Author / Kevin

Debt Management

Car Title Loans in Houston Are a Safe and Legal Lending Option

Car title loans have received a bad reputation. People say that these lenders are without conscious and make their money simply by charging exorbitant interest rates. Naturally, there are some bad lenders out there. The reality is, however, that car title loans have given people the help they need during some very difficult times. So long as you know what to look for, these loans can be very beneficial. And since they are now government regulated, there are far fewer risks as well.

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What Is a Car Title Loan?

A title loan is a unique construction. Technically, it is a secure loan, as you put up the title deed of your car as collateral. This title will remain with the lender until such time as the loan is paid off. However, in the meantime, you can continue to use your car. The amount of money you will be able to borrow depends on your vehicle. Generally speaking, you will not be able to borrow more than 50% of the value of your vehicle and most lenders will not issue more than $2,500. The money should be in your account the same day, or the next business day if you applied too later.

You do, however, have to understand that if you apply for car title loans in Houston, there is a chance that you will lose your vehicle. However, this will only happen if you do not meet the repayments on your loan. If there is a chance of that happening, you should not apply for a loan in the first place. It would then simply be better to sell your vehicle, as you would probably get more money cash in hand then as well.

Car-Title-Loans

More and more often, car title loans can be paid back over a period of time. At first, they were short term loans that would have to be paid back within 30 days, but this is now changing. Additionally, while the interest rates are high, they are now regulated on federal, state and local level. Strict laws are in place that lenders have to adhere to. As a result, you should no longer find yourself in a situation where you obtain a loan from a disreputable lender.

However, you should still take the time to review the different options that are out there. A quick search for title loans in Houston will reveal a great number of results and it is important that you find the one that is most suitable to you. Some of the things you may want to take into consideration in order to choose a lender include:

  • What percentage of your vehicle’s value are they willing to borrow you?
  • How do they determine the value of your car?
  • What is the interest rate?
  • What type of repayment options do they offer?
  • What happens if you can’t pay your loan back?

Car title loans are great solutions for people with an immediate financial need.

Videos

Quick Tip Thursday: Save Extra Income

There’s a lot of things that can come up during the span of a month that costs money. Don’t wait to save your extra income. Watch the video below to see why.

 
Sometimes we get some extra income.  This is a great opportunity to build up your savings.  However, I just want to offer you a warning when it comes to extra checks coming in.  My girlfriend started receiving expense checks every couple of weeks.  We would put these checks straight into our checking account with the plan to transfer the money into savings when the month ended and the money was left over.  My tip for you… Don’t do that.  We would always seem to find something to spend it on.  Every month something would come up or we would see something that we wanted and buy it knowing we had the extra money in the account.  My advice- put the extra money straight into savings.  Don’t wait until the end of the month because the money will be spent long before then.
Financial Freedom

The Internet Is Yours To Conquer

internetpuzzle

I changed the way I think from, I need a 9-5 job to I can Do What I Want and make money, because I am on the other side and it is Glorious.

There is so much more responsibility (my life depends on it) and it is 100 times more fulfilling than any job I’ve ever had.

So what can you do to get where I am?

It’s all about taking that first step and using the most powerful tool in existence.

What’s the quickest way between 2 distances?

The Internet

It has broken down barriers that we can’t comprehend yet because it’s only been a viable option for about 15 years. Think about how short that is compared to any time span?

The Car has been around for over 100 years and so has the airplane.

The first commercial computer was invented 60 years ago.

Just imagine where the internet will be in 40 years.

It’s a possibility that hasn’t taken a hold of mainstream yet. Yes a lot of people think money can be made online but not as many people take advantage and truly delve in to the world of the internet.

Imagine putting together a puzzle and how it does take time but you barely ever say one is impossible.

Why?

Because all of the pieces are laid out in front of you.

That’s the internet man!

It’s a bunch of pieces that you have to put together.

Can you see them all?

Not always, which is actually good because that’s how you get ahead of everyone else. You make your own puzzle pieces.

The internet is yours to mold into what ever your heart desires. And it can make you a lot of money if you actually try to use it.

The good thing about the internet is that it is people that are on it and run it. So that means that everything that works on people in real life will work online.

You can sell them information, physical products, services, hopes, dreams, ideas. Because that’s what people want and need. That’s what we all need.

Anything!

The internet is an extension of us.

Use it wisely, Use it often, and Use it to Live Your Passion.

Help other people realize that the internet is theirs to conquer by Tweeting and Facebook Sharing this post

Money Management

Car Loans FAQ’s

Car loans are frequently becoming more and more available to us, mainly due to the economic climate. Maybe you are buying your first car, or you have never used any car financing before. Either way there will be a whole host of questions you need answers to before you sign on the dotted line. Finances can be confusing at the best of times, with a variety of interest rates, loan periods and a whole host of companies all vying for your attention; it is not the easiest mine field to navigate. Before you start shopping for your brand new vehicle, here are some of the most commonly asked questions that should help you battle your way through to the right loan for you.

Can I get a car loan even though I have bad credit?

If you know that your credit history is far from perfect, then you might be worried about whether or not you can even get a car loan. The first and most important thing to do is to get a copy of your credit report. This will tell you exactly where you are up to with your personal credit score. Once you have this information then you are able to start shopping around.

There are plenty of financial institutions that offer car loans for bad credit, but you will need to be extra picky as to which one you choose as mistakes could lead to your credit being damaged even further. Don’t just rely in the dealer to grant you your financing as you may find that this comes with a higher rate of interest than other lenders, at the end of the day they make extra money through financing payments. Car loans for people with bad credit do come with a higher interest rate than other loans, so before you decide to sign for the loan, make sure you know the amount you can afford to pay back each month; the most important thing is to not get into any further debt or to damage your credit at all, in fact paying the amount you can afford will help you to rebuild your credit.

How do I know whether a second hand car or a brand new one is best for me?

Car loans are obviously determined by the total amount you need to borrow to pay for the vehicle. So, if you can’t afford to pay back a large loan, then a second hand car may be the perfect option for you. In essence the decision to buy pre-owned or new comes down how much finance is available to you and what form of car you want/need. Here are the ins and outs of both to help you to make the right decision for you.

New cars will come to you with a manufacturer’s warranty, usually giving you up to 3 years coverage. This is the beauty of buying a brand new vehicle. Even though it is less likely to breakdown or need repairs than a pre-owned car, it is still covered by the manufacturer. When you get your new car, there is likely to be no nasty surprises with it; it should be in perfect condition with all the latest safety and technology features as described.

Brand new cars are considerably more expensive to finance than their used counterparts and can lose up to 40% of their value as soon as you get the keys – yes that is an awful lot of money to lose straight away. Due to this and the higher fees you will have to pay each month, your comprehensive insurance will also be greater.

Pre-owned cars, on the other hand will require smaller loans as they are in general far cheaper to buy. Remember though, that they are cheaper for a reason; they will have a certain mileage to them that can flag up certain issues with the vehicle, that you wouldn’t get from a new car. This could be anything from repairs that need to be made through to a lower level of safety features.

The benefits of a used car are the lower repayments, lower insurance costs and the vehicle will retain its value for longer. This is a perfect form of vehicle for brand new drivers, or someone that simply needs to get to or from work every day. It is worth noting through, that although you are paying less each month in loan repayments, you may need to cover costs for repairs etc.

The main thing to remember is that choosing your car loan will be very personal to your circumstances, so do your research. You will need to know how much credit you can get, how much interest you will be required to pay and what sort of car will suit you. Once you have all these answers, picking the car will be easy.

Money Management

How to Get Your Credit in Shape for a Home Loan

When buying a home, the majority of your financing options depend on your credit score. So before you apply for a home loan, make sure your credit score rating reflects positively on you as a borrower. You want to put your best foot forward, because even with interest rates at historic lows, you still need to qualify for a loanto take advantage of them. Take the necessary steps to improve your credit score before you apply for a loan, and you’ll have better chances of qualifying for the best possible financing rate.[1] Rebuilding or improving your credit score isn’t difficult, but it does take time, dedication, and careful budgeting.

Repay Your Debts

Start repairing your credit through debt repayment. Take a look at your budget and figure out if there are any areas where you can cut back. Do you really need to pay $100 a month for cable? Can you cut back on electricity and water use? Can you carpool to work to lower your gas expenses? Allocate any savings you can find to debt repayment. Repay your debts with the highest interest rates first, so your more expensive loans don’t continue to grow.[2] Very often, that means repaying your credit card balances first, since they have such high interest rates. Once you’re out of the hole with your credit card company, move on to lower-interest debts like student loans or auto loans.

Check Your Credit Score

After your debts are repaid, get a free credit report from AnnualCreditReport.com, where you can request reports the three major credit bureaus, Experian, Equifax and TransUnion.[3] Make sure there are no fraudulent charges or other issues. Credit reports can alert you of late payments that may have escaped your notice or if there are credit account you may have opened and then forgotten about.[3] If you find an error on your credit report, contact your credit card issuer so it can be resolved right away. There’re required by law to investigate your disputes. Be sure to repay your credit cards and resolve any delinquencies before applying for a home mortgage. A realistic look at your current credit score gives you a solid idea as to how much you need to improve; it gives you a solid number to improve upon.

Please note that if you have credit cards that you forgot about, it may not actually be in your best interest to cancel them right away. By closing an unused card, you’ll lower the total amount of credit that’s available to you. That will raise the percentage of your total credit used, which will lower your credit score.[3]

Pay Bills On Time

You can also help improve your credit score by paying your billson time. If you’re forgetful, try setting up automated payments online.That way your biller can just deduct your bill directly from your bank account. You won’t have to worry about missing payments or late fees.[2] You could also consider setting up reminders on your phone or computer that update you regularly about the status of your bill. Showing that you have a credit history of making successful, regularly scheduled payments will show lenders how reliable you are.

Get Pre-Approved

When you’re considering buying a home, getting pre-approved can give you a realistic look at how much financing you’ll receive and how much you need to save for a down payment. Pre-approval can also help you estimate the toll your mortgage payments will take on your monthly budget.[2]If your pre-approval shows you that your finance aren’t ready to handle a home loan yet, wait to move forward. Continue to build your credit score by keeping your credit card balances low, paying your bills on time, and avoiding any new debt.

Buying a home can be an exciting experience, but it requires you to jump through quite a few hoops. Make sure your credit is in peak condition before you apply to ensure that you have a positive experience when applying for a loan and financing a house. All your saving will pay off when you qualify for a low interest rate; it will lower your mortgage payments and shorten your repayment period. The less you have to pay, the faster your home will be completely yours.

Byline: Rachel is a grad student who is all too familiar with loans and strict money management. She also writes articles for Check ‘n Go on responsible borrowing, investment, and budgeting.

References 

[1] “How to Buy a House.” WikiHow. n.d. n. page. Web. 23 Apr. 2012. .

  [2] Purcell, Patti. “Getting your credit score in shape for home ownership.” Citizens First. n.d. n. page. Web. 23 Apr. 2012. <http://www.citizensfirst.com/financial-life-archive/item/1-getting-your-credit-score-in-shape-for-home-ownership.html>.

 [3] Orsini, Patricia. “Get Credit Score in Shape Before You Shop For Home.” AOL Real Estate. 15 07 2010: n. page. Web. 23 Apr. 2012. <http://realestate.aol.com/blog/2010/07/15/get-credit-score-in-shape-before-you-shop-for-home-sponsorship/>.