Archive for February, 2012

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February 22nd, 2012  Posted at   Auto Loans
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Over the course of the next five to seven years, people will pay off the amount that was borrowed with interest. People who wish to purchase a car or truck but are unable to pay it off in full are able to make such a large purchase with the help of car finance companies. These financial lenders give people who qualify the money they need to purchase that new car or truck. There are many places that offer car loans and refinancing options. The following are just some examples of companies and places people can go to for their car financing needs.

The easiest and most covenant place to get car financing is through the car dealership. Most dealerships, whether they offer new or used cars, have their own financing department. These departments will fill out all the paperwork, and shop around at various banks and financial institutes to get you the funds you need for your car loan. However, there is a downside. Some car dealerships do not have access to the best interest rates, or they require that you pay a monthly fee for going through their finance department. Both of these things can end up costing you more by raising your monthly car payments.

Car financing can also be obtained by going directly through a local bank or financial institute. Going through a bank or financial institute will require that you do all the work and fill out the necessary paperwork. Obtaining a loan directly from the bank or financial institute will eliminate any monthly fees, and allow you to have access to several different car loan options. You may need to visit several different banks or financial institutes, but this will allow you to get an idea of what is being offered to you and which place is offering the best car loan option. (more…)

February 20th, 2012  Posted at   Auto Loans
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Common perception among consumer activists and some media entities is that auto title loans are too risky. They cite high default rates and imply that they are unfair to consumers. Are they right?

Risk of Default

With any loan, there is a risk of default. This basically means that the loan is not paid back properly.

According to the Cato Institute, the default rate for car title loans is 14 to 17 percent. That is a bit higher than the norm for traditional loans. However, when compared to other alternative types of loans, this is well within the norm.

Let’s take a look at the default rates for various types of alternative loans:

Loan Type – Default Rate
Payday Loan – 10-20%*
Pawn Shop Loan – 13.9-30.2%**
Car Title Loan – 14-17%

*Source: Wikipedia
**Source: Mercatus Center

So, we can see that the default rate on car title loans is competitive with that of other similar loans. As a result, consumers who need to borrow money will face such rates no matter where they borrow from, as traditional lenders tend to shun them.

Risk of Repossession

As a vehicle is pledged as collateral for a car title loan, there is a chance that it will be repossessed. This is only fair, as the lender must be repaid for the money that it gives a consumer.

One may assume that loan customers always end up having their vehicles repossessed. However, this is not even close to true. According to the Cato Institute, the repossession rate is 4 to 8 percent. This means that you’ll have a 92 to 96 percent chance of keeping your vehicle – strong odds when compared to the risk of not paying your bills. (more…)

February 3rd, 2012  Posted at   Leases Leasing
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A lease agreement protects both renters and landlords. With a complete agreement and all the details covered regarding a property, both parties know where they stand legally. Learn more about the details you should have in a formal lease agreement.

Basic information, such as names and addresses of renters and landlord, is vital. Make sure you have all contacts written down available for both parties as well. Once you have this initial information, the terms surrounding the rental property is next. Landlords should have rent amounts in clear, precise language. This also includes amounts of deposits. If you allow pets, make sure you describe in details the kinds of pets and if there is a pet deposit.

Put into writing about late fees. In this way, there will be no discrepancy in the future. The landlord who includes utilities should list how much each month is paid and for which utility as well. Facts concerning the return of initial deposits is necessary as well as dates for start and end of specified term. Be certain to include rent due date.

List the number of occupants allowed to live a in rental home. Landlords who include utilities in their monthly rental fee should certainly consider this part of a rental agreement. The repairs a landlord is responsible for should be listed in a rental agreement, as well as those damages not covered by the landlord.

The kind of rental property being rented determines a great deal about the necessary parts of a rental agreement. One example would be that of apartment homes. You may list a rule against water beds or one about loud noises during certain hours of the night and day. By listing any applicable rules in a lease, you will have legal standing.

Some tenants would like the option at the end of a term to renew their lease. To cover the needs of these tenants, listing in a rental agreement the rules for being able to do so is a good idea. In most cases, the renter should have always paid on time each month and have a reputable character to go along with those on time payments. (more…)

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