Buying a new car is an exciting time but involves a lot of decision making for the buyer. Bessie Hassan, Money Expert at finder.com.auIf you don’t have enough in savings to buy the vehicle outright, taking out a car loan is one way to get you on the road sooner. Deciding on the term of your car loan could make a big difference to the overall amount that you’ll pay for your vehicle – so don’t sign on that dotted line until you’re sure you can afford the repayments!What difference does the loan term really make?The decision to take out a short term car loan over a long term car loan (or vice versa) really depends on your individual circumstances. Recent traffic to the finder.com.au site has shown three-year car loans are the most popular among Aussies – and it’s easy to see why.EDITOR'S NOTE: You're reading a story by financial comparisons website, Finder.com.au. We'll be bringing you a number of stories in partnership with Finder, giving you … [Read more...] about Car finance: 3 years, 4 years, 5 years… which is best?
Car loan secured or unsecured
Susan Tompor Detroit Free Press Published 11:00 p.m. UTC Jun 28, 2018 The Uber Visa, launched last fall, may target on-the-go millennials with amazing rewards, such as 4 percent for eating out and 3 percent on airfare. But the odd thing, as with many high-reward credit cards, is that getting approved for one of these Barclays Uber cards isn't a slam dunk for some Generation Y consumers. Many millennials might have the college degree and the new job, but they're held back from some of the more lucrative rewards cards in some cases because they were too cautious about handling credit in college. Yes, really. One young teacher recently shared her credit card rejection letter with me. The reasons were listed: Too few accounts with sufficient satisfactory performance. Insufficient number of credit cards with your credit report. Insufficient credit history on your credit report. Low credit limits on installment trade(s) on your credit … [Read more...] about How to get a credit card when you’ve never had one
In college, establishing credit felt about as pressing as an optional homework assignment. But now that you've graduated, it's suddenly at the top of your summer to-do list, with a deadline of ASAP. And for good reason. Good credit is your ticket to an easier and more affordable postgrad life. It could help you qualify for apartments, nab low-interest car loans, pay less for car insurance , set up utilities with little or no deposit s, and more. And it's not that hard to get started. With a few strategic moves this summer, you can make sure future-you is ready to clinch those savings. SEE WHERE YOU STAND If credit hasn't been on your radar until now, you might not know whether you have it or not. So here's where to start: - Check your credit reports. The federally authorized site AnnualCreditReport.co m offers free credit reports from each of the three major bureaus — Experian, Equifax and TransUnion — every 12 months. These list your credit accounts and payment histories, … [Read more...] about New grads, unlock your future with a credit check-up
Although not quite as varied as cars themselves, auto loans come in many shapes and sizes according to the lender, the needs of the borrower and the vehicle in question. So many variables can result in greatly different loan processes and structures, but here are the main types of car loans explained. Secured auto loans The car acts as collateral for the debt so, if the borrower fails to make payments, the lender can repossess the vehicle and resell it to recoup its losses. A lien is the legal arrangement that makes this possible. The lender is listed as lienholder on the vehicle’s title which gives it the right to possession of the vehicle until the loan is repaid. Most auto loans are secured loans. Unsecured auto loans Without collateral for security, the lender is more reliant upon the borrower’s promise to repay the debt. Unsecured auto loans are less common and may come with higher interest rates than secured loans. Simple interest loans Interest is calculated on … [Read more...] about Different types of car loans explained
NEW YORK — Tesla has changed the terms of its borrowing agreement with banks to allow it to pledge its Fremont auto plant as collateral — a move seen by some analysts as an effort to boost liquidity. The electric car maker has just $543 million of the $1.8 billion credit facility left to use, according to a regulatory filing on Monday. But banks periodically review the amount they are willing to lend, and Tesla continues to burn through cash. "While not clear at this point, we suspect that with the large upcoming cash burn in 2Q18, the banks have demanded additional collateral protection for Tesla to maintain its $1.8 billion facility," CreditSights analysts said in a note. "In doing so the banks are protecting themselves." A person familiar with the matter told Thompson Reuters IFR the amendment had not been requested by the banks and was at the company's discretion. But the 5.3 million square-foot plant in Fremont, California, would give banks a claim on one of Tesla's … [Read more...] about Tesla offers banks its factory as collateral