Monthly Archives: July 2018

Tips to Get the Credit No Money Down Auto Loan

Imagining a world without a car seems quite impossible. A car has become a necessity that is integral to our lives. Sorrowfully, many car buyers find themselves in a state of mayhem due to the compulsion of making a down payment. A down payment makes it difficult for car buyers to arrange a big amount of money in a short time-frame. To add to that, there is a possibility that a bad credit score or an average credit score can diminish the chances of obtaining an auto loan. However, there is always a way out. A bad credit no money down auto loan is the best option for you. But, before you avail the loan, make sure that you leave no stone unturned to educate yourself on all the important details.

The following tips will assist you in getting the most of your bad credit no money down auto loan:

1) Trade-In Your Old Car

Many a times, trading your old car can act as a replacement for a down payment. Once you have agreed to trade-in your old car, the amount equivalent to your car will be deducted from the total loan amount. It substantially reduces your burden of the monthly payment amount. Thus, by trading your old car, you can maximize the benefits of your bad credit no money down auto loan.

2) Get a Co-Signer

When you suffer from a damaged credit and cannot spare the amount for a down payment, getting a co-signer greatly helps your situation. If you are unable to make payments, a co-signer is equally liable to repay the loan amount. A lender will be more likely to grant you a loan if you have a co-signer with a rich credit history. Therefore, in order to make the most of your bad credit no money down auto loan, make it a point to get a co-signer.

3) Aim for Reasonably-Priced Cars

It is much easier to obtain a bad credit no money down auto loan if the loan amount is reasonable. If you aim for cars which are way out of your league, it can become difficult to get a loan. Additionally, opt for a loan with a shorter term. A realistic amount which can be repaid in a short time-frame can reduce the overall interest on your loan.

4) Present Evidence of a Stable Income

Regardless of a bad credit history, evidence of a stable income can boost your chances of getting a loan. Stability in the form of a regular job, a regular income source and a stable residential address can increase your credibility. Present pay-stubs that prove you can repay the loan within the stipulated time-frame. For a car buyer with a bad credit score, getting financing options without a down payment is possible. Keep the above tips in mind to get the most of your bad credit no money down auto loan.

Car Leasing

Without having a huge amount of cash lying around waiting to be spent on a car, it would be easy to think that there is no way for you to drive the latest cars around, and be stuck driving older models. Typically if you want a car, you buy it, then after 5 years you want a newer model car, but you’re stuck with a car you may struggle to sell for anywhere close to what you paid. This is without considering the amount you’ve spent on repairs & maintenance of the car. Many people dismiss leasing a car as something best used for short term purposes, as a way to show off your car without spending thousands on a regular basis. Maybe once this was true, but over the last few years leasing a car on a long term basis has become more viable an option than ever before.

Rather than buying a car and then selling it 2-3 years later with a loss in value, known as the depreciation, car leasing is based on the principle that you rent the car from the lease operator and your payments cover the loss in value between leasing the car and returning the car, plus a small amount of profit to the car leasing company. It is in the best interest of the car leasing operator to keep the value of the car as high as possible for the duration of the lease. This is because at the end of the leasing period the car is returned to them, after all it is still their property. Because of this most car leasing operators will offer free maintenance for the car, plus the new car warranty that will likely cover the new car you are leasing. This can potentially save a large amount of money compared to buying a car outright and being responsible for its maintenance, or possibly not being covered by a new car warranty.

In a lot of cases it is true that buying the car outright, over a longer period of time, would have cost the same amount or less than leasing. However this means that to buy the car you need to be able to either have a pile of cash sitting around waiting to be spent, or be willing to stay with the same model car for a much longer period of time than if you were leasing. If you wanted to replace your car every 2-3 years with a new model, leasing a car is undoubtedly a cheaper option.

Leasing a car is not a simple case of paying a fee and doing as you please while the leasing operator foots the bill. Generally there are usually stipulations in the contract that going over an agreed mileage will lead to additional costs, or that maintenance costs beyond the general wear and tear of a car will not be paid for by the car leasing operator. This isn’t as bad as it sounds, details like that are agreed upon before starting the contract. If you were to buy the car up front, you would have a harder time selling a car that has a huge mileage on the clock for as much as without. The same goes for paying repair costs that are down to carelessness. Leasing is no different in this respect, – taking care of the car you are leasing means it will cost you less money overall.

Legacy Planning Addresses

Dedicate enough time to legacy planning, and you will ensure that your estate has a lasting positive impact. However, there is more to legacy planning than just numbers and calculations; the process aligns more traditional estate planning practices with the goals of your family. It identifies the core values holding your family together and prepares your children and grandchildren to receive not only your money but also those values that matter to you the most. The question is, how prepared are you to leave all your savings in the hands of young people? Many people are concerned that the recipients of their gifts will squander them. But that’s what legacy planning services are for they help you make the right decisions when it comes to passing things to heirs and beneficiaries. Still, there are a few problems you should think about before you begin legacy planning.

1. Protecting Your Legacy

According to a 2015 Reuters study, almost 70 percent of prosperous families lose their fortune by the second generation and the generation that follows wipes out the wealth of more than 90 percent of families. So, even if you’re good at handling your money, your children or your grandchildren may spend all your wealth unless you make proper arrangements in your legacy plan.

2. Targeted Spending

Most people don’t know what to do with their money – it’s sad but true. According to the same Reuters study, “lack of financial education” was one of the major reasons why heirs squandered their fortunes so easily. This is because most people are hesitant to discuss subjects related to money. So, when the time comes to transfer their financial knowledge to the next generations, they falter. In the end, individuals inherit sums of money they have no clue how to manage. Fortunately, legacy planning can rectify this situation by counseling your heirs on how to spend your wealth correctly.

3. Failure to Value Your Wealth

The same Reuters study revealed some more interesting points. Of particular interest is the fact that individuals are likely to buy a new vehicle within 19 days of inheriting a large amount of money. This isn’t surprising considering how most people lack the discipline to hold on to their wealth. They become spendthrifts and fail to value all the hard work you put in to save up that money for your descendants.

4. Keeping Predators at Bay

 While there’s some truth to that, nobody can make do without strong financial resources. So, the moment someone receives a large sum of money, the predators start to circle. And no matter how capable and smart you think your loved ones and heirs to be, there’s always going to be someone who’s smarter than them; someone would want to benefit from the situation at their cost. Legacy planning safeguards them against bad circumstances in the future.

 

Benefits of a Multi Generational Advisory Firm

Many clients of financial advisors share a common concern and fear. Because the process of finding an individual to trust with their money is not something to be taken lightly, this concern can be magnified. Clients wonder what happens to them if their financial advisor retires or unexpectedly dies. This is a legitimate concern. As a result they have been deemed physically or mentally incapable of handling your finances. This commonly voiced concern is why advisory firms and the financial industry have begun focusing more on succession planning and multi-generational advisory teams.

Built In Transition Planning 
Life is unpredictable and we cannot predict the future. What we do know is that change and growing older are inevitable. Just as you are working hard to save enough to retire, your financial advisor is doing the same. Multi-generational advisory firms have a built-in transition plan. These firms are acclimating their newer and younger associates with current clients. They are leveraging the experience and wisdom that the senior advisors have gained to help train and guide newer associates. Newer advisors will gain experience, knowledge and expertise in the field while working with senior partners. This built in transition plan ensures continuity and no disruption of service to the client. While this won’t happen over night and will require a lot of work, this type of planning is in the client’s best interest. Feeling confident that your advisors have a plan for you and your future should be encouraging and expected. Multi-generational family practices offer an additional dynamic where family life, familiarity and genetics can also contribute to the trust factor.

Experience And Wisdom Meet New Technology And Expanded Communications
As an advisor enters into the industry, there is one valuable thing that all of the studying, textbooks, and exams cannot provide experience. Experience is undeniably an important attribute when looking at an advisor. This can only be obtained with time and is something every new associate has to go through “on the job”. Multi-generational advisory firms are more prepared to alleviate this concern. While they cannot completely eliminate this, aging advisors are able to pass down their experience and wisdom to the next generation of advisors through training and mentorship. This is extremely valuable asset for any new advisor in the field and can play a huge role in their development and client successes. The veteran advisor also stands to benefit from this relationship. After doing things the same way for a number of years, a fresh new outlook and access to new communication tools will be of tremendous help to the senior advisor and their clients.

Sales Tricks

1. The Probe
On your first contact with any salesperson, they’ll usually ask you a few questions. These have two main goals. Most obviously, they’re trying find out what you’re looking for. But they’re also aimed at finding out how serious you are about buying.

2. The Psychology Test
To be successful in selling to you, a seller must quickly work out what kind of a person you are so they can adjust their sales pitch to appeal to someone like you. If you’re a positive, extrovert, glass-half-full person, then they’ll probably try to sell the dream – stress how what they’re selling will improve your life. But if you’re more of a glass-half-empty worrier, then the seller will sell security – focus more on the features and performance of what’s being sold.

3. The Make-a-Friend
Sellers will have many tricks to make us like them as the more we like someone, the more likely we are to buy from them. One of the most frequently used techniques is called active listening. With active listening the seller will use all kinds of non-verbal gestures such as leaning forward, inclining their head slightly to one side, widening their eyes, pursing their lips thoughtfully and stroking their chin to show their interest in us. Some sellers even sit in front of the mirror at home practising their active listening skills.

4. The Trust Me
Many salespeople are trained to portray themselves as trusted advisers helping us make the right buying decision rather than being seen as commission-hungry vultures slavering to get hold of our money. One of many ways of achieving this is the same side of the table. Rather than standing or sitting opposite the customer creating a situation where the seller and buyer are like adversaries facing each other, the seller changes their position so they’re standing or sitting almost beside the customer as if they’re working together with the customer to solve the customer’s problem – which house, car, TV, phone or insurance to buy.

5. The Persuaders
Having managed to get us interested in buying something, the seller then needs to get us to make the decision to move ahead. To put pressure on us, they might try the closing door – suggest there’s only a limited time to get the deal they’re offering; or the phantom buyer tell us there are other people interested in buying what we want even if this isn’t true; auction fever use other real or phantom buyers to make us feel we have to offer a higher price if we’re to get what we want; or even the deliberate mistake when adding up the price of something, they deliberately forget some small part so that the buyer, thinking they’re smarter than the seller, rushes to complete the deal.