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4 Key Factors to Succeeding in Car Title Loans

4 Key Factors to Succeeding in Car Title Loans

For anyone trying to find a reliable and affordable car title loan, the options can feel rather limited. Even when you find a company you would like to lend from, you might find getting an actual car title loan can be a bit of a nightmare.[1] To get around this problem and to help you avoid these issues, you should always be ready to look into the best ways to get the right kind of deal.

To make that possible, you need to turn to the right kind of thinking. Let’s have a look at the best ways you can borrow money without feeling like you are fighting against the tide.

1. Know Your Financial Limits

One major problem that we see a lot of is people going for the kind of car title loans they are ineligible for or cannot afford. Don’t start trying to look as if you are in a better situation financially by going for the big-shot loan. Be realistic in what you can afford – it’s better to pay off a smaller value in a small window of time than take forever and a day to pay off a loan with the larger value.

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Always take the time to know your limits and make sure that the choices you are making are a big help to you. Look at your monthly expenses and what it leaves you with. This will help you determine how much you can afford to spend on this kind of monthly loan fee. Longer repayments mean a longer time to pay off your loan and smaller fees. So it all boils down to the kind of loan you feel like you want to take on.

Just make sure you don’t try and put yourself in for the higher deal thinking it may make you look more serious. If your rating is not a match, you won’t get what you ask for, regardless of value.

2. Understanding Penalties

Like any other form of loan, you have to make sure you are on time with payments and various demands when paying back on your car title loan. While this can be hard to get right, it’s something you do need to take into account. A failure to do so can leave you unable to meet repayment costs, especially if you need to pay a penalty on top of it.

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Don’t take a loan thinking that by paying it back tomorrow, that you will suddenly get a you a superb credit rating. Fast repayment is as bad as slow repayment in some cases.[2] Paying it off several months early can actually be a penalty against you, as stupid as that may sound. The reason why is simple – the people who run these systems want to make as much as they can from the loan. They need that collateral, so by taking that away, you are softening the validity of other investments they have made.

The higher the interest for the company, the better, so don’t expect them to be singing and dancing if you try to pay the full amount of the loan early. Understanding this now can save you the trouble in the future, if it does occur.

3. Don’t Expect Instant Approval

While many firms like to promise instant approval, the reality tends to be quite different. While some will only accept you online or offline, some do both. But anyone that wants to push an approval through without proper checks is worth avoiding. Some can take a few hours and some take just about 20 minutes, but as long as there is a delay, you know you’re in the clear and working with a reputable loan company. You want to know someone went to ratify that you are the kind of customer that they want, need, and can afford. Instant gratification is not a good sign, although it may be appearing so.

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Always be sure that the people you are investing your time and effort into will look into any extras your approvals or title loans may come with because it’s very easy – too easy, really – to get sucked in by fast acceptance and the like. These tend to come with little underhand clauses, so make sure you only look to get involved with firms that can be trusted to play the game.

4. Check the Licensing

For most people, another major problem that can really hamper and limit the chance to do well with car title loans is getting involved with licensing when they don’t really understand what is going on. It might seem like a good idea, a fair investment, and a good level of affordability in the loan – but is it even legal in your state? Ensure that the lender has legal eligibility to even offer you a car title loan in the first place.[3]

There is nothing worse than wasting time setting up a plan only to find out that the loan will not or does not cover your particular area. Licensing matters too, as it can leave you high and dry in many ways. If you get involved with unlicensed lending, then you are out of any kind of protection or luck in the general aspect. You can easily avoid this problem from escalating further just by checking if they are a reliable, safe place to lend from.

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Take the time to do that now and you can avoid any kind of trouble with regards to this later on down the line. Understand the predicament today and you can prepare to conquer it tomorrow. So, equipped with the tips above, you should find it much easier to find quality car title loans in the future. With a smart plan and a way to make your case come across as one worth considering, success is all the more achievable.

Featured photo credit: newcarcanada via newcarcanada.ca

Reference

[1] https://www.consumer.gov/articles/1013-car-title-loans
[2] https://www.consumer.ftc.gov/articles/0514-car-title-loans#roll-over
[3] http://www.investopedia.com/articles/personal-finance/110714/car-title-loan-requirements.asp

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Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

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