Tag: insurance

Is a Private Party Auto Loan for You?

Posted by admin – October 20, 2009

buying-a-carA car is a big purchase. For some people a car is the next biggest buy after their house. For a big purchase like this, many people need car loans. If you buy from a dealer it is possible to get an auto loan. They do all the work for you and you only need to sign the forms. But, what if you buy a car from another person? You may still need a loan. For these kinds of purchases there are private party auto loans.

Private party loans are slightly different than other types of loans. Your auto dealership does these types of loans on a regular basis and so sometimes they can offer better terms. But a private party loan may have slightly worse terms. You may only be able to take these loans out over a shorter period of time, for example over 48 months compared to 72 months for an auto dealership loan. The interest rates may also be slightly more than for a dealership loan.

This means that you may be paying slightly more for your car if you take out a private party auto loan. But over time, this just adds to what you pay for your car any way in terms of insurance and running costs.

Other factors are also important when considering whether you will get a loan like this or not. Your credit score is usually the most important factor when determining your eligibility. Also, whether or not you have a deposit to pay will also affect whether you are accepted for these types of loans. But on the whole, these loans are usually better and easier to get than normal. After all, your car is used as security, isn’t it? Read the small print carefully, but on the whole, go for it!

Quick Ways to Save on Auto Insurance

Posted by admin – September 7, 2009

With the way prices on everything are going up lately, you might be surprised to find out that there are some quick ways to save on auto insurance you pay every year. With smart research and some time and effort put into the task, it is possible for you to reduce your payments by a considerable amount. The following items can be done both before and after you have already taken out an auto policy for your vehicle, so don’t think you are trapped into your current rate.

One of the quickest ways to save on your auto insurance is to combine both your home and auto insurance policies– or renter’s insurance for those that are renting. Insurance agents are more likely to offer deals to those who give them more business, and combining insurers can save you anywhere from ten to fifteen percent off one or both policies. If there are no advertised savings, do not hesitate to ask the agent about the possibility of a discount when you request a quote.

Combining your insurance policy is not the only discount that auto insurers offer though, so make sure that you take advantage of every discount that is open to you. Ask about safe driver programs, student and senior citizen discounts, discounts for club membership and loyalty discounts. When you are able to stack these discounts the savings really adds up and you save money and time the quickest.

In addition to agent offered discounts, the quickest way to reduce your auto insurance bill is to request a higher deductible. A higher deductible saves you money on a monthly basis and in the long term. When doing this though, it is important to keep the available cash ready in case you need to make car insurance claim and require the necessary deductible. This tip is smart financially and in terms of being a smart shopper, because of the nature of insurance and its purpose.

Finally, to save even more money on your auto insurance, go over your existing or new policy with a fine tooth comb. Look for any coverage that you absolutely do not need or that you are overinsured for. Most consumers do not even realize when they are paying more than they need to for auto insurance based on the actual replacement value of their cars. Simply being diligent and smart with your money is the quickest way to save on your auto insurance bills.

Improving Your Credit

Posted by admin – March 19, 2009

Improving your credit has become the topic of choice as more and more consumers are becoming aware of just how much their credit scores impact their everyday lives. Insurance, lines of credit, the ability to purchase a home or car or fund an education for yourself or a child all rely heavily on the credit score and individual has earned for themselves over the course of several years. Right now is the best time to begin improving your credit and raise your score to a number that you can come to expect reasonable prices and contract terms as a result of.

What most people do not realize is that it takes just as long, if not longer, to clean up your credit report as it did to bring that number down. Even when it is a lot easier for you to pay off the debts that you owe, it is still difficult getting those reports removed off your overall report. It requires a lot of time and dedication of an individual, but if you want it to get done it is the only way to handle it. In the end, the benefits that come with the improved credit score are definitely worth it and the extra worry over finding out if you are approved or not will be lessened.

The steps that need to be taken to improve your credit score are actually very simple and once you begin working towards a higher score it is crucial that you stay dedicated to the commitment. The first thing that needs to happen is that all bills from here on out need to be made on time. Late bills, whatever they are for, drastically reduce your credit score especially if you are a repeat offender with the same creditor. As soon as you are able to comfortably pay off your bills every month, use any extra income to pay down the debt that you are carrying month to month. This also requires you to cut your spending, especially when it comes down to charging items to a credit card.

At this point you should consider all lines of credit that you still have open to you as gold. Every credit line is connected to your credit score and raises or lowers the amount of credit available to you, making you appear different on paper. To make yourself seem more creditworthy it is important that you keep all lines of credit open that you currently have and do not close any, even old accounts that you have not used or only use for emergency. At the same time attempting to open additional lines of credit while you are boosting your credit score in other ways, can lead to a lowered credit score because of the credit check that is standard to every creditor.

Finally, as you continue to pay bills on time and pay off old debts that appear on your credit score, make sure you contact those creditors to have the debts removed. You can watch for these updates by requesting your credit report and reporting settled bills to the credit unions to seek compliance from the creditors if they do not act on your own.