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¶ … Refinancing a Car Loan, it's Driver Beware"
Making a purchase of a car on credit is one of the major decisions a consumer will face, perhaps the greatest decision he or she will face, second only to taking out a mortgage on a home. While most consumers pride themselves on making a savvy deal at a dealership, a financial manager must help clients find the best source of credit available to the individual, based upon his or her needs and history. Dealers often do not offer the best rates and banks and credit unions may be better options for the average car buyer.
Refinancing to lower overall borrowing costs has some advantages, and the article cites a specific example, of a buyer able to save $800 by refinancing an 8.75% six-year loan with a new loan that had a 7.49% rate and a five-year maturity. The buyer was able to focus on the long-term rather than the short-term, on interest costs rather than monthly payments. The new loan had a higher monthly payment although it was ultimately more advantageous to the buyer. It may be essential that a financial advisor help the consumer understand that this is in his or her best interest to view payments in a holistic manner, even though there is often a natural psychological tendency for a buyer to think month-to-month, rather than year by year when paying off a loan. Borrowers who focus on the size of their monthly payment may end up paying more in overall interest, and if a buyer can afford to pay a larger monthly payment, by making small monthly sacrifices that can be budgeted with the help of a financial advisor, he or she may emerge the winner from the refinancing bidding wars.
One way to convince a client is to remind the client that a car, unlike a home, depreciates quickly. Homes can increase in value, and often do, but cars, with wear and tear, and the advances in technology usually do not -- something a financial advisor must also remind someone aching to buy a fancy but impractical vehicle, or balking at a good refinancing deal. The buyer must be aware that he or she may owe more than the car is even worth, over time, and ask if it is worth paying more than the car is worth, for slightly lower monthly payments.
Improving the Administration and Collection Process for Government-Sponsored Student Loans Introduction Today, tens of thousands of young people are mortgaging part of their future with student loans in order to obtain a higher education. In some cases, these students do not receive the full disclosure concerning repayment terms, creating a long-term hardship. To determine the facts, this paper provides an overview of government student loans and how the different actors on the
The president also promised to work with other relevant sectors to assist homeowners in refinancing their mortgages at low interest rates. On the other hand, Republicans are worried about proposals that would repeat the 2009 stimulus plan despite of President Obama's call for bipartisan support to the bill. They argue that the failed 2009 stimulus plan and its successive policies have shown that huge government deficit spending is not the solution
2007 Economic Crisis on American Car market Effect of the 2008 global economic crisis on automotive industries Crisis in the United States Crisis in Canada Crisis in Russia Crisis in European markets Crisis in Asian markets Effects by other related crisis events In this paper, we will review the effects of 2008 global automotive crisis. Our main focus will be on the American car manufacturers and the negative impact they suffered due to the crisis. We will
Third is a series of passwords and personal information chosen by the customer. On top of this they guarantee customers that if they are victims of fraudulent activity on their Egg accounts, any losses are covered in full. "This has never happened," says Andrew. "There has never been any breach of internet security." ("- -- : Safety Net for" 2001:44) Again internet and bank security are largely overexagertated yet they
Mortgage Fraud If a rash of armed bank robberies swept across America next year, and if in these robberies criminals absconded with $30 billion dollars, one may be certain that a public panic would ensue. The banking system would likely be changed forever. If thousands of armed thugs went rampaging across the nation forcing people out of their homes, into the streets, and then destroying the properties, leaving the occupants homeless
due to changes in the economical, financial, political and technological changes, the capital markets across the world are highly influenced by the changes. As compared to the past, the development in the financial sector has been observed to be at the highest rates. In order to understand and analyze the changes in the global capital markets the below report has been constructed. Based on the theme idea, which is the