Finance

What You Need To Know Before Getting A Car Title Loan

Man handing over car keysAt some point in people’s lives, there may come a time when they would need to spend a certain amount of money, money which unfortunately they don’t have on hand. A medical emergency perhaps, or major house repairs that aren’t covered by their savings.

When this happens, one option for getting the money needed is to turn to cash loan service providers like Utah Money Center. In Salt Lake City, there are different kinds of loans available for those who need to borrow money fast. One of these is a car title loan, which is a small and short-term loan in which the title on a vehicle is used as collateral.

Here’s everything you need to know about a car title loan and when it’s ideal to apply for one.

How does it work?

Borrowers need to pledge their vehicle as loan collateral by giving the vehicle’s title to the lender until the loan is repaid in full. In order for you to borrow against your car, you need equity in it. In most cases, borrowers need to own the vehicle free and clear (with a clear title to show for it), but there are cases when lenders approve loan applications even if borrowers are still paying off a standard purchase loan.

How much can you borrow?

The loan amount is based on the car’s value or the equity in it. In general, the greater the car’s value, the bigger the amount that you can borrow. However, the full value of a car is rarely given because the higher the amount lent, the more difficult it will be for borrowers to pay it back. Lenders may give only the amount that they can get for the car if they have to repossess and sell (it if the borrower is unable to repay the loan).

What is the usual loan period?

Car title loans are often due for complete repayment within 30 days. In cases where borrowers are unable to repay within that period, they can extend repayment by rolling over the loan. This means they get a new 30-day loan, but they would have to pay new loan fees and additional interest.

What do you need to apply?

Applying for a car title loan requires you to complete a loan application, after which you will need to present your car, a photo ID, proof of insurance, and the clear title. You may also be required to provide duplicates of your car keys.

When applying for a car title loan, make sure you review the loan terms. Ask the lender to tell you the total cost of the loan as well as the annual percentage rate or APR. Lastly, borrow only what you can repay in full by the date the loan is due so that you avoid paying for a loan rollover or worse, losing your car.

February 9, 2018 at 7:53 amFinance

4 Reasons to Opt for a Mortgage

a couple looking at their new houseDo you happen to be among the elite with cash enough to buy property up front? If not, then you will be better off getting your newest asset financed by a bank. Learn the many advantages of using a mortgage to secure a house, a car or a business.

1. You do not have to be liquid.

If you have enough cash to get yourself your dream house, you can always aspire for one through a home loan in Portland.

You need not pay in full to acquire the property all because the bank will take care of the payment. All you have to do is comply with the requirements to get approved by the banker. Next thing you know, your loan is good to go.

2. You decide on the payment terms.

While it will be beneficial for you to pay the mortgage in a short period, you have the freedom to choose not to do so.

You could prefer to pay the loan amount for a longer period in case you do not have the right amount of cash. Besides, the bank will be earning more interests should you decide to stretch the period of payment.

3. You got different payment options.

What’s interesting about mortgages is that you have several options when it comes to payment. There’s the so-called monthly amortization that ideally covers part of the principal and the interest.

In some cases, you could opt to pay the interest alone every month and pay the principal in full on or before the entire obligation matures.

4. You get to secure competitive rates.

When you go for a home loan, you can anticipate competitive interest rates. You might want to check out the existing rate and see the trend whether it is wise for you to buy a property at the moment.

A lower rate would signal a good time to buy, while a higher rate would tell you to defer the purchase somehow.

With a mortgage on hand, you don’t have to pay your property in cash up front. Plus, you get to enjoy yourself with several options.

January 17, 2018 at 10:57 amFinance

3 Biggest Benefits of an Accounts Receivable Loan

Approved Loan ApplicationEvery business needs to grow to succeed in today’s competitive field. To that end, many rely on financing options to expand. Traditional micro-business financing, however, has proven to be beyond the reach of small business owners. One popular option that these owners can turn to is accounts receivable financing.

At its core, it’s the selling of receivables at a lower price to a financing company, which then assumes the risks of these receivables. In turn, it issues your business the much-needed cash to help it grow. Here are the advantages of this type of loan:

No collateral needed

Unlike other loan types that require collateral to secure, this type of loan doesn’t need that. That is of a distinct advantage for small business owners who might not have enough in terms of possessions to put up as collateral. Plus, it’s also good that you don’t have that much in the way of risk—perfect for having a little bit of peace of mind while focusing on actually growing your business.

Ownership retention

One of the most attractive benefits of accounts receivable financing is that you don’t have to give up a portion of your business to secure your loan. One problem with other types of unsecured loans is that they might not ask for collateral but might request for a percentage of your company in return. It’s already assumed that the financing company will take on the risk of your receivables.

Quicker cash flows

Finally, this type of loan actually nets you soluble funds quicker. That’s because you essentially monetize your receivables without needing to move it yourself. That becomes the burden of the financing company. This ultimately means that cash flows in more quickly that you can readily use to grow your business in any way you deem necessary.

If you’re a business owner looking for an effective and easy way to gain cash, a loan from your accounts receivable is the way to go.

January 17, 2018 at 2:20 amFinance

BCREA Predicts Higher Home Prices in Metro Vancouver in 2018

a house in Vancouver, CanadaHomeowners in Metro Vancouver may find it difficult to sell their properties in 2018, although prices are expected to increase 4.6% to an average of 745,300 in British Columbia for that year, according to the BC Real Estate Association (BCREA).

Housing Market

BCREA’s prediction aligned with Royal LePage’s expected increase in property values in 53 cities in Canada. The real estate firm expects average prices to climb 4.9% to almost $662,000, while the Royal Bank of Canada moderated its average price increase forecast at 2.2% to more than $500,000 nationwide. Experts agree that renovation projects, such as installing wood baseboard moldings or repainting, can further increase home prices this year.

Slower home sales will occur in 2018 due to some market headwinds, according to BCREA chief economist Cameron Muir. These include higher interest rates and stricter mortgage qualifications, which may deter buyers from pursuing a transaction. However, demand from millennials will be a key factor to uplift the market. Royal LePage President Phil Soper said that there is an “enormous” pent-up demand among children of baby boomers.

A growing population of migrants will also be a trend next year and will contribute to higher prices. Even if investors and homeowners struggle to find buyers, the chances of making a profit from a sale will be significant because of this.

Pricing Factors

Millennial buyers and more immigrants may drive home prices upward, but some underlying factors that affect prices involve housing improvements. Your home may fetch for a higher value on the market with the right upgrades.

It can be as simple as new paint on walls or as extensive as making renovations. You can improve the appearance of rooms by adding tongue and groove pine panels. A bathroom or kitchen extension could be another option, although it would require quite a lot of money.

Despite a slower pace of sales activity in 2018, the short-term outlook remains bright for homeowners. Be strategic on timing a sale and you may just close a profitable transaction.

January 3, 2018 at 10:52 amFinance

4 Tips on Fixing Cash Flow Problems

Sources of cash flowEvery business requires cash to run the daily operations of their business. Therefore, if there’s a cash flow problem, it’s important to fix them as soon as possible. Otherwise, you may run into problems with your creditors and ground your daily operations. Here are some ways to help you do that fix:

Send invoices as soon as you’re done

Invoice your clients as soon as you complete the service or deliver the goods. If you delay, chances are your invoices will get to the customer when the invoice payout date has already passed. You will have to wait for some time, causing strain on your cash flow.

Upsell your goods and services

Seek ways to improve revenue by encouraging customers to buy more or in bigger sizes. You may buddle up services and goods or give a discount if the customer buys them as a package. You can also cross-sell to a customer (if possible) to get you more money.

Negotiate with your creditors

Request your creditors to give an extended period to pay your lines of credit. This will reduce the pressure on your cash at hand, enabling you to handle the most pressing needs of your business.

Look for alternative funding

Look for a short loan or a bank overdraft to solve cash flow challenges. ARF Financial and other financial experts suggest considering flex credit loans, for instance. You may also seek supplier financing and small business grants offered by the government and other lending institutions.

Find ways to ensure that there’s enough cash for your daily business operations to survive. Pay variable costs as well as part of other lines of credit. These can help run your business smoothly and avoid late repayment penalties.

December 2, 2017 at 1:00 amFinance

How You Can Pay for Home Health Care

A Doctor's AppointmentEven though home health care is less expensive than hospital care, home health care can still take a financial toll on seniors and their families. The estimated cost of home care is at $22.37 an hour, which can add up to a considerable expense over time. This is a challenge that more American families are facing. Reports estimate some 12 million seniors are receiving care from 33,000 providers. And, the numbers are growing as the average life expectancy increases. If home health care is in your future, here’s what you need to know about the services available to you and how you can pay for them.

What Can Home Health Care Do For You?

Home health care is ideal for seniors who need medical services to recover from ailments or live comfortably. It is an alternative to hospital stay, which is even more costly. One of its advantages is that it allows ailing seniors to receive the care they need in the comfort of their homes.

How Can Medicare and Medicaid Help?

The federally funded program, Medicare, can cover a portion of the costs of nursing and therapy, medical equipment, supplies and other services such as counseling.

Income brackets do not matter in Medicare eligibility, but to qualify for Medicaid, one needs to belong to the lower income group. Both the federal and state government funds Medicaid. It can provide the much-needed financial assistance to ailing seniors over 65. The state must course through applications, questions, and concerns on Medicaid.

Is Reverse Mortgage An Option?

Home equity conversion mortgage or reverse mortgage can also provide quick financial relief to homeowners who have a senior to care for but are low on cash. Just ask Primary Residential Mortgage, Inc. This loan from private lending companies can be in the form of a line of credit, lump sum, or monthly payment computed based on the age and the value of your home. You can even speak to reverse mortgage lenders to avail yourself of a combination of these loan options.

Raising funds for senior care can be difficult. However, government-initiated programs and private funding can ease the financial load. As such, you and your family can receive the medical support and services you need as long as you need them.

October 18, 2017 at 1:00 amFinance

Know the Most Suitable Housing Grants in Ogden

New houseFinding a decent home to stay may not be an easy thing to do. It is important to know how to solve your housing problem by understanding the best and most realistic options available to you. The following housing grants are available to persons interested in buying a home without stress. They are among the best housing grants that residents in Ogden could obtain.

Neighborhood Stabilization program grants

These grants are special and are meant to help people who cannot buy new homes in certain neighborhoods. Sometimes the properties are previously foreclosed properties. These properties may have stood empty for years and are in need of repair and renovation. New homeowners may need to clean up the mess and renovate extensively.

The overall effect is that the entire community benefits from new residents and as such, the neighborhood improves, and house prices increase over time. These grants are offered by the housing and urban development department and are distributed to local agencies and sometimes non-governmental organizations that in turn manage the funds.

Federal Housing Authority

This is another option that individuals explore when looking to buy a house that is fairly priced. It may not be a direct grant, but you are likely to get the best offer considering that this is a reputable mortgage insurer globally. A simple guarantee from the federal housing authority will attract lower interest rates and lower down payment requirements. It is in this program that you find special purchase programs that can go a long way in ensuring that you have a home of your own.

Charitable institutions

Look for organizations with a mandate and aim to help low-income families have homes. Such an organization is helpful for any eligible family that wants to own a home as they offer advice on home ownership. Furthermore, it offers assistance to families regardless of race and religion. All you need is to qualify for the assistance by taking a class and also having the ability to pay a certain level of a mortgage.

There are many options for housing assistance that you can explore. Check that which suits you best and try it out. Owning a home has been simplified.

October 10, 2017 at 1:00 amFinance

Keep Your Business Running with Better Financial Strength

Financial report on an IpadWhen it comes to your business finances, it is crucial that you do not overlook even the smallest details. Just so many things could go wrong, such as delinquencies for missing or forgetting a payment, the points taken out of your credit score, and the difficulties that follow a decrease in your credit score.

Because you cannot afford to stress and stretch your finances any further, it pays to have someone take care of the books for you. This is especially true if you have no background or experience in accounting.

Besides, you have a business to run, so it is much better to outsource your bookkeeping solutions than deal with everything yourself.

Ensuring you’re making more than what you’re spending

It is quite easy to think that business is good, especially when you just secured a big client. You have all the right to be happy and excited, but just because you have a new customer do not automatically mean you are generating more money than what is going out of your banks.

This is one of the most important responsibilities that your outsourced bookkeeping team will handle for you. They will make certain that your cash inflows exceed your outflows and that business really is good.

Keeping your records free of tax errors

One of the biggest mistakes you can ever make but should avoid at all costs are those that have something to do with your taxes. Just so many repercussions will arise when you commit such errors, including the possibility of an IRS audit.

All businesses try their best to avoid this, seeing as this puts their reputation on the line.

When you attempt to do everything on your own, it may seem that you cut back on your overhead expenses. This may work for a short while, but the longer you put off hiring bookkeepers, the more difficult things will be, and the greater the risk you put your business in.

September 8, 2017 at 6:38 amFinance

The Nifty Tactics That Will Get You the Best Auto Loan Rate

Auto Loan in UtahWith literally hundreds and hundreds of car lending companies in Utah, you would definitely find it hard to choose one. All of them have these seemingly great offers, which make it even more difficult. And with so many of them competing for customers, many of them have decided to lower their rates, which also adds up to the already difficulty in selecting the right lender with the best offer.

Fortunately, there are a lot of things you can do to get the best auto loan rate in Utah from providers such as Wasatch Peaks Credit Union. Here are just a few of them.

Never underestimate the power of your credit report

Almost every lending institution out there, whether for vehicles, houses, or businesses, always take a very close look at their applicants’ credit report. They check for any red flags, particularly those that have something to do with your debts or your credit worthiness. When they see that you missed a payment or a deadline for one of your financial responsibilities, they can already tag you as a high-risk borrower. This could either mean higher interest rates or even a disqualification of your application.

This is why you should never forget to always make a request for a copy of your credit report. Especially when you know you paid all your dues on time. A lot of people have made the mistake of not checking their credit reports and ended up having to pay seriously higher interest rates just because of an error on their report.

Use all available online tools for comparison

Much thanks to the availability of so many different tools designed to help car loan applicants, you will now find it a lot easier to find just the package and interest rate that suits you and your financial capabilities the best. Just do some cruising on the World Wide Web, and you will find online tools such as those for comparison, for calculating the overall cost of the loan, or how much you can afford to pay.

Keep these in mind, and you definitely will have higher chances of finding and securing the best rate for your auto loan.

October 1, 2016 at 1:00 amFinance

The Top 3 Reasons Every Business Should Have a Professional Accountant on Board

BookkeepingWhen you decide to run a business, you will have so many responsibilities to take care of. Sometimes, it is no longer cost-effective to just perform all these tasks on your own. One particular aspect of your business that you should consider hiring a professional for is the accounting part.

WestwoodsBGA.com.au says there are many reasons a professional accountant will be a great asset to your business. Here are just a few of them.

1. Makes Sure You and Your Business Stay on Track

When you have a professional accountant with you, all of the payments, bookkeeping tasks, expenses and financial developments in your business are monitored and carefully recorded. Only someone who has experience and background in accounting can successfully do this. When you have an accountant by your side, you can also reduce the risks of facing a financial disaster since the possibility of errors is also decreased.

2. Helps with Tax Matters

For an average person, anything that has to do with tax is confusing. Managing your business taxes may also mean tedious work. So, by getting the services of a professional accountant successful business owners have worked with, you can get all these done in as little time as possible.

3. Assistance in Making the Right Financial Choices

A professional accountant possesses all of the necessary skills, talents, knowledge and expertise needed to make sure your business is going strong. So, when you have one on your team, you will get the assistance you need to make financial choices that are going to benefit your business greatly.

A highly experienced, trustworthy and dependable accountant is going to provide you with a way to focus on running and operating your business. You won’t have to be burdened with confusing, tedious tasks. You’ll have more time to focus on other aspects of your business that will help you expand.

May 5, 2015 at 8:23 amFinance