldn’t influence the haggling process. Keep the amounts in mind as you work with the dealership because the value is set by the lender. In most cases, you can’t renegotiate a preapproval because the amount is based on your income and liabilities.
Discuss a Match
According to USA.gov, every dealership has some financing options. After agreeing on a vehicle price, ask about dealer financing. Their accountants will come up with a figure that they hope will appease you. Compare it to your preapproved numbers, and try to negotiate a lower interest rate. The dealership wants to retain your business so they may match your preapproved offers or even beat them.
Walking Away is Possible
Committing your time and effort at a dealership means that you want to make a successful deal and walk away with a car. If negotiations aren’t going well, don’t be afraid to leave. There are dozens of dealerships in one state alone so you don’t have to settle for a deal that’s less than desired.
As you consider a new-car purchase, keep up with your other bills. Being a responsible borrower means that you pay the bills on time each month. With this habit, you’ll increase your credit score and improve your history. At that point, car loans should be easy to obtain with reasonable fees attached to them.
![Refinancing? 10 Tricks for the Lowest Rates](http://web.archive.org./web/20171229173142im_/http://sbindymedia.org/wp-content/uploads/2017/02/money1.jpg)
Refinancing? 10 Tricks for the Lowest Rates
With experts predicting that mortgage rates will rise as 2017 progresses, there’s no time like the present to refinance your mortgage. While you can stand to save thousands over the life of the loan by refinancing, it’s important to ensure you get the lowest rate possible to make the cost worth your while. Try these 10 tricks to get the lowest mortgage loan refinance rate.
1. Know Your Credit Score
According to Forbes, the mortgage industry uses a tiered credit system to determine your rate. While you can qualify for a refinance with a score as low as 620, the best rates are reserved for those with rates of 760 or above. If your score is lagging, take steps to raise it, such as lowering the amount of debt you carry, before refinancing.
2. Get an Appraisal
The loan-to-value ratio of your mortgage–how much you owe compared to the value of the property–also plays a role. The lower the loan to value ratio, the better the mortgage rate. Getting an updated appraisal of your property can let you know where you stand.
3. Shop Around
Once you have your credit score and appraisal in hand, it’s time to start looking for the best rates. Credit unions are often the best bet for members, but it’s also important to get rates from banks and online lenders. If you’re not sure where to start, ask friends or real estate agents for referrals.
4. Do Your Research
The Washington Post recommends checking the weekly data released by Freddie Mac and the MBA, each of which surveys lenders on the interest rates locked by buyers during that week. The MBA, which tracks refinance rates as well as purchase rates, should be of particular interest. Compare these rates to those you’re being quoted by lenders.
5. Time-Limit Your Search
According to Nerd Wallet, you should confine your rate search to a two-week window. After 14 days, additional credit inquiries from mortgage lenders count as a separate credit pull, which can lower your score.
6. Do the Math
Once you’ve settled on a quote, this basic equation from Bank Rate can help you determine if it makes financial sense to refinance. Divide the closing costs you’ve been quoted by your chosen lender by the monthly savings you’ll receive by refinancing. The result is called your break-even point, which is the number of months it takes for your savings to equal the amount it costs to refinance. As long as the timeframe to break even is shorter than the amount of time you plan to stay in your home, refinancing is the right move.
7. Consider Closing Costs
For a refinance, these fees are usually about 2 percent of the loan amount. If you don’t have the money saved, these can often be rolled into the cost of the loan–but make sure to account for those costs when doing the calculation in #6.
8. Take Loan Term into Account
While opting for a shorter loan term will increase your monthly payments, if you can afford it this is one of the best ways to lower your interest rate. In addition, you’ll pay much less interest over the life of the loan.
9. Forget No-Cost Refinance
Some lenders advertise refinance programs where they pay your closing costs. If the lowest interest rate is your goal, though, these programs should be avoided as they often carry a rate of up to 1 percent higher than a regular refinance.
10. Avoid Cash Out Refinance
While these programs are advertised as a way to dip into your home equity, they aren’t usually a good financial move if you’re using it to pay off credit card debt. The reason? You’re converting unsecured debt to secured, which means your house is now on the line or your consumer purchases.
By following these 10 steps, you’re set to get the best possible interest rate on your refinance.
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Raising Your Credit Score Without Credit Repair Company
If you are like the millions of other Americans who have damaged credit, you may be wondering what you need to do to fix it. There are all sorts of schemes out there that say they can repair your credit in a jiffy, but in all actuality, you can do it yourself, and it will cost you nothing. Not everyone needs to hire a credit repair company to raise their credit score but if your situation requires it there’s nothing wrong with it. However here are a few ways that you can begin to repair your credit and get yourself out of debt.
Set A Budget and Stick With It
One of the first ways to repair your credit is by changing your spending habits. It really doesn’t do any good to get credit cards to pay off other credit cards and compounding interest with consolidation loans. You must learn how to manage your money. Speak with a financial advisor, or get someone who can help you if your money management skills are lacking. Finally, don’t depend on credit cards to get you from payday to payday. Allow yourself a certain amount to spend, when you exhaust that amount, you are done. Change your idea that if you run out of cash there is always plastic to back you up. To clean up your credit, you will need to change the way you handle things.
Get Copies of Your Credit Report
Now that you have a new mindset, it is time to tackle those credit reports. The three major reporting bureaus are Equifax, Transunion, and Experian. Each of these companies are required by law to give you a copy of your credit report annually. Additionally, if you have been recently denied credit, you can also get a copy of your report for free.
Go through your reports and look for any errors. Remember, the lenders and companies that report to the bureau can make mistakes too. You can dispute any information that is on your report that you don’t feel is correct. Simply fill out a dispute form, and the agency will contact the company in question. The company will have 30 days to respond to the request. If they don’t respond to verify that the debt is valid, the bureau is required to remove it from your report. Now keep in mind, many companies do not respond because the debt has been sold several times or it sits on someone’s desk. This works in your favor in many cases. However, if they do respond to the request, and they can prove the validity of the debt, you will be stuck with it.
Take Extra Money To Tackle Debts
The best way to tackle your debts is to do it one at a time. Let’s assume that you go to a gourmet coffee shop every morning. That $5.00 that you spend on a coffee can really add up. If you work 5 days, then that is an extra $25 dollars you spend on coffee each week. That is $100 a month, and $1,300 a year. No one is suggesting that you go without coffee, but you can buy a machine and a mug to keep it warm and save yourself a ton of money. This is just one aspect of your life, how many other things can you forgo to pay on your debt?
Pay Down Credit Cards
To maximize your credit, you want to make sure that you pay your credit cards down to about 25 percent of the balance. If you have a limit of $1,000, you don’t want to carry a balance of more than $250 at any time. The credit card can work for you if you have your balances in check. If you have a balance too high or a card that is maxed out, you are killing your FICO score.
Don’t Get Any New Credit or Inquiries on Your Report
When you are in the process of repairing your credit, you want to make sure that you don’t do anything that will further damage your rating. Every time you apply for insurance, credit cards, jobs, or other things that need to check your credit, it goes as an inquiry on your report. These inquiries add up, and they can have a negative impact on your score. Don’t take out any new credit, and don’t apply for anything. While you are trying to clean up a report, you need to make sure that you are doing everything possible to make the score higher not lower. With a little work you can clean up your report and have a stellar rating.