For most people their car is the second most expensive thing they buy. Everyone wants a nice brand new car to cherish and call their own. But is buying a buying a brand new car fresh off the lot a good idea? Here I will explain some reasons as to why buying a slightly used car instead might be a better idea. When I say slightly used we are talking cars with less than 30,000 miles on it. That mileage should keep you buying a vehicle that appears to be brand new and with very little problems.
Did you know that some cars lose thousands of dollars of value as soon as you drive it off the lot? This isn’t true for every car but for the most part every car loses some value as soon as it loses its “Brand New” tag. Ultimately it’s functionally the same car it was 10 minutes ago so why wouldn’t you want to be on the better side of that deal?
Sales Tax on New Cars
Not only is a new car going to be more expensive simply because of the fact that it is new but also because you will have to pay sales tax on that new car. In some states if you buy a used car from a private sell you don’t have to pay any sales tax at all! Depending on how much the car costs the sales tax you would save by buying used could be in the thousands. Don’t underestimate how much of a difference that can make and be sure to research your state’s sales tax laws before you decide. More details.
Falling Registration Fees
Most states decide how much you will have to pay in registration fees each year based on your vehicle’s value and model year. Meaning if you buy a car that’s used that a couple years old you could potentially save hundreds if not thousands by avoiding new car registration fees as well as only having to pay a reduced yearly fee as your car is a couple years older.
Nowadays most cars come in a bunch of different packages that have weird names that don’t really mean anything. What it boils down to is that the “Platinum Edition” of that car really only has slightly different rims and some different trim and a better radio. A dealership might try to raise the price of that car by 5-10% because of the package but when you buy used you rarely will even discuss what package the car was. Let alone get charged for a bunch of things you don’t really care for.
This is where a dealership trying to sell a new car will really get you. From $500 anti scratch coatings to shipping charges and “dealer preparation” fees. A dealership will absolutely try to nickle and dime you on a new car purchase. Whereas with a used car purchase generally you will only pay the actual price of the car. Plus with a used car dealers are usually much more accepting to negotiations on the the price of the car.
This is the biggest thing a person would say in support of buying a brand new car. It is brand new so it is in perfect condition. Well the reality is that most modern cars are designed to last well over 100,00 miles. Most dealers have programs that will certify and even offer longer extended warranties for “certified pre-owned” vehicles that ensures that the car you are buying is going to last a long time so you don’t have to worry.
New cars smell great. But how much is that new car smell really worth to you? Hopefully this article helps you make that decision for yourself. There are a bunch of things to consider when buying a used car compared to a new one but I think buying used might just be the better deal. For more information visit: https://www.opalloans.co.uk/blog/the-pros-and-cons-of-debt-consolodation…
There are companies that guarantee or promise an unsecured loan; poor credit history or no credit history is not a problem they say. Then they will ask you for a fee. These are called “Advance-fee Loan Scams” by the Federal Trade Commission. It is illegal for any loan company (whether they advertise unsecured loan, poor credit history not a problem or not) to request money from a consumer in order to process or guarantee receipt of a loan.
There are companies advertising that they offer an unsecured loan; poor credit history, they say, is not a problem. If they advertise that they do not do credit checks, then they are probably offering a payday loan. A payday loan is a short-term high fee loan that has been referred to as a debt trap. In an emergency situation, it may be the only unsecured loan poor credit history victims have.
You are entitled too on a free copy of your credit report if you happened to be an unemployed and plan to find for employment within 60 days, then if you happened to be in a welfare or if there is inaccurate information on the report because of fraud. You are entitled to a free copy once in a 12-month period for any reason or no reason. Experts advise that consumers review the information on their credit reports, before they begin applying for loans or credit cards. Even if you know that you have a poor credit history, you may be able to improve it. In response to a recently enacted law, a new website was created to allow consumers easier access to their credit reports.
The unsecured credit cards for poor credit risks are not much better than the advance fee loan scams, but if you have enough money to pay the fees, they may increase your credit limit with time. If you are in need of emergency funds, you may feel that you do not have time. This is why the payday advance companies are so popular. But, if at all possible, you should take steps to improve your credit score and avoid the scams. Consider all of your options before you apply for unsecured credit cards for poor credit risks or unsecured loan poor credit history offers.Get more information from https://www.bloomberg.com/news/articles/2017-09-04/hong-kong-checks-banks-on-loans-to-china-dealmakers-daily-says
If you are in an emergency situation, in need of an unsecured loan, poor credit history repair may not be an option at this time. Poor credit history repair takes time and patience. But, there are other options to consider before you take a payday advance or other high cost loan. Unsecured credit cards for poor credit risks will take time to process and will charge extra fees and even higher interest rates if you take a cash advance.
Retired and active duty military personnel and their dependents can obtain no interest loans and sometimes grants to help them with emergency situations like paying the rent or repairing the car. Homeowners may be able to borrow against their home’s equity, not an unsecured loan poor credit history offer, since your home is securing the loan. If you are having trouble paying your bills, talk to your creditors; consider a debt management program or consumer credit counseling services.…
What are unsecured loans?
Unsecured loans are personal loans that do not require you to put down anything as collateral. Most of the time, you do not need to have a co-guarantor (or co-signor) nor proof of home ownership. The amount of loan will be provided on you being your lump sum that you need to pay it back through installment basis. This unsecured loan will differ as line of your credit, in that the line of credit may be reused over and over again through a certain period of time. The unsecured loan is only good while the lump sum awarded to you lasts. When it is gone, it is gone.
Bad Credit Loan for Shoppers
Often, the unsecured loans are being sought right after a potential borrowers having bad credit. Seeing as how unsecured loans already carry a higher interest rate than secured loans, a person with bad credit will have to pay much higher interest charges. The best way to avoid being seriously overcharged on interest is to try to improve your credit before you seek an unsecured loan.
Types of Unsecured Loans
One type of unsecured loan for bad credit is the payday loan which may only require evidence of your electronic signature. The lender will deposit your loan amount into your bank account. You pay back the loan on your next payday, when you receive your paycheck. Payday loans carry a very high interest rate, so the money should be paid back as soon as possible.Checkout more news at http://thehill.com/homenews/administration/349159-fema-grants-texas-request-for-disaster-loans-after-harvey
Another common form of unsecured personal loans for bad credit is the credit card that they offers. The balance you incur with a credit card were supposed to repay within the month. And if you fail to pay, this unpaid balance turns into debt on which the credit card company will charge additional interest. Credit cards are currently the most used form of unsecured personal loans.
A final type of unsecured personal loan is the type that you take out from a bank. Like a tenant loan, an unsecured personal loan is one that does not require you to secure the loan with a valuable piece of property. An unsecured personal loan from a bank also carries a higher interest rate than a secured loan because your lender is taking on a larger risk by lending to someone who does not have any collateral.
Tips on Improving Your Credit
• Only purchase within your means. If you only make credit purchases that you will surely be able to pay off on time, your credit rating will reflect your on-time payments, thereby improving your credit score.
• If for some reason you do not yet have a bank account, getting one is a definite step in the right direction. When you are applying for an unsecured loan, you bank account information will be taken into consideration when the lender is thinking of approving you for the loan.Click this site!
• Apply for some department store cards or secured credit cards. The records of these cards will be submitted to the credit bureaus and this will help to establish a positive credit rating. When a potential lender sees that you have got positive credit based on the records of these cards, they will be more inclined to not only offer you the loan, but to provide you with a better rate.…
Unfortunately, you may not have a chance to get the one that you really want. Many times, your financial situation will determine the type of loan that you get in the end.
Since your only other alternative for obtaining fast cash is asking for it from friends and relatives, your only viable option is to borrow the money. You have the option of taking out either a secured or unsecured loan. Which one are you going to choose?
Things You Will Need to Remember about Unsecured Loans
An unsecured loan is the exact opposite of a secured loan. An unsecured loan is lacking your guaranteed property. The lender grants loan approval based upon the reputation of the borrower. If your credit history is almost spotless, then you might be able to get a lower interest rate on an unsecured loan. The lender does not think that you are a credit liability. If you do not have any hidden problems on your credit history and you need a loan without pledging any collateral, then you should look into getting an unsecured loan.
The quick cash loan is an unsecured loan. It was developed for those who do not have a good credit rating. The lenders who supply payday loans will not ask to see a credit report. You can get a fast cash loan in under 24 hours. However, this type of loan is expensive as a whole. The interest rate on this type of loan is extremely high. This is due to the fact that instant cash lenders never require for credit scores or collateral. This is one of the riskiest loans available.Learn more details about unsecured loans from http://www.pbs.org/newshour/rundown/retired-paying-off-student-loans-tell-us-story/
Facts You Should Know About Secured Loans
When you have a secured loan, this means that you have collateral that will be forfeited if you fail to make payments on your new loan. Your signature on the dotted line indicates that you understand your obligation to repay the loan. However, if you fail to keep your promise, he can take the personal asset that is associated with the loan. Obviously, the collateral has to be just as worthy as the loan total.
The lender sees you as a credit gamble. This is why the interest rate on a secured loan is not that high. A secured loan is the best way for a person with bad credit to get a good interest rate on a loan. If you do not have good credit, there are not loads of loan options available for you. So, you might want to look into secured loans if you do not have stellar credit. Since the loan is pledged with your collateral, the lender does not use your credit history as a deciding factor during the approval process.
A Few Final Words
There are both good and bad things regarding unsecured and secured loans. With a secured loan, you are entitled to a low interest rate, but the lender can take your property if you miss just one payment. Or, should you prefer to acquire an unsecured loan with a high rate of interest, but low possibility of the lender taking your collateral.View more tips at https://www.opalloans.co.uk/
In conclusion, secure loans and unsecured loans are not the same. Your credit history will determine which one you will get approved for. But, if you get to decide, make sure you make the right decision for your personal needs.…