Wednesday, June 23
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Tag: Auto

Secured vs. Unsecured Loans: Here’s the Difference

Financial Planning, Laredo
Whether you’re trying to buy a home or looking to get a college degree, you may need to take out a loan to finance your goals. If you’re seeking out your first loan, know that borrowing money is a common practice and you don’t need a degree in economics to understand it! Learning more about loans and the different types can help you make informed decisions and take control of your finances. Loans take many forms but they all fall within two common categories: secured vs. unsecured loans. Whether you’re approved for either type of loan depends on your creditworthiness. Creditworthiness refers to how responsible you are at repaying debt and if it’s worthwhile or risky to grant you new credit. It’s helpful to be aware of your credit prior to seeking out a loan so you know wher...

I Was Denied an Auto Loan. Now What?

Auto Loans, Non QM Loans
You’re in the market for a new car but you’ve been denied an auto loan. Now what? Here’s what you need to know about why you may have been denied and what to do to make sure it doesn’t happen again. Why Do I Keep Getting Denied for Auto Loans? Unfortunately, there are many reasons a bank might reject your application for a car loan. If your loan application has recently been denied or you keep getting denied, it might be due to one of these common reasons: Application errors. Sometimes, the application could be rejected because of an error you made when filling it out. A missed section, some incorrect information, a missing form or another mistake can mean your loan is ultimately denied. Bad credit. Bad credit is a common reason for auto loan denial. A score below 670 is usually ...

A Guide to Rental Reimbursement Coverage

Car Insurance, Fannie Mae
You’re involved in an accident, your car is wrecked, and your insurer has stepped in to cover the damages. All is well, and you only have the deductible to worry about, but what happens before the car is fixed? How do you continue to get to work every day and take the kids to school when your car is in the repair shop for the next few days or weeks? That’s where rental car reimbursement coverage steps in. If you have this optional coverage on your car insurance policy, you won’t need to worry. Keep reading to learn how this coverage option works. Rental Car Reimbursement vs Rental Car Insurance Before we go any further, it’s worth clarifying the potential confusion surrounding rental car coverage and rental car reimbursement coverage. The form...

5 Reasons to Buy an Electric Car

Adjustable Rate Mortgages, Auto
We’ve been hearing about electric cars for a while, but it sometimes seems that the only people who buy them are either very into being energy efficient or very wealthy. But there are a lot of good reasons for you to consider buying an electric car. They are good for the environment, but they can also be good for your pocketbook. And who doesn’t want to satisfy the demands of their conscience and their bank account at the same time? Check out our cost of living calculator. 1. Electric cars help the U.S. with energy independence. The United States spends about $300 billion importing oil into the country. That’s two-thirds of the U.S. trade deficit. Being dependent upon foreign oil leaves the United States more vulnerable to international problems&nb...

Guide to Managing Finances for Deploying Service Members

San Antonio
Life in the military offers some distinct experiences compared to civilian life, and that includes your budget and finances. The pre-deployment process can feel overwhelming, especially when you’re organizing your money and bills.  It’s important you provide your family with everything they need to keep you and any dependents comfortable and stable. This means gathering paperwork, making phone calls to service providers, creating new budgets, and organizing your estate. The more you prepare ahead of time, the less you have to worry about the state of your investments and finances when you return home.  To help make the process easier, we’ve gathered everything you need to know for deployment finances. Read on or jump to a specific category below: Pre-Deployment Needs Review Your E...

The Best Car Insurance Companies of 2021

Auto, Auto Insurance, First Time Home Buyers
To help you understand what makes a top-rated car insurance company, it’s important to first find out how much coverage you need. This guide will help you understand what makes a top-rated car insurance company, how much coverage you need and ways to save money when getting a car insurance quote. Don’t worry; our top […] The post The Best Car Insurance Companies of 2021 appeared first on The Simple Dollar.Source: thesimpledollar.com

What Are the Best Car Loans When You Have Bad Credit?

Arlington, Debt
If you have bad credit and need a car loan, there are some challenges when compared to obtaining a standard car loan. However, pick your head up because there are a handful of great lenders that specifically tailor their programs to people with bad credit. We researched the landscape of lenders that can help you get a car loan even if you have a below-average credit score. Based on our study, OneMain Financial and LightStream are two of the top lenders offering bad credit card loans. This is due to factors including loan options, requirements to qualify, and interest rates offered. Of course, we offer in-depth reviews of all the top lenders who offer bad credit car loans further down in this piece. Apply now with our top pick: OneMain Financial In this guide we also help you understand the...

Does Paying Off a Loan Early Hurt Your Credit Score?

Debt, Home Loans By State
Paying off debt to build credit is a pretty well-known strategy. It can help improve your credit score, especially if you’re carrying a large balance on your credit cards. So if you have other types of debt, like car or home loans, paying off those accounts might seem like a step in the right direction. But here’s the thing—having a mix of accounts in your credit history is goodfor your credit score. You’ll actually want to have a good mix of revolving and installment loans. So does paying off a loan early hurt credit? Does Your Credit Score Drop When You Pay Off Debt? Unfortunately, paying off non-credit card debt early might make you less credit-worthy according to scoring models. When it comes to credit scores, there’s a big difference between revolving accounts (such as ...

National Get Smart About Credit Day

Home Loans By State
Depending on the time period in which you were raised, many young children and adolescents had differing opinions (and ideals) about what credit was and how it should or shouldn’t be utilized. While some were privileged enough to understand the complexities and importance of credit, others had to learn at the expense of their own mistakes along the way. No matter where you were or where you are currently, luckily there are always actionable steps that can be taken to clean up, improve, and get smart about your credit – let’s explore.  Become familiar with what can impact your credit  There are five key components that are factored into your credit score.  Payment history  Your ability to make timely payments plays a huge role in your credit score. Lenders want to have the confide...