First you want to get a copy of your Credit Report.  You can get your report through one of the three reporting agencies: Equifax, Experian or TransUnion.  Generally credit reports cost $9.95 but some sites can charge higher prices.  However you can receive an annual free credit report through the Annual Credit Report Website.  This will help you see what is showing up on the report.

Out of Date Information

When you look at the report, you are supposed to look for any out of date information.  The information you are looking for would be bankruptcies over 10 years. Also any adverse information 7 years like lawsuits, late payments, accounts sent to collections and any credit inquires over 2 years.  All these should not be on the credit report after the the years listed.

Inaccurate Information

Next step is to find all inaccurate information that is appearing on this report.  Inaccurate information could be incorrect or incomplete info like name, address, phone number or social security number.  Also accounts that are listed that are not yours and any accounts that are listed as open when they are not open.

Request Removal of Bad Info

When you find any errors on your Credit Report, you are able to request the Credit Bureau to remove all the errors.  You should write the Credit Bureau with all errors and ask if they could remove each item listed.  The Credit Bureau has 30 days to respond back to your request.

What to Do if the Credit Bureau Disagrees?

If the Credit Bureau disagrees with any of the information that you found to be an error, you have to right to dispute their judgement.  Contact them via the phone and see if you can come to an agreement.  If this does not get the results you wanted, you can contact the CEO of the creditor to contact the Bureau and have them request the information to be removed by having them show proof that everything meets the Creditors approval.

After completing these steps, it can take 30 days for the items to disappear from your report, which in a bit will help improve your Credit Score and give you a better chance to get a credit card and/or a mortgage for a house.

Family/Friends

Depending on your credit situation, Family and Friends might be the best and easiest way to receive a Personal Loan. The terms of the loan can be easier to pay back since you are close to the lender that the interest of the loan over time might be small or none at all.  Family and Friends are usually there to help someone but it depends on the actual amount being lent.  Their financial situation depends on the loan going through.

Bank, Credit Union or Other Financial Institution

Bank, Credit Unions and other Financial Institutions are the standard ways of getting a Personal Loan.  There are applications that need to be filled out, paper work that needs to handed in to assure the bank that the their money will be paid back on time.  You must have a good credit score to get the best interest loan and to get approve for this type of loan.

Credit Card

Most Credit Cards have an option for a cash advance.  This allows the card owner to borrow money in the shortest amount of time. It’s like using your ATM card in any ATM and pulling the money out.  Credit Card cash advance do have a low limit but once the amount is paid back, it is available to use right away.  These types of loans can get you into trouble. The interest can be high and these loans can lead to an endless loan cycle.

Payday Lenders

Over the years Payday Lenders are the most convenient way to get a loan. Especially when your credit is not up to the bank’s standards for issuing a loan to you.  Payday Loans can give quick cash for those who need to pay bills right away when payday is a far off.  These loans can be helpful when in a pinch but they can be harmful at the same time.  These loans can have high interest and the lenders have been known to try to extend the loans as long as possible to ensure maximum profit.  These loans can also lead to endless cycle of loans if the borrower isn’t careful and doesn’t pay the loan off as quick as possible.

Like any type of loan, you always want to get a Credit Report to check any errors or bad marks that could possibly hurt your chances of getting a good Automotive Loan.  If there is any bad marks, try to take care of them prior to applying for an Automotive Loan. If you have any credit cards that have high amounts on them, you might want to reduce that debt down in order to have a better chance to be approved for a better loan.

Know Your Limit

Everyone wants the newest, slickest, most high tech car that comes out each year. There is nothing wrong with that at all but you always have to think about the amount of money you will have to put out for the monthly payments.

Choosing  The Right Insurance

Buying a new car and getting a Automotive Loan will require Car Insurance. For those that already own cars and looking to upgrade to a newer model, they will be able to transfer their current insurance over but might have to pay a higher monthly or 6/12 month insurance payment. For those looking to purchasing a car for the first time or purchasing a car after insurance lapsing over time, it is best to research different insurance quotes.  Each will quote you your coverage and price for the coverage. Each customer is looking for a certain amount of coverage for their car and when you find it, you will be good to go.

Finding The Right Lender

Everything up to now has been pretty easy.  Finding the right Lender of your Automotive Loan is a little longer of a process.  Do you go with the dealership as a Lender or do you go with Credit Union or possibly with an Insurance Company?  This is where

Know The Terms

Like any contract you must KNOW THE TERMS OF AGREEMENT.  Find out about any penalties for making any early payments or paying the loan off in full earlier than the agreed upon date.  Most Automotive Loans have this included in them in order to make sure the Lender makes a large enough profit off the loan to make it worth lending.

The Business Plan is where the Lender learns about how you plan on applying the money toward the business(machines, employment/payroll, expansion, etc…) .  They like to see their money being put to good use and help the borrowing business become profitable.  A profitable business helps the Lender get their money back on/ahead of time.  Of course they like to see the loan stretched out to make a little more profit on the interest but they want to protect their investment as much as possible.

Cash Flow

The Cash Flow report details depends on if you are looking for a Business Loan to start up the business or to improve a already running business.  A start up business will require more research on the projected revenues that will help repay the Lender.  If the business has been running for a few years or even one year, you’ll have some data that will help you predict your yearly revenues.  This report is crucial since it will allow the Lender to see how they can structure payments and if it is feasible to approve the loan with as little risk as possible.

Personal Financial Status

A Personal Financial Report will give the Lender a good idea of what the status of your financial situation.  They look to see if you have mortgage, car payments and other type of debts and personal assets.  This gives them an idea if you are a responsible borrower and will make your payments on time.

Business Tax Returns

Past Business Tax Returns are only for businesses that have been established.  This allows the Lender to see how the business is doing financially.

Credit Rating Report

A Credit Rating Report is nice to have on hand when meeting with the Lender.  It’s not required at the meeting since the Lender will still run a Credit Report on the borrower to make sure that it is a good investment and that they will have the best opportunity to be repaid.

Collateral

A Collateral report just allows the Lender to know what personal assets you are willing to put up as a just in case you are unable to repay your loan.  The more assets you have the better your chances that the lender will approve the loan.

Personal Money

Bringing bank statements and other statements that can show that you are willing to put some of your own Personal Money into the business will help out in the long run.  The Lender will be more willing to approve the loan since you are showing commitment to your plan and that you would have more of a risk if the business fails.

Expertise In The Field

Bringing a padded resume into the meeting with jobs that shows the experience you have gained that proves that you will be able to run the business and keeping it successful over the years to come.

Debt Consolidation Companies

Debt Consolidation Companies are popping up like crazy over the last 5 years. You probably have seen ads for them on TV, online(websites or emails), newspapers and magazines.  There are a lot of companies trying to help you consolidate your debt.  Not every company is honest and some of them might even be scams.  It is in your best interest to do research each company and choose the best one for you.  Once you found the right company, they will compiled all the debt that you have and talk to each lender and will negotiate with to get the lowest possible amount owed to each.  Then they will combine all the debt into one monthly payment that should be affordable for each client.  This will help eliminate paying all your bills separately and will help you not miss a payment in the shuffling of paying the bills. Now here comes the catch… They charge you roughly 10% of the monthly payment each month and adds it to your monthly payment.  It’s quickly and simple but not always painless in your pocket.

Self Debt Consolidation

Self Debt Consolidation is an option if you want to save that 10-15% that the Debt Consolidation Companies will charge you each month.  It takes a little more work on your part but it’s not as hard as it might seem.  First task is gather all your debt together and list them and each amount and total them all up.  The next step is to gather all the phone numbers for each lender.  This might seem hard but you can negotiate a lower month payment since lenders want to get their money back.  This should help out but it’s not always the right fit for lowering each person’s debt.  Another way to handle the debt is to get a low interest rate credit card(0% is best) and transfer all your cards to it.  This allows you to make monthly payments with a low to no interest being added on.  Keep at least 2 older cards for emergencies.  If you own a house then you have the option to take out a Home Equity Loan.  These are usually the best way to Consolidate Debt.  Even though you borrow against your house and it puts a lien against the house but overall it’s helps.  This type of loan comes with a low interest rate and low monthly payments.  Also a nice little incentive to these loans is that most Home Equity Loans are tax deductible.

Take your time and do some research to find the best way to handle consolidating your debt.

The following are some of the risks with Cash Advance:

1. Fees

The Annual Percentage Rate (APR) for each loan can range between 390% to 780% if the state you are living in doesn’t have a minimum (APR) cap set in place to protect the borrower.  This means that the Lender can charge $15 to $30(per week) for a $200 loan on a 2 week loan.  These fees can add up to be more the longer the loan is open. The max amount of days for these types of loans is 45 days.

2. Payment Plans

The lender’s payment plans are setup to keep the loan open for as long as possible in order to collect more fees from the borrower.  So let’s say that a loan is for $300 + $30(fees per every 2 weeks).  The lender takes out $90 for the first payment based on the average amount of the loan.  This allows the lender to have the loan open for at least another 4 weeks max even if the borrower is able to pay the loan off in full.  This is where the borrower must call the lender and state to them that they are to take the full amount out of his bank account to fulfill his obligation.    This is where the lender tries to pull a fast one but the borrower can stop this right in it’s tracks.

3. Rolling Over Loans

If the borrower is having troubles making payments on the loan or the repayment of the loan is leading to them short of cash once again.  They have a chance to roll over the original loan to a newer loan that is higher than the original one.  This allows the borrower to pay his/her bills and some of the original loan off but leaves them with a bigger loan left on their account.  Rolling over loans also gives the lender move time to charge more fees since the loan has been extended for a possible 45 days.  The average borrower rolls over a loan approximately 7 times which leads to an APR at 1000% by the time the full loan is paid off.

4. Collection Techniques

Cash Advance Lenders have some of the toughest collection techniques in the business.  Not all of them are legal or correct but are effective in getting the borrower to pay his/her loan if they are missed a payment.  Threats of jail time for bouncing checks have been used even though this can not happen.  The lenders are looking out for their best interest and would love to charge as many fees as possible but do see that the more fees applied to some loans will cause the borrower to default on the loan and possibly lose out on their profits.  They know how to push the limits without going over board but sometimes they don’t. As a borrower you must know your rights so the lender does not over step his boundary in their attempts to collect on a loan.

To avoid these issues, we ask borrowers to read all the terms and conditions and even the fine print to make sure that they agree to all terms so they are not surprised by anything.  Be in contact with the Lender to make sure everything is in order with payments when they are due and if/when you can cut the loan payment short with paying in full.

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Modern automotive engines are computer controlled to operate within a tight range of operating parameters, and that includes how much octane is in the gasoline you use.
Look for a rebound of mortgage refinances for another year or so before rates go up.