Month: June 2017

Personal Finance Tips From One of Life’s Financial Victims

Good advice without strings is extremely hard to find nowadays, nevertheless, this is what I’m here to do. Yes, I’m offering personal finance tips that are both useful and practical, and what’s more, free of charge. Some of my personal finance tips you may have heard from others, and some you may not. However, even if you’ve heard them before, many of them are well worth repeating. After all, good advice always holds its value and none more so than personal finance tips from one of life’s financial victims. I’d even go as far as to say that not only do they represent sound advice, but these words are good enough to live by.

Always be Wary of Shoes

If you’re a man and married, here’s a peculiar and extremely useful personal finance tip I urge you to listen to. Strange as it may sound, please take note of the relationship between your wife and her shoes. Whenever you first marry, usually things start out quite innocently as simply just several nice pairs of shoes and, of course, some sneakers for wearing outdoor. But all of a sudden, it quickly turns out she’ll need a new pair of shoes for every new outfit for work, despite that she may already have two pairs of black shoes. “Ah”, she proclaims, “but none of my own shoes are like this new pair of black shoes”. Before you know it, you are up to your knees in a sea of shoes just to try and get out the door in the morning. And the problem grows steadily worse. This tip is as much for your personal sanity as it is one of my personal finance tips. Trust me on this one!

Replace your Light Bulbs

Recently I decided to change all of my current standard light bulbs to the energy-saving bulbs that only use a fraction of the power of the standard, yet emit greater light. So I ask you, what makes this one of my personal finance tips?

This is indeed one of my personal financial tips as the new energy-savers cost $35 for the entire house, which I have ascertained will save approximately $50 and $60 per month on my home energy bill. The point being, if you find ways to save money in your home, ultimately you’ll see a positive increase in the balance of your savings account.

Avoid High Interest Terms and Conditions

Credit is all very well, however, should you take the finance option to buy a $500 product, then with an interest rate of 25%, by the end of the finance period you’ll have paid out just short of $1,500 for the privilege. Basically, what I’m trying to say is that if you can save the $500 cash needed to pay for the product, you’ll save yourself almost $1000.

At all costs, try to avoid purchasing any item on a store credit card, as these tend to charge the greatest rates of interest. When it comes to personal finance tips, the best tip I can give you is to avoid high interest rates whenever you go on a spending spree.

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Bad Credit Car Loan Tips for Consumers

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You have just received a response from an auto loan company that your application has been declined. According to the lending officer, your loan proposal has been rejected because of your bad credit history or low credit score. The lending company you submitted your car loan application to only accepts customers with good credit rating and obviously, you did not meet the lender’s criteria. What can you do?

Subprime Car Loans for People with Bad Credit

If your credit score is below average, then you fall into the subprime category. Does that mean you cannot get the car financing you need? Not at all! Many lending companies in the market do offer financing for the subprime market or consumers who are credit challenged. Even with bad credit, you can still get approved for a car loan but you need to find the right lender.

Do subprime car loans mean high rates and fees? Because of the greater risk involved, lenders may charge a little more on interest rate for this type of loan. But that does not mean you should settle for an unreasonably high rate or unfair terms. Even though you need to improve your personal credit score, you still deserve fair treatment.

Car Loan Tips for Consumers with Bad Credit

How can you get approved for a car loan if you have bad credit? More importantly, how can you find a car loan lender that offers a reasonable rate despite having bad credit? Consider the following tips:

Check out credit unions. It’s a good idea to check out your local credit unions for possible car loan financing programs. Credit unions are more likely to offer a much lower rate than what commercial lending companies offer even for consumers with bad credit history.

Check your credit report. If you’ve been denied financing because of your credit rating, you should immediately check your credit report. Order your report from each of the three major credit bureaus – Trans Union, Experian and Equifax.

See if there are errors or misinformation which could have caused your score to drop even more. If you do find errors, send a letter to the bureau that issued your report and request for corrections. Once the errors have been corrected, you might be able to raise your credit score significantly.

Watch out for predatory car dealers. Some car dealers that offer financing deals are after only one thing – making sales and making profit. You might be offered an attractive deal and easy approval despite your bad credit but once you signed up the contract, you might be informed that you did not qualify for the low rate because your credit score. You might end up paying an expensive loan because you’ve been ripped off by an unscrupulous car dealer.

Shop around and compare deals. In order to make sure that you’ve found a good deal, you should gather quotes from at least three to five lenders and compare the rates and fees. Use the internet to request for quotes for free. Use these quotes to narrow down your choices. Afterwards, be prepared to examine the background, terms and conditions of each prospective car loan lender.