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An In-Depth Guide on How to Take out a Loan for a Car

An In-Depth Guide on How to Take out a Loan for a Car

An In-Depth Guide on How to Take out a Loan for a Car

Money and business concept car

Taking out a loan can be beneficial in many ways. We share our in-depth guide on how to take out a loan for a car and the benefits it has.

Did you know that 107 million people have taken out an auto loan to help pay for their car or truck in America?

Purchasing a car can be a costly expenditure. Most people don’t have the cash on hand to pay off the debt of a car immediately, which is where auto loans and personal loans come in handy.

Discover our guide on how to take out a loan for a car and familiarize yourself with the process of buying a car.

What Are the Different Types of Loans Available?

If you have never dealt with loans and credit scores, it can be a very difficult thing to navigate and understand.

There are many different types of loans available. Some of which are great for buying a car, and some that aren’t as good for this type of purchase.

For example, the best types of loans are auto loans, bank loans for a car, or alternatively, you can use a personal loan to buy a car.

Personal loans for car purchases sometimes have costly interest rates, so some people prefer not to use personal loans when they are purchasing their car.

Research has found that car loans are typically cheaper because they are secured by an asset (i.e. the car, which the lender can repossess to cover the costs if you can’t pay your loan).

Federal Reserve found that in May 2018, a 24-month personal loan from a commercial bank had an interest rate of 10.31%, whilst a 48-month new car loan from a commercial bank had an interest rate of 5.05%.

How to Take out a Loan for a Car

Unlike buying a car outright with cash in hand, like you might have done for your very first car, taking out a loan for a car needs to be thought through.

These are the key things you need to do when you want to take out a loan for a car.

Calculate Your Budget

The very first thing you need to do when you want to take out a loan for buying a car is to work out your budget. Calculate how much you can comfortably pay off each month.

According to the Federal Reserve Bank of New York, a record of 7 million Americans are at least three months behind on their car loan payments. It is critical that you work out how much money you have coming in each month, and how much you can pay off.

The best way to work out what you will actually be paying for your car is by calculating how much you will be paying each month and for how many months. This calculation needs to include interest rates, too.

Check Your Credit Score

Whether you want a personal loan for a car or an auto loan for a car, you need to check your credit score and history.

Poor credit history might mean that you pay higher interest rates than if you have a good credit history. If this is the case, you might want to hold off getting a loan and focus on improving your credit score.

If you have a good credit score, you might be able to negotiate a better deal with your loan lender.

Find out how you can secure an auto loan without having previous credit experience or a credit score.

Research Your Options

Once you have an idea of how much you have to spend and what your credit score is, you can research your options. There are a number of loan lenders available, however, not all of them will be right for you.

You can get car loans from banks or credit unions, dealerships, or online lenders. Compare the different types of deals and payment plans each of them offer and work out which one is best for you.

Car loans typically come with 3-, 4-, 5-, or 6-year terms. The longer the payment plan, the more interest you’ll end up paying, so make sure you work out which plan is the most cost effective for you.

Get Pre-Approved for a Loan

Once the lender has given you a quote for the loan, you will be pre-approved, which doesn’t mean that it’s guaranteed. Once you have been pre-approved, you the lender will then check your credit.

Once you are pre-approved for a loan, the lender will give you a letter that you can take when you go car shopping. This letter can help you see if you can get a better deal from the car dealership.

Even though you have been pre-approved, it doesn’t mean that you need to sign up for the loan. It is still your choice whether you pursue this loan or you can choose another one.

You also can adjust the terms of your loan, for example, if you find a cheaper car and don’t need an as bigger loan, you can apply for a smaller loan instead.

Find Your Car

The final step is the most enjoyable one. Once you know how much you can afford each month, and you know what kind of loans you can get, you can go car shopping.

Make sure you do your research and find a car that is the right price and has the right features that you need.

Car Loans

Applying for a car loan doesn’t have to be complicated or confusing. Just follow our guide on how to take out a loan for a car and you’ll soon be driving away with a new vehicle.

Apply for one of our auto loans now and see how we can help you.

Alternatively, if you need help with your loan process, get in touch with our team and discuss your loan requirements.

Pay Off a Cash Advance with a Seasonal Job

nylon display in retail store

You can do anything for a few weeks, right? You might even have fun selling in a fast-paced department store. You’ll certainly get some deals. And if the extra income helps you pay off your cash advance, all the better! More, paying your cash advance off early saves significant money. Keep all the income from your paycheck and use only your side-hustle money to pay off your cash advance.

This year, the National Retail Federation estimates that their retail clients will hire nearly 700,000 seasonal or temporary workers. You can get work anywhere, including “big box” stores, local dollar shops, department stores and warehouses. You may even get a gig singing holiday wishes!

Perks of Seasonal Jobs

Seasonal retail jobs can offer some surprising benefits. Temporary employees can get the same protections and benefits as part-time or full-time workers; the U.S. Department of Labor mandates it. This includes being paid overtime and receiving at least the state’s minimum wage.

Seasonal work can also be more stable than it first appears. Your first job sets you up to come back for that same job the next year. You may even get an offer to stay on permanently, even if it’s just a one-day or two-evening per week shift. Extra money, particularly early in your career, sets you up to meet long-term financial goals.

Holiday seasonal work is not just about cash however. Retail workers typically get 20% to 30% discounts on store items they couldn’t afford otherwise. In some cases, a retail store will pay to fly you to their location and put you up in a hotel. It is a zero-employment economy after all. Stores are getting desperate for workers who will push their merchandise during the busiest time of the year. The National Retail Federation tells us that retailers make between 25% and 30% of their annual revenues just during November and December. If they’re pushed to their labor limits, they will bend over backwards to get your behind a cash register.

Working seasonal jobs can also be a way to “try out” different brands and locations to explore what you want. Applicants without experience have a much better chance of getting a job during the holiday rush than other times of the year. Build your resume while exploring your work options.

Seasonal Job Limitations

While the opportunity for extra cash and exploration seem irresistible, these benefits may not cut it for some. Keep in mind that you may be working while friends and relatives are getting together to celebrate. You will miss out. Consider whether you will be willing to work on Christmas Eve, Hanukkah, or other holidays. Also, saying you can’t make a certain shift isn’t going to impress a boss desperate to fill shifts.

Working during cold and flu season may be a risk as well. If you are sick, you don’t get paid time off or sick days. You just miss out on that day’s pay. Finally, health insurance or retirement plans may be limited.

Those currently getting unemployment benefits may have them suspended or limited if they take on seasonal work. Check with your state’s labor expert to get reliable answers.

Non-Holiday Seasonal Jobs

Those who find themselves thriving in the seasonal workforce can extend their adventures. In January and early February, temporary work forces are looking for people to staff super-bowl and Daytona 500 related events. By March, they need Easter bunnies to keeps squirmy kids engaged in high-end restaurants at Easter brunch. In the summer, it’s not hard to find a tour guide job in most major cities. By Halloween, why not put on the face paint and stalk haunted house visitors, moaning with arms stiff in front of you? It could be the role you were made for!

How to Find Your Pick of Seasonal Jobs

Today, the first place we all go for good information is the internet. Those exploring to discover their options can start broad by first going to:

  • Monster and Indeed which list thousands of seasonal jobs. Search in your area to limit results.
  • com: founder Bill Berg started this site after finding his dream job in Yellowstone National Park. Search admin, educational, jobs with fish, ranch jobs or even jobs specifically for teenagers.
  • com brands itself as a “working-travel” website. Search summer jobs, ski jobs, gap year jobs, childcare, hospitality and sports, water and outdoor positions.

Already have a dream retailer in mind? When you see how many workers your favorites need during holiday 2018, your confidence will soar. We’ve linked each retailer with its job listings here:

Amazon Seasonal Jobs –  adding 100,000, all starting at a rate of $15 per hour.

Kohl’s Seasonal Jobs – adding 90,000 in 1,100 stores, distribution and fulfillment centers.

Target Seasonal Jobs – adding 120,000, all of whom will receive 10% discounts and opportunities to earn extra pay on Thanksgiving and Christmas days.

UPS Seasonal Jobs –  adding 100,000 full- and part-time seasonal workers from November through January 2019. 35% of company’s seasonal workers get permanent jobs after the holidays.

Macy’s Seasonal Jobs – adding 80,000 seasonal workers. Employees also typically get 20% off on top of sales and discounts.

FedEx Seasonal Jobs – Adding 55,000.

J.C. Penney – adding 39,000.

woman working in retail

BBB A+ Rated Cash Advances for Everybody!

Emergency cash needs befall nearly every American. First Financial provides the quick cash advance and payday loan offers so that you can:

  • Avoid bounced checks and credit dings
  • Keep cars, computers and other work-related equipment running that keeps your income consistent.
  • Avoid late fees.
  • Avoid pawning the meaningful family jewelry and heirlooms that pawn shops pay cents on the dollar for.

First Financial is America’s leading source of short-term cash advance – payday loan offers for everyone, even those with low and bad credit scores. We put you first by letting you arrange the cash transfer from home through easy online transfers. Once you’ve completed the process by filling out the final page of the form, your cash is deposited in your bank by the next business day. Apply for a convenient cash advance today!

How Wedding Expenses Pay for Themselves Long-Term: Recent Research

bride and groom holding hands in heart shape

Couples getting married today may wonder if the investment in a big wedding is worth it. And of course all kinds of family members have their opinions. And they have a point: the average cost of a wedding in the United States in 2017 was nearly $26,000. That money could go to the down-payment on a house, a superstar honeymoon or zucchini spiralizers for everybody!  (Millennials love their vegetable pastas.)

Don’t jump to thrifty Aunt Gargamel’s notion that a wedding is a waste of money, however.

Psychologist Charles Kiesler studied the correlation of weddings and long-term marital success. He found all kinds of advantages to spending for that once-in-a-lifetime celebration.

After decades of research Kiesler concluded, “commitment is strengthened when it is publicly declared because individuals strive to maintain consistency between what they say and what they do.” In other words, a big wedding with many witnesses typically leads to a drive–even a need–to follow through on the commitment. The couple says their vows in front of their community, making a pact, not only with each other, but with all the onlookers as well.

Kinda makes sense, right?

The other advantage of a having a meaningful wedding is the effect it has on the two families involved. During the run up to the event, family members and even friends of the two partners get to know each other. They work together on different projects and share their experiences with the couple. Any time more connections are made throughout our society, the better. New friends are made at weddings. New couples even form when members of the wedding party peek around the bride and groom to bat eyes at each other. We are a social species after all, and extensive research has proven that the stronger and more numerous our connections, the happier and healthier we are as individuals. Having the wedding creates a strong network for the couple to rely on as they tackle big challenges like children, work stressors and deaths in the family. This safety net is priceless.

We know: the wedding is still $26,000! And with the economic downturn of 2008 – 2012, many parents of the those getting married are working madly to save for their own retirement rather than a child’s wedding.

One way to make the price a little more bearable is to take out a personal loan that you pay off monthly for several years. A $26,000 loan at a 7% rate for a 5-year term will run a couple $515 per month. Cost-cutting couples who marry in a park and follow it up with dinner at a reasonable venue can get away with a $10,000 wedding. Amortized at 7% for 5 years, the monthly payment comes down to $198 per month. Both of these figures assume borrowers have “good” credit in the 700 to 720 range.

The personal loan at 7% is a far better option than running up credit card debt where rates run from 15% to 29%. With the money coming up front, however, couples must learn how to budget carefully and with discipline. Having a big lump sum tends to tempt even the cautious to be more loose with cash, getting those extra centerpieces or consenting to let extra people come to the wedding.

With this in mind, take these steps to stretch every penny of the personal loan you qualify for.

  • Get quotes for all venues and services up front
  • Create a spreadsheet that makes comparing venues clear
  • Use cash for the down-payments to reserve venues and vendors
  • Enter all down-payments and payoffs into a budget spreadsheet, including dates

This way, when the loan arrives in your bank account, you can quickly send it to the appropriate vendors before you’re tempted to spend it. Luckily, you have an accountability partner: your betrothed!

But this could be where it gets tough. You don’t want this exciting time to be marred by bickering and disagreement. Be ready to compromise and give up some of your own wishes. Set expectations from the beginning and try to keep it fun rather than stressful. Of course, no two people approach finances similarly. Consider even working with a pre-marital counselor to figure out how you will negotiate different decisions and the budget. That $150 (per session) will come back to you many times over.

Get a Personal Loan for a Wedding: What the Bank Wants

That you’re even reading this post indicates your sincerity about doing everything you can to plan your wedding the right way. Because you won’t need to put up any “security” (car and home loans are “secured” loans), it’s considered an “unsecured loan.” Prepare to apply online for a personal loan for your wedding when you get these documents together.

Proof of income:

  • Bank statements
  • Any and all debts you may have including student loans
  • Basic income and identity documentation such as W2’s, drivers license
  • Social Security card
bride and groom after wedding

A+ Rated First Financial Has the Low-Cost, Online Personal Loans for Your Wedding

First Financial has connected thousands of brides and grooms with low-cost personal loans for weddings. Financing your wedding with an online personal loan is smart money-management. Online lenders can offer lower cost-loans because they don’t have the bricks-and-mortar branches, labor and marketing costs traditional banks do. More, online lenders offer MORE loans to MORE applicants because, with lower costs, they can take risks on more applicants. In fact, online lenders are renowned for acceptance rates far higher than those of traditional banks.

Cash Advances: 3 Best Times to Use Them

Even though people love their plastic debit card, cash still serves in many situations. For years, groups have lobbied for the end to the penny and even the nickel. The American people won’t have it. Cash is convenient. It makes discounts possible. Many times, it even makes sense to get a cash advance.

Cash Only Transactions

With Craigslist, Close5 and more consumer to consumer marketplaces gaining in popularity, sellers tend to want cash. Considered, the most convenient mode of payment, they also unlock discounts. Stores that don’t take credit cards (yes there are some!) can put you through the wringer if you’re trying to write a check. Handing over cash just makes everyone happy.
Sometimes, too, vendors have a credit price and a cash price, with the cash price coming in 10 to 15% lower than credit or debit. We’ve run into this at small, independent auto and computer repair shops, as well as thrift, pawn, and antique stores. Many pet breeders also insist on getting cash.
If you’re able to pay off the cash advance within the month time frame, using a cash advance to get what you need makes sense.

To Capture an Immediate Opportunity

When an individual or company is selling something that many want, a buyer can stand out from competition by offering cash. Industries that respond well to cash offers typically include real estate, automotive, antique and jewelry.
Having cash on-hand can be smart when you’re going to shop at thrift shops, swap meets, antique stores and more. Be it from being able to have discounts off your favorite goods to grabbing an opportunity that otherwise unattainable.

Lending to a Loved One

It can be tough to lend money to family member or friend because you run the risk of not getting it back. Your borrower, particularly when struggling, may quickly put you at the bottom of the repayment list. This leads to resentment and a loss of trust.
One way to offload the responsibility is to use a cash advance and make it clear what the interest rate is and your debt to the lender. This can add the pressure to your borrower to make sure that he pays the money that he owes. This way you would be quite sure that he is certainly going to pay you back.
A very good example of this would be a typical home scenario wherein the son, employed but without a credit card, goes to you as his parent for help buying something he cannot afford in his monthly salary. To teach him a lesson about paying on time and paying regularly until such time that the debt is fully paid, make sure he understands that you will have to pay the debt soon. Even 20-year-olds need financial lessons.

Trust A+ Rated First Financial Secure and Speedy Cash Advances to Get You What You Need!

When considering a cash advance, don’t forget that online lenders have the automation and reduced overhead to offer the best loans and terms. First Financial is the national leader in providing cash advances for borrowers of all types, even bad credit borrowers. The Better Business Bureau rates First Financial A+ because we make customer service our highest priority.

Is Now the Right Time for a Personal Loan?

Making a decision about the economy

Is your job stable enough to justify a personal loan? 

Until 2012, many viewed having a personal loan as risky. Having to pay for money you didn’t have would drive a consumer further into debt, jeopardizing their financial situation.

Today, the economic outlook has changed. Economists predict that 2017 will see a slight rebound.

First: wages are actually growing. According to the Atlanta Federal REserve Board, wages have enjoyed their fastest in crease in the past year. With unemployment at a low 4.6% today, most economists explain that the U.S. is at “full employment.” As workers get harder to come by, wages will rise.

The rise in consumer spending of 3.8% in just the last six months, too, boosts the U.S. Gross Domestic Product which helps the overall economy. This may have been a result of the rise of the employee’s wages over this time also. This is highly comparative to the 3.6 percent of gain for the take-home pay, thus a noticeable drop in the savings rate. The perceptions of the individual also about sending is better than the average and this has come to be stable for the previous months of observation. It is highly likely that they would have their expenditures increasing as directly proportional to the wages that they get to receive in their respective jobs.

Another factor that can be viewed as an advantage is the construction of more houses. The more of them that are built, the lower the prices could go. Houses with lower prices than the usual average price can be a driving force for the individuals to avail, thus setting the economy to be rocketing. The apartments have the most gain for this, though. This is because multifamily starts have an increase of 14 percent over the previous year while the single family has an increase of a mere 1.3 percent.

However, if you do not feel that there is an increase in your wage over the previous months, then you should ask for a raise. The U.S. Census Bureau has already increased the median incomes during the previous year after it has its years of falling or just being stagnant. You can just as your employer to give you a raise. If not, then it are better for you to look for another company that could serve you well as you have served them.

What could this say about the economy of the country? It can be that the business all over the place is booming in such a way that it creates a great many opportunities for the employees to get their own savings and even encourage personal loans.

Unlike a housing loan or a car loan for that matter, a personal loan can be used for the tuition fees of your children, or for the expenses of your travels when you feel like paying another place a visit just for mere relaxation, or anything else that you may want in your life. Further, if you want your personal loan to be secured as you should, you will be required to have a collateral such that it could back your personal loan. Some common cases for this are having a house or a car to comply the said requirement. You can also have your personal loan unsecured, and in this case, you would not need a collateral for your loan.

week1_monday

Does a Better Economy Translate into Favorable Personal Loan Rates?

We certainly think so!

As economic conditions continue to improve, Janet Yellen at the Federal Reserve Bank will increase interest rates. That means rates on all loans will increase, although not too fast and not by too much.

Those considering a personal loan should do it right now while it is still early. Most Americans have been putting off home improvements and car upgrades because of concern over the economy. The above information should give you the confidence that we are in a stable period.

 

 

Trust A+ Rated First Financial to Get You a Personal Loan Fast and at the Best Rates!

When considering personal loans, don’t forget that online lenders have the automation and reduced overhead to offer the best loans and terms. First Financial is the national leader in providing personal loans for borrowers of all types, even bad credit borrowers. Just fill out some forms, upload documents and get the money in your account in a matter of days. The Better Business Bureau rate First Financial A+ because we make customer service our highest priority.

 

 

 


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