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Is There Any Benefit to Refinancing My Car? #simple #loan #calculator

#refinancing car loan

Is There Any Benefit to Refinancing My Car?

Many people wonder whether or not it is beneficial to refinance my car loan. The simple answer is yes. Refinancing can save you hundreds, maybe even thousands over the life of your auto loan. The point of refinancing is so that you can get a better interest rate on your loan.

Lowering your interest rate by even one single percentage point can result in huge savings. Remember, car loans are normally more than three to six years in term length and all those months of interest add up. Here is the process you should follow to go about refinancing your car.

Meet With Your Current Lender

You should first get all of your necessary paperwork together. This includes your insurance, title papers, and any information regarding the car.

Next, you should meet with your current lender to talk about your loan. Don t start discussing better rates with them instead, talk about the amount you need to pay off your loan completely. It probably won t be the same as the total amount you owe. It can be less for paying it off early however there may be prepayment penalties.

Credit Score

Getting a better refinance rate is all about your credit score. Chances are, if you are paying a higher interest rate than the current market, it was because your credit score was less than stellar initially. You should check your credit score using sites such as Experian or TransUnion. You can have one free check per year that will not deduct points from your score. If your credit score is better than it was when you signed the loan, refinancing will definitely get you a better rate.

When you start the refinancing, it adds and subtracts what is called a trade line from your credit. Whenever a loan is refinanced, there is one lender that is being paid off in full and then another one comes into the picture with a new hold on the car. This change is noted on your credit, but it has no negative impact. All credit lines on your credit report will be updated on a monthly basis. This gives the rating agencies an idea on how you might be taking care of your debt load.

Benefits of Refinancing

Another reason you may want to refinance your car is raise yourself above other forms of credit. Once you have equity in your car, you can structure a new loan so the finance company will give you a check to use to pay off credit cards or make an extra payment or two on your house. Since interest rates on credit cards are so much higher than on car loans, it is very advantageous eliminate credit card debt as quickly as possible.

Sometimes lenders offer other types of incentives for opening a new loan with them. This can be an offer to make a payment for you or allowing you to skip a payment, without falling behind in your payments. This can be very helpful when you have a need to make repairs to your house or another car. You could even apply the money you save to the loan and have one less month to make payments or use the money towards a vacation or back to school needs.

Possible Problems with Refinancing

If the new company fails to pay off the entire amount of the old loan then your credit is at risk. Though widely uncommon, if you are not aware of this and the old loan is neglected, it will go into default and your credit will suffer accordingly.

Of course, the biggest effect on your credit is if you fail to pay the new loan and default on it. This will always have an adverse effect on your credit and immediately lower your credit score with rating agencies.

Research Quotes

Next, you should shop around for various vendors to find any better rates. You can use an auto loan refinance calculator to also help you figure out what your new loans would be fairly quickly. Other quotes will break it down for you and can usually be done online and within an hour. These quotes are sometimes inaccurate, so it helps to talk to a lender or even have an appointment with one. You will then need to transfer the title to the new lender and pay the small transfer fee.

In summary, refinancing your car loan is a great idea. Refinancing allows you to trade in your current loan for a new loan with another lender, but with a lower interest rate. This can save you lots of money over the life of the loan.

Faxless Payday Loans – My Canada Payday #installment #loan #calculator

#faxless payday loans

Online Faxless Payday Loans

Are you currently in a situation where you are lacking in your finances? Perhaps you are feeling stressed out as a result and wondering how you are going to be able to meet your impeding financial obligations, such as paying your rent/mortgage or even buying groceries. Asking a close friend or family member to borrow some money may not be an option, and going through the long and drawn-out process of applying for a traditional bank loan may be out of the question due to time restraints or poor credit on your part. Regardless of your current financial situation, the good news is that you always have the option of applying for a faxless payday loan.

What is a Faxless Payday Loan?

First of all, a payday loan is a small loan of under $1500 that you can take from a private lender to assist you in covering your expenses until your next payday. The concept of a payday loan is that the borrower should be able to get quick and easy money, and then pay it back with a bit of added interest with their next paycheck. This is often ideal for people in situations just like yours where they just need a bit of extra cash to get them by until payday.

Up until fairly recently, payday loans have been offered only from traditional storefronts. These stores used paper records such as printed bank statements and pay stubs from a borrower’s employer to determine creditworthiness. When payday lenders added the ability to lend money to people from home, they did so by simply extending their existing business model to take those same documents by fax instead of in person. With the increasing ubiquity of internet access, many lenders begain offering faxless payday loans which allowed the applicants to send these documents via email if they had access to a scanner.

My Canada Payday has gone a step beyond this, and allows customers to submit their bank statements using a screen capture application. Borrowers no longer need to have paper copies of their statements, which is increasingly common in this paperless era. The entire process of downloading the screen capture application and submitting the banking details takes less than five minutes and under optimal conditions means that a loan contract will be delivered to the customer in less than ten minutes.

What You Need to Know

Since payday loans are meant to be short-term personal loans, the amount that you may get approved for can vary depending on your current income and how much you need to borrow. Therefore, you should not expect to be able to use a payday loan for larger expenses. In most cases, the maximum amount that you can get approved for with such a loan is based on the amount you make per paycheck with your current place of employment and is capped off at a certain amount for most lenders.

Furthermore, you should be careful to only borrow what you know you will be comfortably able to pay back within a few weeks. Your repayment terms, including how long you will have to pay off the loan, will be outlined in your loan agreement. Take the time to read through this before you agree to a payday loan so that you know what to expect when it comes time to repay the loan, which will likely come soon after you receive the funds. You should also be aware that most payday loans have a higher interest rate than a traditional loan, so be sure that you are aware of what your interest rate is and how it will affect your repayment amount as well.

Overall, payday loans can be a great way to get the money that you need without the hassle of a traditional bank loan. Furthermore, faxless loans can make the process of applying and getting approved even easier. If you are in a difficult financial situation, be sure to keep this option in mind.

How Long Should My Car Loan Be? #provident #loan

#how to get a car loan

How Long Should My Car Loan Be?

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Most people have a rough idea of what monthly payments will fit their budget when it comes to buying a car. That figure is usually what they target when they’re making a deal. However, this monthly-payment mentality is making car buyers lose track of the bigger picture: the total cost of the car and the length of time it will take to pay it off.

Edmunds data tells the story: Since 2002, the average car loan term has slowly crept past five years, and is now inching past six-and-a-half years. In 2014, 62 percent of the auto loans were for terms over 60 months. And nearly 20 percent of the loans were for 73- to 84-month terms.

“Consumers are battling two things,” says Melinda Zabritski, director of automotive credit at Experian. They are trying to get a good interest rate and a reasonable monthly payment. But sometimes the five-year loan has a monthly payment that is too high for them, and they end up financing for a longer term, even if it costs them more down the line, according to Zabritski.

Is there any benefit to having a six- or seven-year car loan? Aside from having a lower monthly payment, no. In fact, there are many reasons why you shouldn’t choose such a long car loan term.

Higher Interest Costs

The longer you finance a car, the more interest you will have to pay on it, both in terms of the rate itself and the finance charges over time. Edmunds recommends a 60-month loan, less if you can manage it. Here’s how the numbers look when you compare a 60-month loan to a 72-month loan.

We chose a 2015 Toyota Camry XLE V6 with a few options as our example. Its True Market Value (TMV ) is close to the average price of a new car in 2014. Edmunds data shows that the average down payment for a 55-60-month loan in 2014 was $4,689. We entered those numbers in our loan calculators. After tax, title and the down payment, the total amount to be financed was $29,800.

The average interest rate for a 55-60-month loan in 2014 was 2.41 percent, according to Edmunds data. The buyer would have a monthly payment of $528. The finance charges over the life of the 60-month loan would be $1,861.

Contrast that with a 72-month loan we plugged into our calculator. The interest rate would be higher, according to Edmunds data: It was 5.9 percent for loans of 67-72 months in 2014. It’s common for longer loan terms to carry higher interest rates, Zabritski says.

The data also shows that the longer loan a person takes out, the lower the down payment. People taking out loans in the 67-72-month range had a down payment of about $2,440 in 2014.

In this 72-month loan scenario, the monthly payment, $531, wouldn’t be much different from the payment under a 60-month loan, and the buyer would have paid less out of pocket. It may seem like the way to go, until you look at the finance charges.

The finance charges for the loan would be $6,182. That’s more than three times the interest for a 60-month loan. And not only will it take the person a year longer to pay off the loan, it will also take them longer to build equity in the car. Here’s why that’s a problem.

Negative Equity

A new car typically depreciates about 22 percent in its first year. At the beginning of a car loan, the buyer is typically “upside down ,” or “under water,” meaning he owes more than the car is worth. The situation is made worse if the buyer hasn’t made a large enough down payment .

Based on Edmunds data, most people aren’t making a big enough down payment to keep from being upside down longer than necessary.

The time it takes you to get “above water” and build equity in the car will vary, based on the car you bought and how much of a down payment you’ve made. But one thing doesn’t vary: The longer your car loan, the longer it will take you to build equity.

When you have no equity in the car, you can’t sell if it you need the money in an emergency: if your other bills get out of hand or you lose your job, for example. It also gives you fewer options if you get tired of the vehicle. A buyer will only pay you what the car is worth, not what you owe on it. You’re stuck with the balance of the loan.

Similarly, if you get into an accident and the car is totaled, the insurance company will only pay you what the car is worth at the time of the accident. The remainder of what you owe will have to come out of your pocket.

Car Fatigue

We love our cars when they are brand-new, but when romance fades, we’re anxious to trade them in for something else. The average trade-in age for a car in 2014 was six years. It’s not what you’d call an enduring relationship.

If you have a 72-month loan and get the itch to buy a new car around the average six-year mark, you wouldn’t have enjoyed any time without payments, which diminishes the point of car buying in the first place. At that point, you’re better off leasing the car.

If you took out an 84-month loan, you’d have to wait another year to buy. The other alternative would be to roll the balance of the loan into your next car purchase. And that’s a bad idea, adding up to an even longer loan commitment and higher monthly payments.

Contrast these situations with buyers who’ve chosen a five-year loan. At the average trade-in mark of six years, they have already enjoyed almost a year without car payments and have the freedom to sell the car whenever they want.

Low Resale Value

Resale value is another reason to steer clear of extra-long car loans. A 5-year-old car is more desirable and more valuable in the used-car marketplace than one that’s 7 years old.

At five years, a car has lost about 53.5 percent of its new-car value in 2014, says Joe Spina, Edmunds director of remarketing. A 6-year-old car has depreciated by about 59.4 percent.

In other words, the Camry in our example will be worth roughly $15,554 after five years. It drops to $13,580 at the six-year mark.

A dealership will likely give you more money for the 5-year-old car. At that age, it’s a great candidate for the certified pre-owned process (CPO), which means the dealer will have a more valuable car to sell.

On the other hand, a 6-year-old car is right on the edge of no longer being an acceptable CPO car. Some automakers, like General Motors. won’t permit a CPO car to be more than 5 years old. Further, if it has too many miles, it won’t qualify for a CPO program. That means you will get far less for the car as a trade-in.

Alternatives to Long Loans

Let’s say you want to buy a new car, but the monthly payments that are being quoted for the usual five-year loan are too high for you. That may be a sign that you’re shopping outside of your price range. Take a look at the Edmunds “What Can I Afford?” calculator. You start by entering your ideal monthly payment.

After you fill out a few other details, the calculator will recommend a price range and some cars that fall in it. Stick to cars at the lower end of the range and you should be in good shape. Once you have an idea of what you can afford, make sure you get approved for your car loan before heading out to the dealer.

You also could consider buying a used car. Interest rates are a bit higher for used cars, but since the cars cost less, there’s less to finance and the payments will be lower. If you’re not sure what cars to look at, check Edmunds’ Best Used Cars. It will point you in the right direction.

Final Tip

While it is important to know what you can afford in terms of monthly car payments, that shouldn’t be your only measurement of a good car loan. Take a look at all the numbers in the sales contract so that you are fully aware of what you are paying for the car.

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Ready To Sell Your Timeshare?

Why Timeshare Sellers Choose Us

SellMyTimeshareNOW offers more than just timeshare resale advertising .

When you subscribe to our services, we work to get your timeshare seen and sold. And unlike general auction sites like Ebay, we focus on one thing: selling timeshares.

Over the last 10 years, we have invested millions of dollars annually in developing and its affiliated websites. Through advanced Internet marketing techniques, we target a global audience of consumers, driving thousands of qualified buyers and renters to our site daily through search engines like Google, Bing, and Yahoo. These visitors turn into offers to rent and buy timeshares from owners like you (see the live feed of offers above for proof of how active our site really is).

Our advertising and marketing efforts have resulted in offers and successful timeshare sales for our customers time and time again. We can also assist you from start to finish in selling your timeshare including affiliated closing and transfer services.

What Former Timeshare Owners Have Said About Us.

“When I decided to sell my timeshare, I had no idea about how to go about doing this and of course who to trust. Trust was the biggest factor! I was afraid of getting ripped off as you hear about all these scams out there. I tried to sell it on my own on Ebay, but that certainly didn’t work. Starwood recommended that I go to SellMyTimeshareNOW. After my first call with them, I felt comfortable and at ease that this was the right place to go. The process could not have been easier. SellMyTimeshareNOW did all the work and guided me through the whole process. They kept me informed the entire way. They were amazing and my timeshare sold in a reasonable amount of time. Trust was no longer a factor. I really couldn’t be happier with this decision!”

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“We contracted with SellMyTimeshareNOW in December of 2011. SellMyTimeshareNOW was very honest with us regarding what we could realistically expect to receive in terms of selling price, and we successfully sold our unit in May of 2012. We are grateful to SMTN for their efforts on our behalf. We would certainly use their services again.”

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“My husband and I contacted Sell My Timeshare NOW to list our timeshare week in Maui. We found the representative extremely helpful and professional. A buyer was found within a few months and the transaction was handled promptly and efficiently. When the buyer failed to complete the sale, Sell My Timeshare NOW was ready to relist the property and find another buyer. During the entire process the staff was available to take our calls and address our concerns every step of the way”

I would be happy to recommend Sell My Timeshare NOW to anyone looking for a competent, reliable company to sell their timeshare and handle all documentation with a positive and friendly attitude!

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“If you’re reading this and thinking of selling or buying a timeshare, you’ve found the right place and the right people!” Daniel M. Jackson
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All My Sons Moving Storage, San Antonio is the source for all of your moving and storage needs. Our family-owned San Antonio moving company has been managing moves like yours for over four generations, and we are certain that our proficient team of movers will deliver the best moving experience ever!

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Give us a call at 210-225-8700 and speak with one our San Antonio certified moving consultants. Let our team get you the best San Antonio local mover s rate available today.

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What Our Customers Are Saying

18 Sneaky Ways to Build Brand Awareness #ways #to #promote #my #business


18 Sneaky Ways to Build Brand Awareness

By Megan Marrs | Aug 9, 2017

When you need a tissue, do you ask for a tissue, or for a Kleenex? When you’re ordering a drink at a fast-food restaurant, do you ask for a cola, or a Coke? What about when you cut yourself? Do you look for a plastic bandage, or a Band-Aid?

These terms are known as proprietary eponyms, and they’re the apex of brand awareness. These brands have become so well-known, they’ve replaced the generic terms for similar products in our language.

For a brand or product to become a proprietary eponym is pretty much the pinnacle of brand awareness (sorry, Pepsi). Although you might not achieve this in your business, that doesn’t mean you can’t do a lot more to boost awareness of your brand.

While there’s no quick fix for becoming a household name, here are 18 brand-building strategies to help launch (and continue) your efforts. You may not become as well-known as Coca-Cola, but it can’t hurt to try, right?

Here are our best pieces of brand-building advice.

1. Referral Programs

Users will gladly spread word of your product or service when they know they’ll get an added perk. Dropbox is a great example of how smart referral programs can growth hack a business. Dropbox gives existing users 500 MB of extra storage space for every friend they refer (up to 16 GB). Back when Dropbox was still new, this referral program helped generate tons of word-of-mouth. delivering a huge number of sign-ups and saving Dropbox countless advertising dollars.

2. Impressive Guest Content

Another great way to get your brand known on the web is to deliver ultra valuable, gorgeous looking content to share on other blogs. Guest posting (despite what some might tell you) is still a powerful way to get your name known in your industry.

However, run-of-the-mill content won’t cut it – you need to be guest publishing high-quality stuff. Create memorable, valuable content and you’ll be introduced to new audiences and make a lasting impression.

3. Infographics

Infographics are a bright and colorful way to display interesting marketing data and statistics. These content powerhouses often get shared far and wide, making them a great tool for brand building and thought leadership.

Take a look at the infographic WordStream produced earlier this year – it got thousands of social shares and brought in valuable links as well!

4. Freemium With Credit

Many awesome online products allow users to choose from a free version, which includes a watermark or credit line, or the option to upgrade to the paid version, which allows users to remove the mark or replace it with their own logo. While many users will opt for the free version, they’ll also be promoting your brand to others users. Some of those new users who see your product will go with the paid version! Providing a freemium product means getting yourself in front of more eyeballs, building your brand and bringing in paying customers.

5. Local Partnerships

Another great brand building strategy is to get involved with local partnerships (this is tremendously important for local-oriented businesses. but can be applied for other businesses as well). Partner with other local businesses to hold join intro seminars or festivals. Sponsor local sports teams and donate to charity events. Getting your brand plastered around festivals and events will do big things for your brand.

6. Car Wraps

A classic tried-and-true strategy for building your brand is getting a car wrap! Car wraps are customized designs that can cover your entire car (don’t worry, you can still see through the windows)! They can attract a hefty amount of attention, and it’s a great way to ensure that wherever you go, people are becoming more familiar with your brand. Wrap your company car or even your own personal vehicle!

7. Freebies

Everyone loves free stuff! Put your brand name on koozies, pens, Frisbees, etc, then give away your items at local festivals.

Koozies from Philly Phaithful

8. Social Media Contests

Run a social media contest in which contestants submit a photo or video, with other users voting for their favorites. Contestants will share the link with friends and family to get more votes, building your brand awareness as a result.

A contest hosted with the help of Woobox

9. Social Focus

With the number of social networks constantly increasing, trying to do active social media marketing on all of them is a fool’s errand. If your business is best suited to a particular network, then don’t be afraid to put the majority of your energy into a few sites. For example, photo-heavy sites might focus on Instagram and Pinterest. B2B companies often do best on Twitter, whereas small businesses in creative industries (like craft marketing ) can do well on Instagram. Know where your audiences hang and focus on those networks. You won’t want to totally abandon the other social sites, but save your biggest efforts for what you know works. Not sure about your core network? Start digging into analytics to see where your referral traffic is coming from.

10. LinkedIn Publishing

We already talked a bit about the value of guest posting, but there are also other methods to get published and spread your name across the web. Recently, LinkedIn began letting all users publish posts right to LinkedIn via the publishing tool. If your posts get enough attention, it could wind up in the LinkedIn home stream for many users. As an added bonus, having posts attached to your LinkedIn account also helps establish you as a thought leader. Of course you can also always set up your own company blog and post there – just make sure you share and promote your posts after publishing.

11. Pro Story Telling

Want to be a memorable brand? Start with stellar storytelling. If you can create emotionally moving, compelling stories that connect deeply with users, they won’t soon forget your name. Here are some storytelling tips to get you started

12. Unique Personality

One surefire way to increase band awareness is by giving your brand a fun, unique brand identity. If you work in an industry were a little dose of comedy or personality is appropriate, being outrageous can make your brand extremely memorable.

A few major examples of businesses who inject humor and comedy into brand promotion include Old Spice, Poopouri, and Dollar Shave Club.

Not only did these hilarious ads leave an impression with audiences – they also became viral sensations, shared across the web and driving sales.

13. Podcasts

Starting your own industry podcast where you interview industry experts is a great way to build your brand while also developing relationships with others in your field. Some industries, like marketing, already have a hefty number of podcasts that would be tough for a beginner to compete against. (Here are a few of our favorite marketing podcasts .)

However, for niche industries where there isn’t much on the airwaves, you could easily make yourself a household name.

14. PPC Advertising

With SEO becoming more competitive every day, while organic Google real-estate shrinks, PPC is a smart solution for getting your brand seen on Google. With targeted keyword research, you could be showing up at the top of Google for relevant searches. Even if users don’t end up clicking on your PPC ad, seeing your name at the top of the search results makes an impression and is incredible for building brand awareness. Check out PPC University if you’re not sure where to start.

15. Remarketing Campaigns

Remarketing is a pro strategy for boosting that good ol’ brand awareness. Why? Remarketing involves showing ads to users who visited your site, but left before converting. Remarketing ads are placed all across the web on sites your customers visit. Soon they’ll be seeing your business everywhere – on their favorite blogs, while shopping online, etc. This gives the impression that your brand is much larger (and has a much bigger ad budget) than it really is. And it’s a great way to increase your conversion rate.

16. Paid Social Advertising

Organic social marketing is becoming more difficult by the day, leading more businesses to turn to paid social advertising. Facebook and Twitter ads are relatively cheap and help get your brand seen on social. Whether or not users convert immediately, every added piece of familiarity counts when users finally are ready to make a purchase.

17. Controversy

While this strategy isn’t for everyone, one way to get your brand noticed is by being controversial. Take an unlikely stance on a hot industry topic, and you may find yourself attracting quite a bit of attention. Whether it’s good or bad attention depends on the subject matter and your approach. Then again, there’s no such thing as bad press (so they say anyway).

18. Influencer Marketing

Getting friends in high places is another easy way to boost your brand awareness. Find existing influencers in your industry whose business you could potentially complement, rather than compete with. Make use of your partner’s influencer network to promote your brand (while also building up valuable partnerships you can continue to make use of long-term).

With these brand awareness tips, you’ll be a super-star brand in no time. Any bonus pieces of brand awareness advice you want to dispense? Add your thoughts in the comments.

Money Girl: 6 Tips to Sell a House Fast in Any Market #sell #my #house #fast #phoenix


6 Tips to Sell a House Fast in Any Market

If you ve ever been in a situation where you need to sell a house fast, you know how frustrating it can be. Day after day, you hope the perfect buyer will come along and make a great offer.

Fortunately, there are ways to speed up the sale of your home. without sacrificing profit. In this episode, I ll give you 6 tips to sell your home as quickly as possible, in any real estate market.

How to Sell a House Fast in Any Market

I m sure you know that real estate markets vary drastically depending on where you live. I relocated from central Florida to the San Francisco Bay Area in 2013, and am still experiencing real estate sticker shock!

For instance, according to the median home value in the San Francisco metro area is $688,600. The median for the Orlando metro area is just $161,600. Spending $500,000 on a home in central Florida buys you a mansion on a lake, while you d be hard-pressed to find something habitable for that price on the San Francisco peninsula.

In most of the U.S. real estate values have generally rebounded from the lows we saw in 2011. Plus, rising rents and cheap mortgage rates are pushing more renters to consider becoming homeowners in many markets.

So, if you re considering selling your home, it may be a good time. But before you put out the for sale sign, follow these 6 tips to make sure you sell as quickly as possible–and for the best price:

Selling Tip #1: Improve Your Curb Appeal

Nothing is more important than a first impression. So consider what a potential home buyer may think as he or she drives up to your property for the very first time.

Walk out into your street and look–and I mean really look–at your home to see its shortcomings. Is it attractive, clean, and well-kept, or does it need maintenance that you ve been putting off?

After you ve been in a home for a while, it can be difficult to see it objectively. So take suggestions from a real estate professional, friends, or prospective buyers about how to make it show better.

When your home is on the market, it s critical that your landscaping is well-groomed and your lawn is mowed 24/7. Plus, your driveway, exterior porches, and exterior walls must be clean, too.

If you put money into cleaning up the outside of your home, I can guarantee that buyers will be more likely to take a tour of the inside. Curb appeal is what draws buyers in, helps maintain their interest, and sets your home apart from the competition.

Remember that unless you re willing to discount a home s price well below market value, prospective homebuyers generally won t want to buy a house that needs a lot of work.


How can I borrow money from my life insurance policy? #can #i #borrow #from #my #life #insurance


How can I borrow money from my life insurance policy?

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While borrowing from your life insurance policy can be a quick and easy way to get cash in hand when you need it, there are a few specifics to know before borrowing. Most importantly, you can only borrow against permanent or whole life insurance. Term life insurance. a cheaper and suitable option for many people, does not have a cash value and expires at the end of the term, generally anywhere from one to 10 years.

A whole life policy is more expensive but has no expiration date. The term lasts the lifetime of the insured. While the monthly premiums may be higher, the money paid in to the policy exceeding what is needed for the death benefit is invested by the life insurance company, creating a cash value after a few years. The whole life policy essentially has two values: the face value, or death benefit, and the cash value that acts as a savings account. Once the money invested increases the amount of the death benefit, the tax-free cash value can then be borrowed against. It is also important to understand that the policy loan is not taken out of your death benefit, but borrowed against it, and the insurance company is using your policy as collateral for the loan.

Unlike a bank loan or credit card, policy loans do not affect your credit and there is no approval process or credit check since you are essentially borrowing from yourself. When borrowing on your policy, no explanation is required about how you plan to use the money, so it can be used for anything from bills to vacation expenses. The loan is also not recognized by the IRS as income, therefore it remains free from tax. However, the policy loan is still expected to be paid back with interest, though the interest rates are typically much lower than on a bank loan or credit card, and there is no mandatory monthly payment.

Even with low interest rates and a flexible payback schedule, it is still important for the loan to be paid back in a timely manner. Unless it is paid out of pocket, interest is added to the balance and accrues whether the bill is being paid monthly or not, putting your loan at risk of exceeding the policy s cash value and causing your policy to lapse. Insurance companies generally give many opportunities to keep the loan current and prevent lapsing. However, in the event of a policy lapse, taxes must be paid on the cash value. If the loan is not paid back before the insured person s death, the loan amount plus any interest owed is subtracted from the amount the beneficiaries are set to receive from the death benefit.

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Cars in Bankruptcy

Can You Keep Your Car If You File Bankruptcy?

Many people who file for bankruptcy and own a car are allowed to keep it during and after their case, especially if it is used for getting to and from work.

If you are behind on car payments, you may be able to use bankruptcy laws to keep your vehicle in your possession.

Both types of personal bankruptcy address cars, car loans and vehicles you own outright:

  • The automatic stay in bankruptcy is designed to stop repossession. In most cases, this goes into effect right after you officially file for bankruptcy.
  • Chapter 7 bankruptcy exemptions may protect your car from a forced sale.
  • Filing for bankruptcy under a Chapter 13 may allow you to repay your car loan at a more affordable rate so that you don’t lose your car to collectors.

Keep reading or fill out the below form to ask an attorney if a bankruptcy could help you save your car.

What Happens When You File for Bankruptcy?

Get answers to your bankruptcy questions.

Learn how you may be able to use bankruptcy to save your car, home or other assets.

For a free bankruptcy case evaluation with a local bankruptcy lawyer, complete the below free form:

Car Loans Under Chapter 7 Bankruptcy

Chapter 7 bankruptcy is designed to help eliminate unsecured debts such as credit cards debt or medical debt, but may provide protection for secured debts such as cars.

If you own your car outright, and owe no debts on it, then your car may be fully protected from repossession or forced sale due to Chapter 7 exemptions.

One important aspect when filing bankruptcy is whether you have a clear title to your car. If you have pledged your vehicle as security for a debt, or if you are financing or leasing a vehicle, you likely have three options for secured car loans when you file Chapter 7 .

1. Reaffirm: A reaffirmation agreement is a contract between you and the car creditor in which you agree to pay the balance owed on your car note, despite the bankruptcy filing.

You continue to make payments and the creditor promises that, as long as payments are made, they will not repossess or take back the property.

Reaffirmed debts are not discharged and the debt survives the bankruptcy.

If you do not make your car payments after you reaffirm the car loan, the car lender can repossess the car and sue you for the deficiency balance.

After the finance company repossesses the car, they will sell the car at the auto auction. Usually the finance company does not get enough money from the auction to pay off your loan.This shortfall is called a “deficiency” and you would still be legally obligated to pay the creditor the deficiency balance.

As you can see, the decision to reaffirm your car loan is a serious financial matter.

Reaffirmation agreements are strictly voluntary. You are not required by the Bankruptcy Code or other state or federal law to reaffirm your car loan. Before entering into such an agreement, you will want to speak to a bankruptcy attorney to make sure that the reaffirmation is in your best interest.

2. Redeem: In Chapter 7, you have the right to purchase or redeem your car from the creditor by making a lump sum payment equal to the car’s fair market value.

The U.S. Bankruptcy Code provides that you must pay the creditor the replacement retail cost of the car. The balance of the debt will be discharged.

For example, assume you own a car worth $5000.00, but owe the finance company $10,000.00. In this circumstance, you could redeem the vehicle by paying the creditor $5000.00 and the remaining balance will be discharged in your bankruptcy.

A local bankruptcy lawyer can advise you on the benefits of redeeming your financed car and identifying lenders that will provide the funds for your vehicle redemption.

3. Surrender: If you cannot afford the monthly payments on your car loan or if you determine that you owe more than the car is worth, you can unload the car and the debt in your Chapter 7 bankruptcy by surrendering the vehicle to the creditor.

Car Leases in a Chapter 7

If you are leasing your car when you file Chapter 7 bankruptcy, you can choose to either continue making the monthly lease payments or surrender the car back to the creditor.

If you surrender the leased car, any obligation to repay debt will be eliminated in your Chapter 7 bankruptcy case.

Car Loans in a Chapter 13 Reorganization

If you have fallen behind on your car payments, you may be able to file a Chapter 13 bankruptcy to stop the repossession of your vehicle. The amount you have to pay for your car depends upon when you bought your car.

If you own your car outright, and owe no debts on it, then your car should be fully protected in Chapter 13.

910 Claims: If you bought your vehicle within 910 days of filing your bankruptcy case, you must repay the entire car loan.

The good news is that the interest rate you pay on your car loan may be significantly reduced.

For example, if you owed $10,000 on a car loan whose blue book value was only $5000, you would be required to pay the entire $10,000 balance if the car was purchased less than 30 months, or 910 days, of filing. In short, debtors who want to keep their cars must pay the full loan amount rather than “cram down” the debt to the value of the car.

Cram Down: If you bought your car more than 910 days before you file bankruptcy, you will only have to repay an amount equal to the present value of the car.

For example, if you owed $5000 on a car that is worth only $2500, upon filing Chapter 13 you would be required to repay the finance company only $2500 over the three-to-five year term of your Chapter 13 repayment plan.

Car Leases Under Chapter 13 of the U.S. Bankruptcy Code

Your car lease usually cannot be paid through the Chapter 13 bankruptcy repayment plan that you devise with your bankruptcy attorney.

You can “assume” the lease and continue making the monthly payments. You can also “reject” the lease and return the car to the creditor.

The creditor will sell the leased vehicle, apply the sale proceeds to your lease balance and then file a claim in your Chapter 13 bankruptcy case for the lease deficiency.

This deficiency is an unsecured, non-priority claim, which means you will likely only pay that creditor pennies on the dollar.

Speak With a Bankruptcy Attorney About Protecting Your Car Today.

If you have questions about how your car will be affected if you file bankruptcy, talk with one of our sponsoring lawyers.

Fill out the form on this page to talk with a local bankruptcy attorney. Bankruptcy laws can be complex and each person’s financial situation is unique. If you’re worried about losing your vehicle, home or other assets, be sure to get the facts from a legal professional.

Don’t wait until the repo truck comes to you door or the foreclosure notices start piling up. Learn how bankruptcy can stop repossession and foreclosure and is designed to silence creditors!

The above summary of bankruptcy law is by no means all-inclusive and is not intended to serve as legal advice. Laws may have changed since our last update. For the latest information on bankruptcy laws, speak to a local bankruptcy lawyer in your state.