Loans for Dummies
Simply Put - Don’t be a Dummy!
Don’t play the fool, if you look like you can be their next victim, you can rest assured you will be… Do your financial homework.
Here are five (5) tips for better financing
First: Check Your Credit Report
Your credit report is one of the most vital factors to consider if you have good or bad credit. Do you know that after seven (7) years many accounts are wiped off your report?
Get the facts first by having your credit report in-hand. Maybe it’s not as bad as you think. You’re entitled by law to a free credit report every 12 months! You can review your financial information from each of the three credit bureaus; TransUnion. Equifax. Experian.
According to the Fair Credit Reporting Act, you can obtain a free credit report at AnnualCreditReport.com Once you have a copy of the report you can improve your rating but that’s another book.
If you do have poor credit, you do not have to settle for the worse possible loan. Bad credit is not something to be ashamed of.
Second: Do Some Loan Comparison
You can do some loan comparing & negotiate the best loan by checking rates and terms to find the right type of lender best for you.
Shop around and try to find the right type of deals that will suit you and your budget.
You may not want to take the first loan offered to you. Do a little-bit of research and compare all the different loan programs to find the right loan program best for you.
A title loan may not be your only solution. You have other lenders with different loan programs available to you. (See recommended lenders).
JUST MAKE SURE YOU ARE DEALING WITH A REAL LENDER OR LENDER’S BROKERS and not some marketing firm! You will be sorry if you end up submitting personal information to some of those marketing firms!
Again! You will be sorry if you end up submitting personal information to some of those marketing firms.
Third: Decide How Much Money To Borrow
You will have to decide from the outset how much money you want to borrow.
Decide how much you can afford to repay each month.
Do not over extend your self, even if the lender offers you more money above and beyond to what you need. Ensure yourself that you can meet the repayments.
Bottom line how much can you afford to pay back each month?
Forth: Save A Smart Deal Of Money
You could save a smart deal of money on recurring monthly bills by reviewing and shopping around to compare.
For example I was paying $168 month for cable & internet service when I found a new company for $120 for the same service; when the old company found out I was moving my account they gladly met the new rate to keep my business.
I did the same with my phone (I saved over $100 month by switching to a family plan. I did the same with my auto insurance as well.
You can go online and can get a lot of information and resources to make informed financial decisions and savings.
Fifth: Determining Vehicle’s Value (for auto loans)
How much can you borrow?
Usually up to 50% of the “Blue Book” value of the vehicle on auto title loans and up to 100% for auto purchase.
Inputting the make, model, year of manufacture and overall condition of your vehicle into Kelley Blue Book Calculator for vehicle value; www.kbb.com/car-values
Doing some or all of the above will assure you a good start in making the right informative decisions.
With a little persistence, you can find lenders who are ready willing and able to give you a second chance.
Making The Right Decisions
Which Loan Is Right For You?
Be responsible, borrow based upon your ability to repay.
Review all the terms carefully before accepting a loan offer. Each lender has their own guidelines and policies for granting loans; they also have their own policies regarding what happens if you default on the loan.
Comparing the Annual Percentage Rate of several different lenders can help you when making a financial decision. Review the applicable laws and regulations governing loan rates and fees in your state: Carefully consider the repayment schedule, fees & interest associated with any loan offered to you.
Keep in mind brokers are not the lenders rather an introduction service that match you to lenders that may offer you a wide variety of financial programs based on the information you submit.
Please, Borrow Responsibly Your future financial well-being is a priority.
PS: I Know, i know, my grammar is not all that “but I’m busy reading the fine print for you” and all that is very important in order for me to be of help. to my fellow american citizens.
You having this report is one way that scammers and spammers will have a difficult time in tricking you.
They have sneaky ways of pretending & fooling people to believe they are the lender and then will ask you to send them money.
So pardon my grammar and remember lenders do not call & plead with you over the phone to send them money, scammers do;
“So please govern yourself”.
***WITH THAT SAID***
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