Wednesday, October 7, 2015

Auto Title Loan - Your Car is your Treasure-House

Are you in need of cash? Have you exhausted all your options but unable to find a solution to your cash problems? Even financially stable families may get caught in financial crises. Prolonged illness, loss of a job or any other unforeseen event may compel you to look for quick financing options.

If you are trying to obtain a short-term loan to end your financial crises, you may have heard of the following advertisements related to auto title loans:

1. Get Cash for your Car!

2. Get Quick Cash!

3. No Credit Check required!

Auto title loans are prevalent in several American states. It is popular among borrowers because the loan program is easy to obtain. You may have heard about it from your neighbors or friends. If you are interested in obtaining the loan program, you must only join the club after understanding it thoroughly.

What is an Auto Title Loan?

According to Investopedia, it is a short-term loan in which the borrower's car title is used as collateral.

To obtain the loan program, you will have to allow the lender to place a lien on your car title. Also, you will have to surrender the original title to the lender.

What is the Difference between an Auto Title Loan and an Auto Pawn Loan?

An auto title loan allows you to obtain cash and end your financial crises by pledging your car as collateral. The lender will require the title of your car and not take possession of your car. But, if you obtain an auto pawn loan from a lender, you will have to surrender your car along with the title of your car.

What are the Requirements for getting an Auto Title Loan?

If you want to obtain the loan program, you have to fulfill the following requirements:

1. You should be at least 18 years old.

2. You must have the original title of your car.

3. There should be no lien on the car.

4. The car should not be older than 15 years.

What Documents are required for getting an Auto Title Loan?

Following is the list of documents that are required for getting the loan program:

1. Identification Proof

2. Age Proof

3. Income Proof

4. Original Title of your Car indicating No Liens

5. Utility Bills

6. Vehicle Registration and Insurance

What is the Process of getting an Auto Title Loan?

Just like any other loan program, you have to submit an application form to the lender. The lender will consider your financial situation and analyze the worth of your car. Do not worry if you have bad credit history. If your car is valuable and you have a stable income source, the lender will approve your loan application.

Obtaining an auto title loan is simpler than you think! If you have ownership of a car, you can use it to get out of your financial troubles. Truly, your car is your treasure-house. Use it in times of distress.

How to calculate your Ideal Down Payment Amount?

If you make an impulsive decision of applying for an auto loan, you will end up damaging your credit score and your financial stability. Obtaining an auto loan is a process. You will have to research several financial alternatives available to you and devise a plan for making regular payments. Additionally, you will also have to make down payment.

Why make Down Payment?

The reasons for making down payment are as follows:

>> It reduces the total loan amount and lowers your loan burden;

>> It helps in improving your approval chances;

>> It manifests a stable financial situation to the lender; and

>> It helps bad credit borrowers in getting an auto loan.

What is the Ideal Down Payment Amount?

The more, the better!

When it comes to buying a car, it is better to make as much down payment as possible. But, it is not possible for everyone to make down payment of a substantial amount. So, here are a few factors that will help you decide the ideal amount for making down payment:

The Condition of your Credit

A credit report manifests your financial situation and credit worthiness to the lender. So, check your credit report in order to understand how your financial condition will be perceived by the lender. If your credit report includes missed payments, bankruptcy or repossession, you will be offered a higher interest rate. In such a situation, you may want to make down payment of a large amount to reduce the loan amount.

Your Income

A substantial income and a stable job are indicators of regular monthly payments. If a lender is not worried about receiving regular payments, he/she will not make down payment compulsory for you.

On the other hand, if you have just switched your job or you do not have a regular source of income, lender may demand a higher down payment amount from you.

Your Choice - New Car or Used Car?

The depreciation rate of a new car is very high. If you make down payment of an insignificant amount, you will face the situation of an upside down car loan. So, it is better to pay at least twenty percent of the total car price as down payment. If you are inclined to buy a used car, ten percent of the car's price is considered ideal for down payment.

A Trade-In

If your current car has positive equity, you can use it for a trade in. The dealer will deduct the value of your current car from the price of new car. It will help you in lowering the total price of the new car as well as the down payment amount.

Once you consider all the above-mentioned factors, you will be able to calculate an ideal down payment amount for buying a new car.

Although important, down payment is not compulsory for getting an auto loan. Rapid Car Loans will provide you with no down payment auto financing program and help you avoid the need of putting money down. Apply now for no obligation bad credit instant car loan quotes.

Can I obtain a Car Loan if I am New to America?

Born abroad but now living in America? One thing is common for all immigrants: you cannot remain unaffected by the car culture of America. The car is the dominant mode of transportation in America. You need it to go places.  And, car loan is the only mode for obtaining an automobile.

Why is a Car Loan compulsory for buying a Car in America?

It is not compulsory for making a car purchase in the country. But, it has become a norm because of the following reasons:

>> High Cost of Automobiles

>> Lower Buying Capacity of Car Buyers

>> Easy Loan Approval by Lenders

>> Easy Way of Building Credit

Buying a car with the help of a car loan is very common in the country. People opt for a car loan even when they have the required amount of money because they do not want to part with their savings. Also, it helps them in building a credit score that is required to make a big purchase such as a home.

How to obtain a Car Loan when you are New to the Country?

If you are a new immigrant and want to obtain a car loan, you will have to provide valid proof of your identity. Lenders require your SSN (Social Security Number)  for the purpose of identity verification.  The SSN is issued to the following people:

>> Natural Born U.S. Citizens

>> Naturalized U.S. Citizens

>> Legal Permanent Residents

>> Temporary (Working) Residents  under section 205(c)(2) of the Social Security Act

If you have a valid SSN, obtaining a loan will become effortless for you. Simply provide your SSN details along with the following information for obtaining loan approval:

>> Employment Information

>> Income Details

>> Residential Information

>> Information related to other Debts and Utility Bills

How to obtain a Car Loan without a Valid SSN?

If you are a new immigrant and have not received a valid SSN from the Social Security Administration, do not worry. You can obtain a car loan.  Choose a lender who doesn’t demand SSN, instead accepts any of the following documents for the purpose of identity verification:

>> TIN (Taxpayer Identification Number) issued by Internal Revenue Service

>> Foreign Driver’s License

>> Foreign-Issued Passport

>> U.S. Government-Issued ID

Search for a lender who doesn’t require SSN and apply with him/her. You can make use of the internet and make your loan search comfortable.

While searching online, make sure that you choose a reliable and reputed car loan website. It will save you from identity frauds.

Now that you know everything about obtaining a car loan in America, you should not be apprehensive. Remember that America is the Land of Dreams! If your dream is to buy a car, no one can stop you from becoming a proud owner of a car.

How to Compare Grocery Cost for Budget Shopping?

At this point of changing economy, when everything is on the price rise, your grocery bill could eat up at least 30% of your monthly income. Yes, you heard it right. People always tend to thin how they could manage to control grocery expenditures within limit along with prospect of saving some cash for the future. A high cost of living can be a factor that you are spending more on groceries with less chance of saving a little bit.

You are paying heavy price for the groceries these days for which you blame high price of oil, milk, disappointing crop yield, global warming or poor supply of goods. However, these are the issues of price rise that happen on regular basis. You main aim going for budget shopping only deals with the idea of comparing grocery cost first to within the limit and save more for the future.

Comparing prices of all goods you include in grocery list can do lot good for making budget shopping. There are many people unaware about various ways and tips that help them to go for budget shopping. Here, you will come across some suggestions of how to compare grocery cost for budget shopping:.

Plan Ahead
The basic foundation to go for budget shopping for groceries is to make a proper plan for what sort of good to buy for. First of all, look at the inventory or stock lying in refrigerators, kitchen shelves and cabinets to list out the items which are already there and which you need to buy. Prepare a list of the groceries and their quantity by making comparison of their consumption as per members present in the family.

Compare the Source of Grocery Shopping

One of the ideal ways, to go for budget shopping is to make a list of grocery stores and outlets that have fresh stock selling at best price. One can have a close look at their brochures, leaflets or pamphlets lying inside a magazine or newspaper to find out which store is selling grocery products at affordable price. This helps your comparison approach to select the best outlet to get groceries at cheaper price as compared to other stores.

Shop Online More

In terms of comparing grocery cost, shopping online gives you desired deals at best price rather than shopping personally at grocery store. The idea of buying through internet tends to save much of your transportation cost which you can easily compare with several trips made to nearby or far away store. This will help you in best way to shop within budget without even stepping outside house and buy grocery items at one safe place of your home.

Collect Coupon or Go for Discount Grocery Store

One can collect shopping coupons come inside newspaper or can redeem it from any online sites to make grocery purchases at heavy discounted price. You can easily compare the price of actual good on sale in the stores and the price you pay after redeeming coupons which is comparatively less. Another thing you can go is to head toward discounted grocery stores that will of course save at least 10% from your grocery budget.

Make Healthy Choices

Going for budget grocery shopping can be achieved by changing your eating habits. Many researchers have found that, people who are on weight loss diets tend to spend limited on groceries but eat healthy as compared to the one buying fatty acid products at high price. For example, shop more for frozen food, prepackaged, cook in bulk, plan some in garden, etc, to save more.