« Older Entries

How to choose the Right Co-Signer for your Car Loan?

What is the meaning of a co-signer?

He/she is as an individual who:

>>Signs the loan contract with the borrower;
>>Is obligated to repay the loan if the borrower does not make payments;
>>Has the joint liability for making regular payments; and
>>Has no right to the vehicle.

How is a co-signer different from a co-applicant?

A co-applicant(co-borrower) assumes the same responsibility as a co-signer but he/she enjoys the benefit of ownership. A co-applicant has right to the car.

Who needs a co-signer?

Car buyers who do not have a strong credit application require a co-signer because he/she ensures the lender of regular payments and reduces the lender’s risk. So, a co-signer is often considered a boon by following people because he/she helps them in securing quick finance:

>>Young car buyers with no credit history
>>People with terrible credit score
>>People with low income
>>Car buyers with short employment history
>>Car buyers with repossession or bankruptcy in the past

Is a co-signer needed for a “joint car loan”?

A car loan is considered a “joint car loan” if the following applicants are involved:

1. A primary borrower
2. A co-applicant or aco-borrower

If both the applicants have credit issues or any other financial problem, lenders make co-signing compulsory.

Who is eligible to become a co-signer?

Usually, parents co-sign car loans for their children. It is for this reason many people believe that the only criterion for becoming a co-signer is to be the relative of the borrower. But, it is a myth. Following are the criteria for becoming a co-signer:

Preparedness to Co-Sign

Many people will be ready to inform the lenders about their willingness to become your co-signer. But, just an informal promise or a verbal agreement is not enough to become a co-signer. So, ensure that your co-signer is prepared to sign the loan contract and is willing to assume the responsibility of your car loan.

Good Credit Score

A co-signer is required to have a good credit score. He/she must pay bills on time and have an experience of obtaining a variety of debts such as mortgage loans, credit card debts, personal loans, etc.

Usually, lenders require a co-signer to have a credit history of at least five years. So, make sure that you check the prospective co-signer’s credit history before talking to the lender.

Ability to Repay the Loan

Lenders don’t allow anyone to become a co-signer. A person can co-sign your loan contract if he/shecan repay the loan. Your co-signer needs to submit the financial documents to the lenders so that they can check his/her financial situation:

1. Bank statements
2. Property details
3. Ongoing loan information
4. Pay-stubs
5. IT returns (if the co-signer is self-employed)

Employment and Residential Stability

If your co-signer switches jobs frequently, lenders will consider his/her employment status unstable and reject your loan application. It is because lenders want a co-signer to have a stable employment.

Also, lenders require a co-signer to have a stable residence history. It is ideal if your prospective co-signer is residing at the same address for at least two years.

So, these are the criteria for becoming a co-signer. If your lender has asked to bring a co-signer, don’t forget to use them. It will help you in choosing the right co-signer for your car loan.

Don’t worry if you cannot find a co-signer. Car Destination provides special first-time car buyer program to help young auto buyers. To apply with the company, simply submit your auto loan request and the company will provide you with low rate car financing program.

—

Tags:

Make An International Call And Connect With Friends And Family Located Overseas

You can connect with your friends and family with international calls. If we go back in time the telephone was the only means of communication through which people could remain connected with each other. They could not imagine that there would be a technology like the internet. Today with the advent of internet and personal computers it has become easy for people to communicate across distance. Through video chats, you can see the participant on the other side. Chatting on social networks can help you to remain updated on lives of friends.

Making an international call

In older times if a relative was going abroad it would be very difficult to remain in touch. It would take several days to get information and ascertain that the traveller has reached safely. Now with call international you do not have to wait for too long. You can get information about the traveller as soon he reaches the destination. All you need to do is make an international call to find out about the whereabouts. In modern society, a phone can be afforded by most individuals. Before making a long distance international call, you must know the international call prefix and the code. With the code, you can dial outside the country.

Calling overseas

To make an international call you must pick up the phone and dial the code as soon as you hear a dial tone. The codes will vary from one country to the other. Calling internationally can cost you a lot. With international call back, you can get a low intentional calling rate. With international calling, you can contact your friends and family overseas. It is a convenient way in which you can stay in touch. The cost of an international call will vary according to the country you are calling to.

More about international calls

If you do not have the right information making an international call may not be that simple. Several international calling options exist today which rely on technologies like voice over internet protocol. If you want to make an international call from a landline you will have to dial the international prefix, the country code and finally the number. The cost of your call will depend on the international calling plan which you have chosen. You have the other choice of purchasing an international calling card. By using international call back service, you can reduce the cost of international calls.

internationalcall.net – Free calls international at Sign Up.Internationalcall.net global phone service is a high quality phone service with cheap rates to over 200 Countries.

Tags:

Steelefinancialsolutions.com: One of the Best Sources of Financial Planning

How soon is too soon for an individual to begin planning for their financial future? When it comes to financial planning, there is absolutely no time that is too soon. In fact, the sooner that an individual comes up with a financial plan, and the sooner that they start working with that plan, the better their long-term financial situation will be.

There are two reasons why individuals who invest money early, and who invest money often, do better than those who wait until later in life. The first reason is that when a person starts to invest early, there is more time available for them to accumulate money. A person who starts to invest when they are 16 years old basically has half of a century to put money away for their financial future. When they retire, they are not only going to have the money that they have saved for that half of the century, but they will also have all of the interest and dividends that they have earned for more than 50 years. Visit websites like steelefinancialsolutions.com if you want to know more about financial planning solutions.

Next, individuals who begin to invest and save money early have the practice of being financially responsible. This financial responsibility is going to affect every single decision that they make for the entirety of their lives. Knowing that they have an end financial goal is going to influence the decisions that they make about what items they will purchase. For example, a person who has the goal of retiring when they are in their 50′s is not going to spend tens of thousands of dollars on an entertainment system that will lose its value within a year or two. They would prefer to take that money and invest it in something that is going to pay off in the future. People who start to plan financially early in life have the mentality of saving and preparing for the future. People should rely on companies like Steele Financial Solutions if they want to get more benefits.

Planning for retirement, and planning to save money early in life, makes it easier for an individual to adapt to the unknown and unforeseen occurrences that happen in life. For example, a person who starts to save money when they are in their late teens or early 20′s is going to be less affected by a temporary job loss.

When it comes to financial planning, procrastination is the worst enemy a person can have. It is preferred that a person begins planning for their financial future as soon as they get their first job. Parents might even want to sit down with their children to help their children understand the benefits of saving money. An adult can consult a financial advising Philadelphia firm. Check out websites like steelefinancialsolutions.com for more about financial planning solutions.

Tags: