Tag: Loan

Getting an Auto Loan? Here s What you Need to Know #get #a #loan

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Before You Get an Auto Loan

Updated August 05, 2016

For a successful auto purchase, you ve got to get several things right: choose the right car, get a good price, and fund the purchase in the most affordable way. If you re going to borrow for your purchase, the choices you make on your auto loan are extremely important.

An auto loan helps you buy a car that costs more than you can afford with cash. Unless you have a substantial amount in savings, you’ll probably borrow and pay off your vehicle with flat monthly payments.

If you borrow wisely, you enjoy two important benefits:

  1. You’ll spend less (perhaps thousands of dollars less) on your vehicle
  2. You’ll have the flexibility to change vehicles and fund other goals within a few short years

Start planning for your loan long before you ever start looking at cars. Getting your ducks in a row ahead of time improves the chances that you’ll get a loan (and a car) that fits with your lifestyle. Plus, when it’s time to make a deal, you’ll be ready to proceed with confidence.

Key to a Great Auto Loan #1: Manage Your Credit

Your credit (in combination with your income ) determines whether or not you will be approved for a loan. Your credit is your history of borrowing from other lenders – have you borrowed before, and did you repay those loans on time? With a good credit score. you’ll get a lower interest rate, which means you’ll pay less for your vehicle (both in terms of the total interest costs, and the monthly payment, which is based on your interest rate ).

Check your credit: review your credit reports before you apply for auto loans or visit a dealership. All US consumers are entitled to a free credit report under federal law, so exercise your rights. Make sure that your credit looks as good as it possibly can. Your lenders will largely make their lending decision on your credit score.

Read through the report carefully and fix any errors that will drag down your score – they’re more common than you think.

Key to a Great Auto Loan #2: Know How Much You Can Spend

Get a clear idea of how much you can spend (down payment and monthly payments) before you start looking at cars. If you fall in love with a vehicle before you know whether or not it s in your budget, some salespeople can make it appear as if the car is affordable with fancy math and long-term loans .

Your down payment is an up-front payment – the larger your down payment, the smaller your loan (and the resulting monthly payments). It hurts to write a big check up front, but you’ll enjoy more flexibility later if you do so.

Your monthly payments are the regular payments that you’ll make for years to come. Keep these at a comfortable level because you never know if things will change. Your income could fall, or you might face unexpected expenses in the coming years. If you spend as much as you can today, you’re putting your future at risk.

Key to a Great Auto Loan #3: Look at the Big Picture

Understand how loans work. and you’re better equipped to make smart decisions about your loan. When car buyers lose perspective, they commonly fall into two dangerous traps:

  1. Focusing on the monthly payment (as opposed to the purchase price and total cost including interest)
  2. Tunnel vision (the need to buy a certain car or certain features, even if those don’t fit your finances)

It’s tempting to focus on the monthly payment when deciding how much you can afford. In fact, some auto dealers encourage this. Unfortunately, the monthly payment is easy to change: just make the loan last longer. Stretching out a loan for more years (for example, going with a seven-year auto loan instead of a four-year loan) makes for lower payments – but it also results in dramatically higher interest costs. What’s more, you’ve got a better chance of getting upside-down on your loan (when you owe more on the vehicle than it is worth).

Making a small down payment feels good today, but that means you’re borrowing more (which, again, makes it easy to get upside-down).

Make sure you’re buying a car that you can truly afford and avoid taking on a loan that will come back to haunt you.

Tip: unless you pay cash, it’s best to put down at least 20% for a down payment and get a loan for five years or less.

Key to a Great Auto Loan #4: Shop Around

This is simple but it is often overlooked. The most important point here is that you don’t have to get your auto loan from the dealership. Check with a credit union. bank, online lender. or P2P lending source. In most cases, your car dealer won’t have the best auto loan (but in some cases the dealer s offer can t be beat). By consulting with an alternate lender before you step onto the lot, you’ll be armed with knowledge of what’s available to you – and that gives you bargaining power.

Key to a Great Auto Loan #6: Avoid Prepayment Penalties

Things change in life and flexibility is important. Your auto loan should also be flexible. Find a lender that will allow you to make extra payments or pay off the loan entirely without any penalties. It’s important to read the fine print – some “penalties” aren’t called “penalties,” and old-fashioned prepayment penalties have been outlawed in some states (so lenders have to find other ways to discourage payment).

Key to a Great Auto Loan #7: Evaluate Insurance

Lenders sometimes ask about life and disability insurance when you buy a car. They’re not asking out of kindness – they’d like to sell additional insurance with your loan. Credit insurance helps to cover your loan payments, but it’s rarely a good deal to get credit insurance with your lender. Evaluate your existing life and disability policies that you own as an individual or that you get through your employer.

Again, gather information before you go shopping for a car, as you’ll want these details available. Plus, it’s just wise to know how you and your family are protected if something happens. If you feel like you need coverage, compare offers from several different sources, including an individual insurance agent that is not affiliated with your lender.

When you borrow money to buy a car, your lender is already protected: they can repossess the vehicle if you stop making payments – so focus on protecting yourself and your loved ones.


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Personal Loans & Lines of Credit, First National Bank #first #national #bank #loan, #first

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Personal Loans & Lines of Credit

If you need access to some extra cash – whether for a major purchase, a well-deserved vacation or just in preparation for something unexpected – a personal loan or line of credit from First National Bank may be right for you. With a variety of credit terms and repayment options, we can structure your loan or line of credit to suit your situation and needs.

  • Option of personal loan or line of credit
  • Fixed rate and terms available
  • Variety of repayment options

First National Bank is an equal opportunity employer-disability/veteran

Copyright First National Bank of Omaha. All Rights Reserved.
1620 Dodge Street, Omaha, Nebraska 68197


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How to Qualify for a Small-Business Loan in 5 Steps #qualifying #for #a #small

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How to Qualify for a Small-Business Loan in 5 Steps

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

Qualifying for a small-business loan is easier when you’re prepared. Below is a to-do list that will help you qualify for the cash you need to grow your business.

Whether you end up applying for an SBA loan through a bank or opt for an online small-business loan, you should be familiar with the requirements of each lender. Knowing whether you meet its criteria before you apply will save you time and frustration.

How to qualify for a small-business loan

1. BUILD personal and business credit scores

Your personal credit score ranges from 300 to 850 (the higher, the better), and evaluates your ability to repay your personal debts, such as credit cards, car loans and a mortgage. The FICO score, commonly used in lending decisions, is based on five factors: your payment history (35% of your score), the amounts owed on credit cards and other debt (30%), how long you’ve had credit (15%), types of credit in use (10%) and recent credit inquiries (10%). Small-business lenders require a personal credit score for loan applications because they want to see how you manage debt.

Get Your Free Personal Credit Score Every Week from NerdWallet

  • Open more doors for financing your business.
  • Set your goals and track your progress.
  • Signing up won’t affect your score.

Paying your bills on time is crucial to building your score. But even if you pay your bills like clockwork, credit report errors could be damaging your score. One in 4 consumers identified damaging credit report errors, according to a 2012 study by the Federal Trade Commission. However, 4 out of 5 consumers who filed a dispute got their credit report modified, the study found. A follow-up study by the FTC found that 20% of those consumers saw a jump in their credit score after resolving errors. You can get a copy of your credit reports for free once a year at AnnualCreditReport.com and dispute any inaccuracies you find through each of the credit bureaus’ websites (Experian, Equifax and TransUnion).

Businesses that are more established and want to apply for bank loans can check out their business credit scores (which generally range from 0 to 100) at three business credit bureaus: Experian, Equifax and Dun Bradstreet. Check out these five steps to building business credit. and if you see any mistakes on your reports, contact the bureaus.

More than likely, you’ll need an excellent business credit score as well as good personal credit to qualify for an SBA loan or traditional loan from a bank; this will depend on the individual lender and business factors such as your revenue, cash flow and time in business. In general, online lenders look at personal credit scores but can be a bit more lenient when it comes to credit score requirements, as they place more emphasis on your business’s cash flow and track record.

If you re looking for the best financing for your business, take our quiz to find your options.

2. Know the lender’s minimum qualifications and requirements

Meeting a lender’s minimum qualifications and requirements will make you a stronger applicant. Some lenders may offer some flexibility if you’re underperforming in one area but overperforming in another, but your best chance of getting approved is meeting or exceeding all of their minimums.

Borrowers typically need to meet minimum criteria related to credit scores, annual revenue and years in business. And lenders generally frown upon recent bankruptcies and other past delinquencies.

If you’re looking for loans backed by the U.S. Small Business Administration, you have to meet additional SBA loan requirements. Your business must meet the SBA’s size standards because these loans are only for small businesses. Borrowers typically need to have strong personal credit and business revenue, and must be current on all government loans with no past defaults. So if you’ve been late on a federal student loan or a government-backed mortgage, you’ll be disqualified.

Your business must operate as a for-profit company and you can’t be on the SBA’s ineligible businesses list. which includes life insurance companies, financial businesses such as banks and real estate investing.

Qualifying for online lenders can be easier. Although online lenders typically underwrite loans based on traditional factors such as credit scores, annual revenue and cash flow, the loans carry less stringent requirements than SBA loans. For example, some online lenders may qualify you even without strong credit or an established business, and the lender may be more lenient with a recent bankruptcy. On the downside, this speed and ease of qualification typically comes with a more expensive loan.

3. Gather financial and legal documents

Banks and other traditional lenders typically ask for a wide range of financial and legal documents during the application process. They can include:

  • Personal and business income tax returns
  • Balance sheet and income statement
  • Personal and business bank statements
  • A photo of your driver’s license
  • Commercial leases
  • Business licenses
  • Articles of incorporation
  • A resume that shows relevant management or business experience
  • Financial projections if you have a limited operating history

These requirements can make getting a bank loan time consuming. That may not be an issue if you’re in the market for a long-term business loan to finance a major investment.

However, if you need money faster, online lenders may be a better fit, as they can provide a streamlined online application process with fewer documentation requirements and faster underwriting. If you have good credit and strong business finances, some online lenders may offer you rates comparable to those for bank loans.

4. Develop a strong business plan

Lenders will want to know how you plan to use the money and will want to see that you have a strong ability to repay. They may require a solid business plan that details the purpose of the loan and how you expect it to increase profits.

Your business plan should include current and projected financials, and clearly demonstrate that your business will have enough cash flow to cover ongoing business expenses and the new loan payments. This can give the lender more confidence in your business, increasing your chances at loan approval. Your business plan should include:

  • Company description
  • Product and/or service description
  • Management team
  • Industry analysis
  • Facilities and operations plan
  • Promotional, marketing and sales strategy
  • SWOT analysis (strengths, weaknesses, opportunities, threats)

5. Provide collateral

To qualify for a small-business loan, you may have to provide collateral to back the loan. Collateral is an asset, such as equipment, real estate or inventory, that can be seized and sold by the lender if you can’t make your payments. It’s basically a way lenders can recover their money if your business fails.

SBA loans require “adequate” collateral for security on all loans, plus a personal guarantee from every owner of 20% or more of the business. A personal guarantee puts your credit score and your personal assets on the hook.

Some online lenders do not require collateral but may want a personal guarantee. Others may also take a blanket lien on your business assets — essentially another form of collateral — giving the lender the right to take business assets (real estate, inventory, equipment) to recoup an unpaid loan. Each lender has its own requirements, so don’t be afraid to ask questions if you are unsure.

If you don’t have collateral to get a loan or don’t want to take on the risk of losing personal or business assets, unsecured business loans may be a better option.

Which financing option is best for me?

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Direct Mortgage Wholesale, Online Rate Locks, Loan Programs, Automated Underwriting System, mortgage loan.#Mortgage #loan


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Canadian Government Grants & Loans – Small Business Financing, getting a loan for a

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The recipients in these stories took the first step and contacted our Centre to learn about their funding options. Although we cannot guarantee you will get funding, the more you know about others experiences the better your chances.

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Still not sure where to start? Our in-house group of experts can help. Give us a call or fill out the form below to begin.

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Apply Your Loan Online Now! Loans Available in Canada, how to apply for mortgage

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Apply and Compare online Loans in India #loan, #loans, #loan #in #india, #compare #loans

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When are you too old to take a loan?
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How to get a bank loan today?
The world has not been the same after the economic crisis of 2009. The huge upheaval in the financial systems that we witnessed during that year still has repercussions. Banks went under, the ones that survived tightened their purses and credit spigot almost dried up The same was the case with India Read more..

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Everyone today has some form of debt or the other. This can be at an individual level or in a company that you have started. However, everyone harbours a desire to pay off all debt and start on the path of creating wealth. How do you do it? Have a goal The first step is always aboutRead more..

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Car Title Loans: What you Get – What you Pay #get #a #loan #against

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Car Title Loans: What you Get What you Pay

Updated August 09, 2016

Car title loans are a way to quickly get a short-term loan, but they’re generally very costly. To get an auto title loan, you’ll need to pledge your vehicle as collateral for the loan (by giving the title to the lender until the loan is completely repaid).

If you’ve got no other options (for example, you need funds for medical treatment), a title loan might make sense. In most cases, they end up being more expensive than they’re worth – and you can even lose your car.

How Car Title Loans Work

To borrow against your vehicle, you need equity in your car. In many cases, you need to own the vehicle free-and-clear, but some lenders allow you to borrow if you’re still paying off a standard auto purchase loan.

The amount you can borrow is based on the value of your car (or your equity in the vehicle). The greater the value, the more you can borrow – but don’t expect to squeeze the full value out of a title loan. Lenders want to make it easy on themselves to get their money back, so they’ll lend only what they can quickly and easily get for the car if they have to repossess the vehicle and sell it .

Title loans are short-term loans. often due within 30 days. That means you have to quickly come up with the funds for a complete repayment (also known as a balloon payment ), and that’s rarely as easy as you’d hope. In some cases, you can extend repayment by “rolling over” the loan – instead of paying it off, you get a brand new 30 day loan.

However, rolling over is an extremely expensive way to borrow because you have to pay new loan fees every time you do it. State laws sometimes limit whether or not rolling over is an option.

Costs are high with title loans. Lenders generally charge higher interest rates than you’d pay on credit cards.

State laws often limit interest rates, but those limits are still quite high. What’s more, you typically have to pay fees to get a title loan, and those fees effectively increase your cost of borrowing (even if the cost isn’t called “interest,” you’re still paying it). Like payday loans. title loans can lead to you repaying several times what you borrowed – not just a little bit of interest.

Losing your Car

One of the biggest problems with title loans is the risk of losing your car. If you’re unable to keep up with payments, the lender can take possession of the car, sell it, and keep their share of the money (sometimes they get to keep everything ).

If your car is taken, things might get worse quickly. You might not be able to get to work and continue earning an income (or getting to work and back will take substantially longer). It will be more difficult for you and your family to complete daily tasks such as shopping and getting to school. If you don’t have to put your car on the line, don’t do it.

Alternatives

Before you get a title loan, make sure you’ve tried everything else. These options might not be appealing, but they might be your best option.

  • A personal loan is your best option if you must borrow – ask your bank or credit union about borrowing with a longer-term loan at better rates
  • Credit cards are rarely a smart way to borrow, but they are unsecured loans that don’t carry the risk of repossession
  • Extra income might also get you through a rough spot. If you can take on another job – even temporarily – you will most likely come out ahead. It’s not pleasant, and it might not even be possible, but it’s worth evaluating.
  • Cut costs: again, easier said than done, but if temporary sacrifices can get you through a rough spot unscathed, that’s probably a better option.
  • Downgrade: if you have a more expensive car than you need, you might be able to drum up cash by selling that car. buying something less expensive, and keeping the difference.

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Illinois Wesleyan: Economics Major #refinancing #house #loan


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Economics

About the Economics Department

Students (from left) Jonathan Bates, Ben Aberle and Matthew Bishop worked on a summer research project with Associate Professor of Economics Diego Mendez-Carbajo (at laptop)

Associate Professor of Economics Ilaria Ossella-Durbal serves as department chair

Associate Professor of Economics Robert Leekley wasn’t satisfied with existing statistic textbooks, so he wrote (and published) his own

Associate Professor of Economics Amit Ghosh teaches financial economics courses

As a student of economics, you develop critical-thinking and decision-making skills that will be valuable in your future professional life.

Undergraduate Research

At Illinois Wesleyan, many of our students work one-on-one with our economics faculty, researching topics of their mutual interest.

Seniors have the opportunity to develop independent study projects, presenting their work at local, regional and national conferences.

How to prepare for a career in economics research and consulting: Mark Israel ’91, Executive Vice President of Compass Lexecon, gives advice on coursework and research activities for students interested in economics research and consulting. Learn more about Mark’s career and the scholarship he started at IWU.

Student Publications

Our students edit and publish two economics journals: The Park Place Economist , and the online Undergraduate Economic Review . These are two of only a few undergraduate economics journals in the world.

Co-Curricular Activities

Every year the department hires several of our top students as computer lab assistants, journal editors and tutors for introductory classes. The Economics Society, our student-run club, organizes a variety of extra-curricular activities for faculty and students to enjoy outside of class.

Career Connector

We have compiled over 10,000 of our alumni’s career biographies and paired them with their major (or majors) at Illinois Wesleyan. See the careers held by IWU graduates who majored in economics .


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The Home Affordable Modification Program (HAMP) #loan #modification #attorney #nj


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The Home Affordable Modification Program (HAMP)

This program ended on January 1, 2017. If you re struggling with your mortgage payment, contact your mortgage company or a housing counselor at 888-995-HOPE (4673) as soon as possible.

In 2009, the federal government unveiled the Making Home Affordable program to help homeowners stay in their houses and avoid foreclosure. One of the major components of the Making Home Affordable initiative is the Home Affordable Modification Program (HAMP). The goal of HAMP is to induce lenders and servicers to modify homeowners’ loans so that payments become more affordable.

(The other major component of the Making Home Affordable initiative is the Home Affordable Refinance Program (HARP). To learn more about that program, see The Home Affordable Refinance Program .)

Eligibility for HAMP

You may qualify for HAMP if all of the following are true:

  • The unpaid balance of your loan is equal to or less than $729,750 (this amount is higher if your property consists of two to four units).
  • Your loan was originated before January 1, 2009.
  • The property has not been condemned.
  • If the mortgage is on your primary residence, you are at risk of imminent default.
  • If the mortgage is secured by property that is not your primary residence, you are in default on the loan.
  • You’ve experienced a financial hardship.
  • You can show (by way of a tax return and wage stubs) that you have enough steady income to make the payments under a modified loan.
  • Within the last ten years, you have not been convicted of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

HAMP Program Expanded in June 2012

The Obama administration expanded the HAMP program, effective June 1, 2012. In the expansion, the government eliminated some of the previous qualification requirements. For example, you can now get a HAMP modification for a home that is not your primary residence, and the government got rid of debt-to-income ratio requirements. It also extended the program to people who defaulted on previous HAMP modifications.

This means that you should consider reapplying for HAMP if:

  • you want to modify the loan on a home that you rent or intend to rent
  • you didn’t qualify for HAMP in the past because your debt-to-income ratio was 31% or lower
  • you defaulted on your trial-period payments (see below), or
  • you got a permanent HAMP loan, but defaulted on payments.

Trial Period

If your lender agrees to a loan modification under HAMP, you start with a three-month trial period. If you make the payments on time during this period, the loan agreement becomes final.

Applying for HAMP Loans

Banks are not always diligent in reviewing HAMP applications as required by the program. This means your best chance of getting a modification is to follow up on your application, and hound the bank to follow the program rules.

  • Send your HAMP application by certified mail with return receipt, fax with confirmation, or some other method that provides you with proof that the servicer got your application.
  • The lender is supposed to confirm that it got your application within ten days, and then evaluate it within 30 days. If you don’t hear from the lender during these time frames, follow up.

What Happens to a Pending Foreclosure?

Unless your sale is scheduled within seven days, when you apply for a HAMP modification, the lender is supposed to freeze all foreclosure proceedings until it evaulates your application. Be sure to get written confirmation that the lender has postponed any scheduled sale — some homeowners have complained that lenders continued with a foreclosure even when the homeowner applied for HAMP more than seven days from the sale date. If you can’t get written confirmation, contact an attorney.

When Does HAMP End?

HAMP is set to expire on December 31, 2016.

To learn more about HAMP, visit the federal government’s Making Home Affordable website at www.makinghomeaffordable.gov. To learn about other goverment programs for struggling homeowners, visit Nolo’s Government Foreclosure Prevention Programs area.

Talk to a Foreclosure attorney.


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