Monday, June 17, 2013

5 Steps to Get a Student Car Loan

When you are staying in a different city for education purposes, there are chances that you want to buy a car for yourself. A car makes it easy for you to commute from the university and also helps you to drive back home without the hassle of buying tickets. It is difficult for you as a student to fund the whole amount for the car; therefore, you can always apply for car loans. Given below are five steps that you can take to get a good car loan for your new car-


  • Open Bank Accounts

When you apply for a car loan you have to show the lenders that you are a mature borrower. This means that you have made arrangements to increase and secure your savings. You can open a checking and a savings account and start saving some amount in them. Also keep your bank-statement clean to show that you do not overdraw and is consistent in saving and managing your finances.

  • Take Control of your Credit

The first thing that lenders see when you apply for a car loan is your credit chart. This chart helps them determine how well you are as a borrower and whether there are chances of your becoming a defaulter. You should always build a good credit history if you ever plan to take a loan. Students in most cases become defaulters, so build a good credit history to prove the lenders otherwise.

  • Provide Clear Background Information

As a student when you apply for a car loan, you have to provide valid documents to prove that you are enrolled at a certain college. It helps if you borrow the car loans from the lender your parents deal with. This ensures that they have a known guarantor and you can show them a good credit history of your family.

  • Co-sign with Parents

Lenders are always apprehensive about the defaults and they are very uncertain when students apply for loans. If you feel that your credit history is not good and you might not be eligible for a student car loan on the basis of your bank records, then you can always co-sign with parents. This move makes the lenders believe that in case you can’t pay the loan, your parents can pay the money,

  • Be Truthful with the Lender

Be truthful when you tell the lender about your income and expenditure. You are a student who is on a shoe string budget. When you are truthful with the lender, you can avoid unnecessary loan burden. Being honest in your dealings and providing transparent papers helps the lender develop a faith it you and helps to get approval. If you can, get some added benefits for the loan since you are a student.

You are on a tight budget as a student. You have additional expenses after buying the car. Take this into account when you settle your monthly interest and loan repayment amount.

Thursday, June 13, 2013

Increasing Your Income Without A Second Job

The balance between work and free time is always precarious. Work always threatens to subsume the balance of our lives, and often the pressure to make more money is overwhelming. Some try to reduce their expenses and lifestyle in order to live within their means, but sometimes the only solution to a personal finance crisis is to increase earnings, and this can sometimes lead to working two or even three jobs, reducing your life to an endless cycle of work which leaves little actual living. For short term goals – to earn a specific amount of money in order to fund a purchase or trip, or to eliminate debt – this can be a viable strategy, as there is a clear end date. But for a general need for increased income, there are more passive ways to increase personal revenue without taking on a second job.

Freelancing Jobs

Leverage Assets: Sell Unneeded Stuff

The simplest way to raise cash is to perform a detailed review of your assets in the form of unnecessary possessions. Items such as stereo, computer, and video equipment, televisions and even video game consoles may be able to generate sufficient income to offset debts and allow you to keep your free time. This is especially true if you have multiple examples of each category – more than one television, for example. A careful review of the depreciated worth of each item and the expected sale amount is crucial, and a firm resolution not to sell the items under market value, is essential.

Leverage Assets: Rent Unused Time

It is possible these days to leverage assets such as an apartment or car for additional income by signing up with a sharing website. These websites allow you to rent your car or apartment (or a room within) for a fee. You can decide when the car or room is available, and the services generally provide a certain amount of insurance coverage.

Keep in mind that local laws sometimes forbid you to rent your primary residence, and if you yourself are renting the apartment from a landlord you may be prohibited from sub-leasing it. However, assuming the local laws do not preclude these activities the sharing services mean that your car is potentially generating income for you while you are not using it.

If you have an unused bedroom in your home or apartment, you can also simply rent it to a room-mate for a fixed monthly cost, and if you have a parking space that you are not using, this can also be rented, often at a very high price in very congested areas. All of these options require no time or effort on your part but generate income.

Reducing Commitments

Finally, if you need to increase your income you might consider taking the opposite route: Lowering your expenses. Moving into a smaller home with a lower rent or mortgage payment means a net gain in the amount of money you have one hand. Similarly, a switch from driving a car to taking public transportation can also result in more money on hand after each paycheck. In the same way that income goes further in areas with a lower cost of living, decreasing your personal cost of living will make your existing paycheck go further.

About the Author: Mark Quigley is the owner and director of Darcey Quigley, an independently owned commercial and international debt recovery company based in the UK.

Top 5 Accounting Apps For Your Smartphones

A lot of accounting apps come with features like payroll, trial balance, accounts receivable and accounts payable. The best software is also user friendly with a nice interface. They give business owners to pull reports and get a picture of their finances at a glance.

Accounting Apps

The list below provides a rundown on the top 5 accounting apps. They’re not ranked in any particular order because what is best for one business might not be appropriate for another. Consider the features, your budget and how your choice of accounting software will help solve your day to day accounting needs.

1. QuickBooks Mobile

QuickBooks is a leader with it comes to accounting programs. This application is available in Premier, Pro, Online, Mobile and Basic editions. Each version of the software caters to a specific need and budget. The extent of the features also varies according to the version. For instance, the Pro version includes Customer Snapshot so anyone can view the customer’s history with the company. The Collections Centre lists all the due and past due invoices for each view.
With QuickBooks Mobile you’ll have access to a lot of the features on the desktop and online versions on your mobile phone. That includes full customer account management with billing, receipts, invoicing, customer tracking and estimates included. This is suitable for small business accounting needs.

2. Easy Books

Designed for the lone businessman, Easy Books is an iOS app used to manage invoices. Use it to keep your finances organized using the prefilled forms, linked accounts and calculator. The lightweight app won’t consume too many resources on your mobile device and the security features will put you right at ease. Features include password protection, data encryption, personal management, data backup, sales tax calculation, and calculate your hourly rate based on time worked.

3. Xero

Use Xero to manage your business finances on the go. Your 4-digit pin magically opens access to all your accounts – including Paypal, credit cards and bank accounts. You can also access your contacts and your outstanding invoices. Uploading your receipts is as easy as taking a photo using your phone’s camera. Find and call your contacts easily with the search feature and call them directly from within the program.

Xero is one of the few apps that are built to support multi-currency for those times when you’re conducting foreign transactions. Since the app integrates with inventory management systems, CRM solutions, payroll and ecommerce you can do a lot more to extend the app’s functionality.

4. Bill Tracker

Managing your bills probably isn’t your favourite activity. With so many bills to pay nowadays, it’s easy to understand why so many people lose or forget to pay their bills. This is one area where an accounting app like BillTracker proves to be extremely valuable.
Don’t be fooled by the simple, user friendly interface. Below the simple covering the app packs an advanced database. It will track all your bills and notify you of the due date and the amount owed. Set up recurring bills and view your complete billing history.

5. Mint

The Mint app is an extension of Mint.com to use on your Android or iOS mobile device. This personal finance management tools can be used to manage your income, expenditure and accounts in one single place. Security will always be a concern when it comes to your financial information. To keep your information out of the wrong hands, you’ll have to use a 4-digit password to access your accounts on your mobile device. If your mobile is lost or stolen, you’ll just need to log into your online Mint.com account and deactivate mobile access.

What are some other accounting apps you’ve used?

Know How Car Loan Modification Scams Work

Car dealer fraud surrounding auto financing is on the rise and the Federal Trade Commission has taken action against such schemes aimed at car owners who are looking to avoid repossession of their cars. A year ago the FTC filed complaints against Auto Debt Counseling and Hope for Car Owners claiming they charged hundreds of dollars with the claim they could lower their monthly car payments from 25 to 50 percent.
Car Loan Scam

Recently the Center for Responsible Lending (CRL) found that in a study of five companies that help patrons with car financing issues, roughly 27 percent of consumer complaints were comprised of yo-yo financing. This means a dealer has let on that a deal for financing is complete and they allow the buyer to take the car home. Several days or weeks later, the buyer is informed that the financing was not approved and a new contract must be signed. The new contract’s terms are usually nowhere as satisfactory as the first contract. The dealer can charge you for wear and tear on the car or even a daily rental fee for the period you've had the car if you choose not to refinance.

Negative equity scams are frauds in which the dealer does not clearly explain that when an offer is made to pay off the balance owed on a trade in, that amount is bundled into the new loan against the new vehicle purchase. Most car buyers were not aware of this until the final paperwork was signed. Loan packing is another scam where the dealer coerces buyers into buying additional products, such as gap insurance, extended warranties, service contracts and rustproofing. Most of the extras are unnecessary or are already done at the factory and buyers may end up purchasing the same thing twice.

Only your lender can help you with a loan modification or any other options when you fall behind in your car payments. However, unless you contact them, the problem will not be solved at all. Some options may be a deferral of missed payments to the end of the term or even extending the loan to reduce monthly payments. Keep in mind rarely will a lender reduce the total amount owed or lower the interest rate.

If it sounds too good to be true it probably is. You should never pay a company to settle your debts. This is on you.

Thursday, June 6, 2013

Choosing the Best Payment Processing Service for Your Business

With the sheer number of payment processing companies available today, choosing the best company which provides the best service can really be quite a challenge. So, if you are ready to accept credit and/or debit card and other non-cash transactions, you should do thorough research before making a decision. Remember, the success of your business may very well depend on it.

Payment Processing

Choosing the Right Payment Processing Service – Some Factors to Consider

Here are some of the most important factors that you need to consider when choosing a payment processing service for your business:
  • Rates and fees. Each company has different rates and fees for their services. Some may even charge an additional monthly fee on top of their transaction charges. Needless to say, this can have a significant impact on your profits so you better check these out before you make your decision.
  • Application requirements. Some merchant services do not accept applicants who have credit problems or do not have an established credit record. If this is the case, consider a third party merchant account service such as PayMeSecure for your online credit card processing needs.
  • Setup procedure. Choose a payment processing service that does not charge any application and/or setup fees and has straightforward application procedures.
  • Customer service and technical support. No matter how you try to prevent it, there is always a possibility that unforeseen difficulties will occur so choose a payment processing service that offers excellent superior customer service and technical support. You should also make sure that your chosen company offers 24/7 support, especially if your business operates outside the typical business hours.

Tips in Choosing the Right Payment Processing Service

Now that you know some of the most important factors to consider when choosing a payment processing service, here are some useful tips that can help you find the best credit card processing service that will suit your needs.
  • Ask around for recommendations. What payment processing company does your business colleague use? Do they provide good service? Don't be afraid to ask for recommendations since this can point you in the right direction. In addition, you should check how your chosen service providers rate with the Better Business Bureau.
  • Consider trying them out first. To avoid a lifetime of hassle, you should choose a company that offers 100% money-back guarantee. Try them out first to get a better idea of what their service is really like.
  • Keep an eye on the fees. Don't hesitate to ask about the fees they charge you. Remember, you have the right to know.
Choosing the right payment processing service can spell the difference between the success and failure of your business so you need to make sure you choose one that perfectly suits your needs.

Author Bio: Phillip Rinkin has been an independent gas station owner in the state of Florida for the past 10 years. Apart from managing his business, he is an avid writer and firmly believes in expressing his opinion about the services he uses. Read more about his journey of a businessman at PayMeSecure.

Wednesday, June 5, 2013

Why To Refinance Mortgage?

Due to relatively low interest rates and increased property values, many people are considering to use their mortgage to repay certain debts including high interest rates (credit cards, consumer loans, etc. ...) to renovate the house or to invest in RRSPs or other investments.

Refinance Mortgage

The principle of refinance mortgage is simple:

You use the equity in your property to obtain the necessary liquidity performance of other projects. In other words, this means that you can borrow up to 80% of the market value of your property less the balance remaining to be paid on your mortgage. In addition to making regular payments to pay off your mortgage, property values ​​tend to increase, which allows owners to accumulate equity. You can access this equity by refinancing.

Consider the following example:

Sylvie's house is now worth $ 230,000 on the market. Currently, he still has to pay $ 130,000 on his mortgage.
To calculate the limit it can borrow, the financial institution conducts the following calculation:
Outstanding balance of the mortgage - Estimated maximum property value * allowed for the loan (80%) value.
$ 230,000 * 80% 130 $ 000 = 184 $ 000 130 $ 000 = $ 54 000

Sylvie can therefore borrow a maximum additional amount of $ 54,000 when refinancing his mortgage. The main reasons for a refinance mortgage:
  1. To renovate your home.
  2. Investing in a second home or other property.
  3. Buying a vehicle
  4. Fund your children's education.
  5. Make profitable investments.
  6. Invest in your RRSP.
  7. Lower your monthly payments by consolidating your debts.
  8. Pay off your credit cards and get a better rate, etc...
The methods of refinance mortgage There are several options available to you for refinance mortgage which include the following:

1. The breakdown of your mortgage contract.

If you do not intend to honor your mortgage, act quickly, so as to get a lower interest rate or even access your home equity, stop your mortgage and get a new one with another institution.

2. Add a line of credit on home equity.

A line of credit gives you access to the equity in the house whose amount is at your discretion. You are then responsible for the payment of monthly interest according to your current balance. You can access the line of credit with your lender and a small group of other bankers.

3. Mix and apply the mortgage.

Your institution can offer a "blended rate", basically a "mix" of your current mortgage rate with additional liquidity that will lend at market rates. The weighted rates are often higher than the most competitive rates; make sure to compare with the "breach of contract" option to not miss the chance to save.

How to proceed?

Being a new mortgage, you must renegotiate all conditions. Contact your mortgage broker for Multi-Loans who will make representations to financial institutions to find you the best rate with the best conditions.

The broker may also help you plan your financial needs and highlight the amounts required for your projects. It will calculate the costs related to the transaction, such as legal fees.

Benefits of refinance mortgage

  • It is generally a more economical loan. Interest on a loan secured by real estate values are generally lower than rates on personal loans.
  • Refinancing can be your leverage, enabling you to improve your financial situation in the long term. The money generated from the equity in your property can be exploited in efficient investment if the interest earned on these investments is higher than the interest payments on your mortgage.

The Importance of Funeral Insurance Plans

Death is not a subject we like to discuss, or even think about in the first place. Nevertheless, we all know deep down inside that passing away from this world is inevitable in the end. Though in the past one's passing only touched people on an emotional level (at least for the most part), in today's bureaucratized world, the person's relatives are also forced to bear certain burdens on a financial level. More precisely, they need to not only plan the funeral, but also pay for it… and these days, funerals can cost a pretty penny.

Funeral Insurance

Thankfully, in the past few years certain companies have appeared with the purposes of easing this burden from those affected by it, and they accomplish that with funeral insurance plans. Explained as briefly as possible, these types of plans require one to pay a certain amount on a regular basis (weekly, or in most cases, monthly), and in the event of their demise a certain amount of money will be released in order to cover the funeral costs. Needless to say, the specific amounts and conditions tend to vary from company to company.

Such an insurance plan can even benefit those who aren't planning to have an expensive funeral. An unexpected death can really bring a family into a state of shock and confusion, during which they will also be asked to straighten out the deceased one's financial affairs. The insurance will be able to help with that and prevent the family from taking on a big debt during such a devastating time.

Of course, there are plenty of companies offering funeral insurance plans, and choosing the right one can be a bit difficult. While there is certainly no denying that there are numerous companies with attractive options, Funeral Insurance may very well be one of the best ones. For starters, they accept all applicants without discrimination, as long as they are between the ages of 17 and 80, as dictated by the law in Australia. They ask absolutely no health or medical questions during your assessment, meaning any illnesses you may be suffering from won't stand as obstacles in front of you.

Funeral Insurance provides a customized coverage on a case-by-case basis, though they do have plans that start at only $2 per week, and they can cover anywhere from $1,000 to $30,000 in funeral costs. If the death accidentally occurs within twelve months of signing the contract, then the benefit is paid in triple fold. In addition to that the first three months are free, payments can be made on a weekly or monthly basis, not to mention that after reaching the age of 90 you will be exempted from having to pay any premiums.

As hard as it may be to do now, once all is said and done, having a funeral plan will give you and your family peace of mind, knowing that you can enjoy the rest of your life without having to worry about what will happen once you or your loved one is gone. Considering it costs peanuts and acceptance is guaranteed, Funeral Insurance is at least worth a look (they also offer a free quote), if only to find out more about how such a plan could bear benefits.