Category: Loans

The Ultimate Guide to Different Apartment Types

Apartment? Loft? Flat? Condo? Duplex? What do all those terms mean anyway? And you said rent is HOW MUCH? Bring on the face palm emoji.  When you just want a place to live that won’t cost you an arm and a leg, the different housing terms and buzzwords can start to run together in your […]

The post The Ultimate Guide to Different Apartment Types appeared first on Apartment Life.

Source: blog.apartmentsearch.com

Should You Refinance Your Student Loans?

Due to financial consequences of COVID-19 — and the broader impact on our economy — now is an excellent time to consider refinancing most loans you have. This can include mortgage debt you have that may be converted to a new loan with a lower interest rate, as well as auto loans, personal loans, and more.

Refinancing student loans can also make sense if you’re willing to transition student loans you currently have into a new loan with a private lender. Make sure to take time to compare rates to see how you could save money on interest, potentially pay down student loans faster, or even both if you took the steps to refinance.

Get Started and Compare Rates Now

Still, it’s important to keep a close eye on policies and changes from the federal government that have already taken place, as well as changes that might come to fruition in the next weeks or months. Currently, all federal student loans are locked in at a 0% APR and payments are suspended during that time. This change started on March 13, 2020 and lasts for 60 days, so borrowers with federal loans can skip payments and avoid interest charges until the middle of May 2020.

It’s hard to say what will happen after that, but it’s smart to start figuring out your next steps and determining if student loan refinancing makes sense for your situation. Note that, in addition to lower interest rates than you can get with federal student loans, many private student lenders offer signup bonuses as well. With the help of a lower rate and an initial bonus, you could end up far “ahead” by refinancing in a financial sense.

Still, there are definitely some negatives to consider when it comes to refinancing your student loans, and we’ll go over those disadvantages below.

Should You Refinance Now?

Do you have student loan debt at a higher APR than you want to pay?

  • If no: You shouldn’t refinance.
  • If yes: Go to next question.

Do you have good credit or a cosigner? 

  • If no: You shouldn’t refinance.
  • If yes:  Go to next question.

Do you have federal student loans?

  • If no: You can consider refinancing
  • If yes: Go to next question

Are you willing to give up federal protections like deferment, forbearance, and income-driven repayment plans?

  • If no: You shouldn’t refinance
  • If yes: Consider refinancing your loans.

Reasons to Refinance

There are many reasons student borrowers ultimately refinance their student loans, although they can vary from person to person. Here are the main situations where it can make sense to refinance along with the benefits you can expect to receive:

  • Secure a lower monthly payment on your student loans.
    You may want to consider refinancing your student loans if your ultimate goal is reducing your monthly payment so it fits in better with your budget and your goals. A lower interest rate could help you lower your payment each month, but so could extending your repayment timeline.
  • Save money on interest over the long haul.
    If you plan to refinance your loans into a similar repayment timeline with a lower APR, you will definitely save money on interest over the life of your loan.
  • Change up your repayment timeline.
    Most private lenders let you refinance your student loans into a new loan product that lasts 5 to 20 years. If you want to expedite your loan repayment or extend your repayment timeline, private lenders offer that option.
  • Pay down debt faster.
    Also, keep in mind that reducing your interest rate or repayment timeline can help you get out of student loan debt considerably faster. If you’re someone who wants to get out of debt as soon as you can, this is one of the best reasons to refinance with a private lender.

Why You Might Not Want to Refinance Right Now

While the reasons to refinance above are good ones, there are plenty of reasons you may want to pause on your refinancing plans. Here are the most common:

  • You want to wait and see if the federal government will offer 0% APR or forbearance beyond May 2020 due to COVID-19.
    The federal government has only extended forbearance through the middle of May right now, but they might lengthen the timeline of this benefit if you wait it out. Since this perk only applies to federal student loans, you would likely want to keep those loans at 0% APR for as long as the federal government allows.
  • You may want to take advantage of income-driven repayment plans.
    Income-driven repayment plans like Pay As You Earn (PAYE) and Income-Based Repayment let you pay a percentage of your discretionary income each month then have your loans forgiven after 20 to 25 years. These plans only apply to federal student loans, so you shouldn’t refinance with a private lender if you are hoping to sign up.
  • You’re worried you won’t be able to keep up with your student loan payments due to your job or economic conditions.
    Federal student loans come with deferment and forbearance that can buy you time if you’re struggling to make the payments on your student loans. With that in mind, you may not want to give up these protections if you’re unsure about your future and how your finances might be.
  • Your credit score is low and you don’t have a cosigner.
    Finally, you should probably stick with federal student loans if your credit score is poor and you don’t have a cosigner. Federal student loans come with fairly low rates and most don’t require a credit check, so they’re a great deal if your credit is imperfect.

Important Things to Note

Before you move forward with student loan refinancing, there are some details you should know and understand. Here are our top tips and some important factors to keep in mind.

Compare Rates and Loan Terms

Because student loan refinancing is such a competitive industry, shopping around for loans based on their rates and terms can help you find out which lenders are offering the most lucrative refinancing options for someone with your credit profile and income.

We suggest using Credible to shop for student loan refinancing since this loan platform lets you compare offers from multiple lenders in one place. You can even get prequalified for student loan refinancing and “check your rate” without a hard inquiry on your credit score.

Check for Signup Bonuses

Some student loan refinancing companies let you score a bonus of $100 to $750 just for clicking through a specific link to start the process. This money is free money if you’re able to take advantage, and you can still qualify for low rates and fair loan terms that can help you get ahead.

We definitely suggest checking with lenders that offer bonuses provided you can also score the most competitive rates and terms.

Consider Your Personal Eligibility

Also keep your personal eligibility in mind, including factors beyond your credit score. Most applicants who are turned down for student loan refinancing are turned away based on their debt-to-income ratio and not their credit score. Generally speaking, this means they owe too much money on all their debts when you compare their liabilities to their income.

Credible also notes that adding a creditworthy cosigner can improve your chances of prequalifying for a loan. They also state that “many lenders offer cosigner release once borrowers have made a minimum number of on-time payments and can demonstrate they are ready to assume full responsibility for repayment of the loan on their own.”

It’s Not “All or Nothing”

Also, remember that you don’t have to refinance all of your student loans. You can just refinance the loans at the highest interest rates, or any particular loans you believe could benefit from a different repayment term.

4 Steps to Refinance Your Student Loans

Once you’re ready to pull the trigger, there are four simple steps involved in refinancing your student loans.

Step 1: Gather all your loan information.

Before you start the refinancing process, it helps to have all your loan information, including your student loan pay stubs, in one place. This can help you determine the total amount you want to refinance as well as the interest rates and payments you currently have on your loans.

Step 2: Compare lenders and the rates they offer.

From there, take the time to compare lenders in terms of the rates they can offer. You can use this tool to get the process started.

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Step 3: Choose the best loan offer you can qualify for.

Once you’ve filled out basic information, you can choose among multiple loan offers. Make sure to check for signup bonus offers as well as interest rates, loan repayment terms, and interest rates you can qualify for.

Step 4: Complete your loan application.

Once you decide on a lender that offers the best rates and terms, you can move forward with your full student loan refinancing application. Your student loan company will ask for more personal information and details on your existing student loans, which they will combine into your new loan with a new repayment term and monthly payment.

The Bottom Line

Whether it makes sense to refinance your student loans is a huge question that only you can answer after careful thought and consideration. Make sure you weigh all the pros and cons, including what you may be giving up if you’re refinancing federal loans with a private lender.

Refinancing your student loans can make sense if you have a plan to pay them off, but this strategy works best if you create a debt repayment plan you can stick with for the long-term.

The post Should You Refinance Your Student Loans? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

What is a personal line of credit?

A personal line of credit (PLOC) has several benefits for consumers. Find out everything you need to know about PLOCs and how to apply for one.

Source: lexingtonlaw.com

4 Practical Ways to Leave College Debt-Free

A college student looks down at her notebook and smiles because she'll leave college debt-free.

The following is a guest post by Lisa Bigelow, a content writer for Bold.

When it comes to paying for college, the anxiety about how to leave college debt-free starts early. And for thousands of grads who are buckling under the weight of monthly student loan payments that can cost as much as a mortgage, that worry can last for as long as 25 years.

According to EducationData.org and The College Board, the cost of a private school undergraduate education can exceed $200,000 over four years. Think you can avoid a $100k+ price tag by staying in-state? Think again—many public flagships can cost over $100,000 for residents seeking an undergraduate degree, including room and board. And with financial aid calculators returning eye-poppingly low awards, you’d better not get a second topping on your pizza.

In fact, you’d better hope that you can graduate on time.

The good news is that you can maintain financial health and get a great education at the same time. You won’t have to enroll as a full-time student and work 40 hours a week, either—each of the methods suggested are attainable for anyone who makes it a priority to leave college debt-free.

Here are four practical ways you can leave college debt-free (and still get that second pizza topping).

1. Cut the upfront sticker price

Don’t visit schools until you are certain you can afford them. Instead, prioritize the cost of attendance and how much you can afford to pay. Staying in-state is one easy way to do this. But if you have wanderlust and want to explore colleges outside state lines, an often-overlooked method of cutting the upfront cost is the regional tuition discount. Many US states participate in some form of tuition reciprocity or exchange programs. You can explore the full list of options at the National Association for Student Financial Aid Administrators website.

Let’s explore how this works. As a resident of a New England state, for example, you can study at another New England state’s public university at a greatly reduced cost if your home state’s public schools don’t offer the degree you want. So, for example, if you live in Maine but want to go to film school, you can attend the University of Rhode Island and major in film using the regional tuition discount.

Some universities offer different types of regional discounts and scholarships that appear somewhat arbitrary. The University of Louisville (in Kentucky) includes Connecticut in its regional scholars program. And at the University of Nebraska, out-of-state admitted applicants are eligible for several thousand dollars in renewable scholarship money if they meet modest academic standards.

If you already have your heart set on an expensive school and you’re not likely to qualify for reciprocity, financial help, or merit aid, live at home and complete your first two years at your local community college.

Here’s another fun fact: in some places, graduating from community college with a minimum GPA gives you automatic acceptance to the state flagship university.

2. Leverage dual enrollment and “testing out”

When you enroll in a four-year college it’s pretty likely that you’ll spend the first two years completing general education requirements and taking electives. Why not further reduce the cost of your education by completing some of those credits at your local community college, or by testing out?

Community college per-credit tuition is usually much cheaper than at four-year colleges, so take advantage of the lower rate in high school and over the summer after you’re enrolled in your four-year college.

But beware: you’ll probably need at least a C to transfer the credits, so read your institution’s rules first. Also, plan to take general education and low-level elective classes, because you’ll want to take courses in your major at your four-year school.

If you’ve been given the opportunity to take Advanced Placement courses, study hard for your year-end exams. Many colleges will accept a score of 3 or higher for credit, although some require at least a 4 (and others none at all). Take four or five AP classes in high school, score well on the exams, and guess what? You’ve just saved yourself a semester of tuition.

3. Take advantage of financial aid opportunities

After taking steps one and two, you probably have a good idea of what the leftover expense will be if you want to leave college debt-free. Your next job is to figure out how to cut that total even more by using financial aid. There are four types to consider.

The first is called need-based aid. This is what you’ll apply for when you complete your Free Application for Federal Student Aid. Known as the FAFSA, this is where you’ll enter detailed financial information, and you’ll need at least an hour the first time you complete this form. Hint: apply for aid as soon as the form opens in the fall. It is not a bottomless pot of money.

There is also medical-based financial aid. If you have a condition that could make employment difficult after graduating from college, you may be eligible, and qualifying is separate and apart from financial need and academic considerations.

The third type of aid relates to merit and is offered directly by colleges. Some schools automatically consider all accepted applicants for merit scholarships, which could relate to academics or community service or, in the case of recruited athletes, athletics. At other universities, you’ll need to submit a separate scholarship application after you’ve been admitted. Some merit awards are renewable for four years and others are only for one year.

If you didn’t get need-based or merit-based aid then you still may qualify for a private scholarship. Some require essays, some don’t, and some are offered by local community organizations such as rotary clubs, women’s organizations, and the like. Don’t turn your nose up at small-dollar awards, either, because they add up quickly and can cover budget-busting expenses such as travel and books.

4. Find easy money

Small-dollar awards really add up when you make finding easy money a priority. Consider using the following resources to help leave college debt-free:

  • Returns from micro-investing apps like Acorns
  • Tax return refunds
  • Browser add-ons that give you cashback for shopping online
  • Rewards credit cards (apply for a travel rewards credit card if you’re studying out of state)
  • Asking for money at the holidays and on your birthday
  • Working part-time by capitalizing on a special talent, such as tutoring, photography, or freelance writing

Leave College Debt-Free

Finally, if you have to take out a student loan, you may be able to have it forgiven if you agree to serve your community after graduation. The Peace Corps is one such way to serve, but if you have a specialized degree such as nursing, you can work in an underserved community and reap the rewards of loan forgiveness.


Lisa Bigelow writes for Bold and is an award-winning content creator, personal finance expert, and mom of three fantastic almost-adults. In addition to Credit.com, Lisa has contributed to The Tokenist, OnEntrepreneur, College Money Tips, Finovate, Finance Buzz, Life and Money by Citi, MagnifyMoney, Well + Good, Smarter With Gartner, and Popular Science. She lives with her family in Connecticut.

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The post 4 Practical Ways to Leave College Debt-Free appeared first on Credit.com.

Source: credit.com

How To Balance Working And Going To College

5 Tips For Working Students In CollegeMore and more are choosing to attend college and work at the same time.

Whether you are working a part-time or a full-time job, it can be tough to balance both. There are many working students in college who are able to manage both, but there are also many who aren’t able to.

If you don’t balance them both correctly, it may lead to stress, lower grades, low-quality work being produced, and more.

No one wants that and I’m sure you don’t either.

Related: 21 Ways You Can Learn How To Save Money In College

This is supposed to be the time of your life where you are growing and changing, not feeling like you are drowning in everything that is going on around you.

There are ways to get around it and manage both successfully at the same time, though.

I took a full course load each and every semester, worked full-time, and took part in extracurricular activities. It was definitely hard and I won’t lie about that. However, sometimes a person doesn’t have a choice and has to do everything at once or maybe you are choosing to multi-task and you are wanting to better manage your time.

Related post: How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500

Whatever your reason may be, below are my tips for working college students. The tips below are what helped save me!

 

Carefully plan your class and work schedule.

My first tip for working college students is to carefully plan your class and work schedule.

Some students just choose whatever classes are offered. However, it is much wiser to carefully craft your school and work schedule so that everything flows together efficiently with minimal time wasted.

You can do this by researching into what classes are offered when and trying to eliminate any gap that may be in-between each class. Having an hour or two break between each class can quickly add up. Also, if you happen to have time off between classes, then using this time to do your homework and/or study can be a great use of time as well.

Related post: How I’m a Work-Life Balancing Master

 

Eliminate any time that may be wasted.

There are many time sucks that you may encounter each day. A minute here and a minute there may add up to a few hours wasted each day.

The time you save could be used towards earning more money at your job, studying, socializing, or whatever else it is that you need or want to do. For working college students, every minute is important.

There are many ways to eliminate any time wasters including:

  • Cut down on your commute time. If you can find a job near your college campus then you can eliminate a lot of traveling time.
  • Prep your meals ahead of time. If you can bulk make your meals instead of individually making each one, you will be able to save a lot of time.
  • Be aware of how much time you spend on social media and TV. The average person wastes many, many hours on social media and watching TV. Cutting back on this may save you hours each day without you even realizing it.

Related post: 75 Ways To Make Extra Money

 

Separate yourself from distractions.

Working college students experience a lot of distractions.

Noise in the background, such as with a TV that is on or a party your roommate may be throwing, can distract you from what you need to be doing. If you are trying to study or do homework then you should try to find a quiet place to get work done.

You may want to close your bedroom door, hide the remote from yourself (trust me, this works!), go to the library, or something else.

Related: 16 Best Online Jobs For College Students

 

Have a to-do list and a set schedule.

Having a to-do list is extremely helpful for working students in college because you will know exactly what has to be done and by when. You will then have your responsibilities sitting there right in your face so that you will have to face reality.

Plus, I know that when I am stressed it can be easy to forget things, so having a to-do list eliminates any valuable minutes I may waste debating about whether I forgot to do something.

 

Working students in college need to be realistic.

While one person may be able to work like crazy and attend college at the same time, not everyone can do that.

If your grades are dropping, then you may want to analyze whether you should drop your hours at work or school. What is more important to you at this time and for your future?

With the tips above for working students in college, you’ll be able to rock both your job and your college classes at the same time. Don’t forget to fit in time for fun as well. Good luck!

Are you one of the many working college students out there? Why or why not?

 

The post How To Balance Working And Going To College appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

7 Things to Know About Giving (or Getting) a Car for Graduation

If you're planning to buy a car for the new grad in your life, here's some advice on making the right choice.

Behind every diploma bestowed at high school and college graduations is a lot of hard work. And for some lucky grads, that hard work gets rewarded with a milestone gift: their own car. If you’re planning to buy a car for the new grad in your life, we’ve got some advice on making the right choice. And if you’re the recipient, we’ll share a few tips to help you drive into the future with confidence.

What to Consider If You’re Giving a Car to a New Grad

You’re so proud of your new grad for all their hard work that you’ve decided to shell out for a set of wheels to carry them on to their next adventures. Whether you’re getting your grad started with a well-loved (read: used) older car you bought from a neighbor or you’re splurging for a brand-new ride with all the bells and whistles, it’s important for you, the buyer, to take a moment to consider the realities of this major purchase — and of the needs of its soon-to-be owner.

1. Consider Total Cost of Ownership When Choosing a Car

First, let’s talk money. The car you buy should fit into your own budget, of course. But you also have to consider the total cost — including ongoing costs — of the car. Here are some things to think about.

Gas: If, for example, your child will be driving the car back and forth between home and an out-of-state university, would they (or you, if you’re footing the gas bill) be burdened by the costs of a gas-guzzling vehicle? If so, a fuel-efficient car might be a better option.

Insurance: This is the most expensive consideration after the vehicle itself. Neil Richardson, licensed insurance agent and adviser for The Zebra, says to keep insurance in mind right from the start as you shop for cars. If insurance is an afterthought when you’ve already purchased the car, you could be in for some unpleasant surprises. Further, the car you select will affect your insurance premium if your grad will be on your insurance policy (more on this below).

Maintenance: Consider the expenses related to repairing or replacing parts on the vehicle if it’s damaged in some way. Foreign car repairs may be much more expensive than domestic, but that’s not a hard-and-fast rule. Further, new cars may include manufacturer warranties or maintenance as part of your package, but if your grad is savvy with tools or has an interest in cars, they can take care of plenty of at-home car maintenance issues.

2. Prioritize Safety & Utility

When car shopping, safety should stay top of mind. The Insurance Institute for Highway Safety ranks the safest cars in different categories, from minis to large pickup trucks.

Also think about where and how much your recipient will be driving. If they’re headed for college or a new job in a crowded city, they’ll need a car that fits cramped streets and narrow parking spaces. A new college grad with a quick commute will appreciate a different kind of car than one whose new job requires them to be a road warrior.

3. Insure it

If your gift recipient is a high school grad who lives at your residence, they may get lower premiums if they stay on your policy, but whether that’s possible depends on your situation. If they’re headed to an in-state college or university, they can stay on your insurance policy as long as their primary residence is still your home address, Richardson says. Students leaving the state for college, though, may have to get coverage on their own, as rates are dependent on where the driver lives and “garages” the vehicle.

Remember that if your new grad is on your insurance policy, you could be held liable for damage they cause in an accident. For this reason, Richardson says it’s generally a good idea to go beyond the state-required minimums in liability coverage.

4. Get Your Paperwork in Order

Getting close to a decision? Before you seal the deal, prepare for some extra paperwork. Whether you’re heading to the dealer or buying a car privately, you’ll need to be prepared with the right documentation, such as the recipient’s driver’s license and current insurance, an IRS cash-reporting form and a security report. (Questions? Read more details about each of these documents.)

If You’re a New Grad Who’s Been Gifted a Car

So now you’re the proud owner of a new diploma and a car. Sweet! Take a moment to savor the payoffs for your hard work and generosity of your gift giver.

Once you’ve posted lots of photos of your new ride, you might be thinking about all the new freedom your car gives you or how you’re going to upgrade the stereo system. But there are some other things you need to keep in mind when it comes to how this car will affect your life. Nail down these details and you’ll be well on your way to acing this whole “#adulting” thing.

1. Know the Impact on Your Wallet

Even if you aren’t making payments on your new vehicle, a car can still have a huge impact on your wallet. (Here’s how car insurance affects your credit.) How much will you need to budget for gas, parking, insurance, registration and regular maintenance? Your folks or your generous benefactor may be picking up some of these expenses for you, at least in the short term. Be sure to establish clearly with others about who’s paying what and check in regularly to make sure necessary expenses related to your car are taken care of.

2. Your Insurance History Starts Now

We know that dealing with auto insurance for the first time is complicated, so it’s extra important to be clear on how your policy works, whether it’s in your name or you are on your parents’ policy for now. If you’re a registered driver of a registered vehicle, your insurance history starts now (even if you’re not paying for it), and a clean driving record and demonstrated history of continuous insurance coverage will mean huge savings on your insurance in the future.

If you’re in college, you can start building your insurance record by staying on your parents’ or legal guardians’ policies if they OK it. According to Richardson, as long as the parents’ address is still the primary residence of the student, on-campus housing is considered temporary since students have to leave at the end of each semester, so students can still be covered on their parents’ policy. Once they move off campus to a more permanent situation, i.e., a house or apartment, then they will need their own coverage. (Here are the states where your credit score really matters for car insurance coverage. No matter where you live, it’s a good idea to know where your credit stands — you can find out for free on Credit.com.)

If you’re not in college and you’ve moved away from your parents or guardians altogether and no longer share an address, you’ll have to have your own policy.

3. Keep That Car in Tip-Top Shape

Finally, regular preventive car maintenance will probably be the last thing on your mind as you adjust to college life or settle into a new job. So go ahead and set some reminders in your calendar to take care of oil changes, wiper fluid and other routine maintenance for your car. You’ll prolong the life of the car and make it less likely that problems will pop up just when you don’t need them — like on your Spring Break trip or on the way to a job interview.

Car not in your budget for a graduation gift? Consider these eight graduation gifts your kids will actually use. 

Image: kali9

The post 7 Things to Know About Giving (or Getting) a Car for Graduation appeared first on Credit.com.

Source: credit.com

What Items Should You Put in a Fire Safe Box

If a fire happens, will your important documents stay safe?

Apartment dwellers need to be proactive about protecting critical information in case of a fire. Plenty of us have gone digital when it comes to storage of personal information, but certain items still need to come in hard copies. And some things, other than papers, also need a tangible safe place.

The safety deposit box at the local bank is still an option. However, bank hours aren’t always aligned with yours. If you want to go the digital route, look for companies that specialize in the storage of critical data. You can access your info directly from your phone, tablet or Amazon’s Alexa device. But if you prefer to go more old school — you need to think about protecting your valuables that are difficult to replace.

What will you need easy access to when you’re in an emergency fire crisis? Your list will probably look like this: an original birth certificate, social security card, insurance papers and car titles and other original docs. You could also include spare keys, passports and irreplaceable items like heirloom jewelry. A fireproof safe box will give you peace of mind. And, it will act as a security measure should a fire occur.

Are all fire safe boxes the same?

Did you know that not all fire safe boxes are alike? For example, standard fireproof safes protect your valuables against intense heat and smoke damage for periods of up to 120 minutes, according to Western Safe, while others can withstand the heat for longer. So, what’s the best type of fireproof box? Experts say it all depends on what you intend to store.

You should look for a fire safe box that has emergency override keys so you can open it up even if you forget the passcode. The keys are also good if the batteries run out on the keypad.

To help you know what things to keep in a fire safe box in your apartment, we’ve organized a list. These items make good sense to safeguard against fire:

  • Critical documents: Store your checking and savings account bank books, birth certificates, social security cards, wills and passports in a fire safe box. If you need to get out at a moment’s notice, these important documents will be safe and accessible.
  • Digital media: Your digital must-haves include USB sticks, memory cards and CDs. These items are your physical back-up. And this is especially true if you don’t want your most private data to live on remote servers.
  • Insurance policies: Talk to your insurance company about your renters insurance following the fire. Having access right away to your policy will help you to take action post-fire.
  • Cash: Life today is debit and credit card-driven. But it’s also smart to keep a stash of small bills on hand. If an emergency calls for quick cash, you’ll be glad you thought ahead and put some aside.
  • Other valuables: Remember to organize a file with essential information. Include emergency numbers of family members. Have your prescriptions, who your family doctor is and contact info for your pet’s vet, too.

apartment fire

Do your homework

Before purchasing a fire safe box, be sure to research what’s on the market. You’ll be surprised to find a range of choices. You can even select from fireproof safes that you can bolt to the ground or wall. Is the fire safe box waterproof? If not, be sure to protect all contents by storing them in plastic.

An official fire rating from the Underwriters Laboratory comes with all safes, according to Haven Life. The rating lets you know what temperature the fire safe box will stay inside during a fire. It will also let you know how long it will stay at that temperature.

Look for fire safe boxes that are either 125 degrees Fahrenheit or 325-degrees safe. They typically come with up to three hours’ worth of protection. Spruce reports that some fire safe boxes can withstand fires with temperatures up to 1,550 degrees Fahrenheit for 30 minutes.

Does size matter?

Fire safe boxes are compact to mid-size and come in a range to meet your needs. You can find options with a capacity of 0.17 cubic feet and weighing in at just 14 pounds. Or, one that weighs a little less than 28 pounds and can store flat 8-1/2-by-11-inch, letter-sized documents.

Extra-large capacity fire boxes can hold much more. They can weigh more than 100 pounds and measure more than 1-1/2-feet on each side. But the size is worth it because it gives your stuff a greater chance of surviving a disaster, according to Wirecutter. The site recommends a fire safe box the size of a mini-fridge that weighs in at 56 pounds.

Choose a fire safe box that has all the protective features and benefits to keep your important documents safe. In the long run, the investment could prove to be a wise one.

The post What Items Should You Put in a Fire Safe Box appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

The Most Common Renter Complaints That Landlords Hear

The landlord-tenant relationship can be a difficult one to navigate, especially if it involves a lot of renter complaints.

But that doesn’t mean it’s impossible to build a strong foundation with your landlord. Both parties have a lot at stake.

For you, it’s your home and your security deposit, and for your landlord, it’s their income and the property in which they have invested time and money. It’s not uncommon for tension to arise at some point, but how you handle difficult situations can make or break the relationship with your landlord moving forward.

The best initial step you can take to avoid a less-than-stellar landlord is to include an assessment of your potential landlord as part of the decision process when searching for a new place to live. Have they been easy to contact so far? Have they answered your questions and addressed your concerns? Do some background research and see if you can find any reviews from past tenants.

If you do find yourself experiencing one of these common renter complaints, there are steps you can take to try and resolve the situation.

poor communication

Common renter complaint #1: Poor communication

Many renters deal with a lack of communication from their landlords and feel that they’re unaware of certain rules or expectations as they relate to the property. Maybe you sign your lease agreement, move into your new home and never really hear from your landlord again. Or, maybe you’re having trouble with your landlord’s responsiveness to issues like maintenance requests, noisy neighbors or other important questions.

Early on in the relationship with your landlord, ask if they can walk through the lease agreement with you and point out any rules or expectations that are especially important to them (something a good landlord should do on their own.) As a tenant, it’s your responsibility to read through the lease agreement in its entirety and bring up any questions you may have.

Do your best to keep lines of communication open with your landlord — make timely contact about any issues or questions that arise and don’t be afraid to ask for help. If your landlord lives in the same building or is frequently on the property, be sure to be friendly and say hello when you cross paths. Establishing this relationship from the get-go will build trust.

maintenance issues

Common renter complaint #2: Maintenance issues

Maintenance issues and repairs are one of the main reasons you’ll have to get in touch with your landlord throughout your rental experience. Whether it’s something minor like a lighting fixture fix or something major like a water leak, your landlord should be responding and repairing your requests in a timely manner.

Establish your landlord’s preferred method of communication from the get-go. Can you text them a picture of the issue to make sure it’s catching their attention and not getting lost in an email inbox? Are they not as tech-savvy and prefer you give them a call directly? If you don’t already have a tenant portal, ask your landlord if they would consider setting one up so you can easily submit maintenance requests and your landlord can easily track everything in one place.

Be clear on what your responsibility is as a renter and what your landlord’s responsibility is. Make sure to check in on your local laws to figure out what the expectations are on important maintenance issues like water, heating or other habitability issues.

privacy

Common renter complaint #3: Lack of privacy

Sometimes, a landlord might be on the property without actually entering your home. He might comment on whether or not your front porch had been cleared of leaves or whether or not the recycling bin was too full, and it always felt like an invasion of privacy to have him pop up unannounced.

As a tenant, you absolutely have a legal right to the quiet enjoyment of your home and your landlord is required to provide you with at least 24 hours notice before entering your property (unless there’s an emergency situation). If your landlord is showing up for maintenance or inspections without notifying you first, bring it to their attention right away.

If your landlord performs regular inspections, ask if they would be willing to come on the same day every month or give you a schedule for the entirety of your lease agreement. If language around routine inspections isn’t included in your lease agreement, be sure to ask about it before you sign.

money

Common renter complaint #4: Security deposit refunds

It’s always upsetting to move out of a property and learn that your security deposit refund is much smaller than you were expecting — especially if you followed all move-out instructions and didn’t cause any major damage.

It’s important to understand that typically, landlords are not profiting off of your security deposit — they’re using the finances to repair an issue that occurred when you were the renter. Of course, there are situations where this isn’t the case and legal action is the only feasible option.

Before you move out, ask your landlord to provide you with a move-out checklist or clearly state their expectations. Refer to any checklists or inspection documents that you may have completed upon move in to make sure you’re leaving the property in the same condition you found it.

Ask your landlord if they would be willing to do a property walkthrough with you before you hand over the keys to address any issues that can be fixed or cleaned before you leave. Take pictures upon move out so you have evidence to show your landlord if need be.

If you are charged or your landlord withholds your security deposit, ask for an itemized list of the deductions so you can clearly see where your money is going.

Keep it friendly

Establishing a positive relationship with your landlord from the beginning and keeping lines of communication open will make it easier for both parties to deal with any issues that arise down the road.

The post The Most Common Renter Complaints That Landlords Hear appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

7 Best Small Business Loans of 2021

If you recently started a business, you might be wondering whether it’s a good idea to take out a small business loan. Small business loans can make it easier for you to buy equipment, hire…

The post 7 Best Small Business Loans of 2021 appeared first on Crediful.

Source: crediful.com

Auto Loan: New Car vs Old Pros and Cons

There are over 25 million auto loans every year in the United States, with the majority of drivers using finance to pay for new and used vehicles. Car loans are some of the most common secured loans in the country and for many Americans, a car is the second most expensive purchase they will make in their lifetime.

But shopping for a new car and applying for a suitable car loan is a stressful experience filled with uncertainty and difficult decisions. One of the most difficult decisions is whether to opt for a new car or a used one. In this guide, we’ll showcase some of the pros and cons of both options, pointing you in the right direction and helping you to make the right choice.

Reasons to Buy Used

It is satisfying to own something that is brand-new. It’s fresh out of the factory—you’re the first to use it, the first to experience it. 

Consumers are prepared to pay a premium just to be the first owner. iPhones and other tech are great examples of this. You could save 30% on the price of a new phone by opting for a refurbished model. The screen and case will be near-perfect, the hardware and software will be fully functional, and everything will be backed by a warranty. However, you don’t get the satisfaction of peeling back the protective stickers and being the first to open the box.

It’s a similar story with cars. There are no stickers to peel and boxes to open, but you can’t beat the new car smell or the way the steering wheel feels in your palms.

That’s not all, either. There are many other benefits to owning a brand-new car and using your auto loan to acquire one.

New Cars Depreciate Fast

A $200,000 mortgage acquired today might cost you $300,000 or more over the lifetime of the loan. However, in a couple decades, when that mortgage is in the final stretch and you own a sizeable chunk of home equity, you’ll likely have something worth $250,000, $300,000, or more.

If you get an auto loan on a new car, it’s a different story. As your interest increases and your payments exceed the original value, the current value nose-dives. At the end of the term, you could have something that is worth a small fraction of what you paid for it.

As an example, let’s assume that you purchase a $40,000 car with a $10,000 down payment and a $30,000 loan. With an interest rate of 6% and a term of 60 months, you’ll repay just under $35,000 over the lifetime of the loan.

However, as soon as you drive that car out of the lot, the price will plummet. At the end of the first year, it will have lost between 20% and 30% of its value. If we assume a 20% loss, that car is now worth just $32,000. The irony here is that you will have paid just under $7,000 in that year, and as the years progress, you fall into a pattern where the more you pay, the less it’s worth.

In the next 4 years, the car will experience an average deprecation of between 15% and 18%. Again, let’s assume a conservative estimate of 15%. That $40.000 purchase will be worth $27,200 at the end of year 2; $23,120 at the end of year 3; $19,653 in year 4, and $16,705 at the end of the loan.

And don’t forget, that vehicle cost you $45,000 in total.

Unless you’re buying a rare car that will become a collectible, all cars will depreciate, and that depreciation will be pretty rapid. However, used cars don’t suffer such rapid deprecation because they don’t have that inflated sticker price. If you take good care of them and pay a good price, you won’t stand to lose as much money.

Used Cars are Cheaper

As stated above, all cars depreciate, but if the first year suffers the biggest drop then why not buy a car that is just a year or two old?

It’s the same car and offers many of the same benefits, but you’re getting it for up to 30% less on average. For a $40,000 car, that’s a saving of $8,000. Once you add a 20% down payment, your loan only needs to cover $25,600. For a 6% loan, that’s just $495 a month, compared to the $619 you’d pay on a $40,000 new car with the same 20% down payment.

That puts more money in your pocket and less debt on your credit report. That’s a double-whammy well worth sacrificing a new car smell for.

It’s Still Nearly New

If you buy a used car that is just a couple of years old, you can still get something that has been well maintained and is just as impressive as it was the day it rolled off the lot. 

Think about the last time you bought a brand-new car, computer, phone, musical instrument—or anything else that came with a premium price tag. You probably kept it in perfect condition soon after buying. Everyone goes through a period of doing their utmost to keep a new purchase immaculate and the more they pay, the longer than period lasts.

Most consumers will keep a car in perfect condition for at least two or three years, but no matter what they do, they are powerless to the depreciation. This means you can get an almost-new, perfect car that is nearly a third cheaper than it was when it was new.

Reasons to Buy New

Α used car doesn’t provide you with that enjoyable, tactile experience. You can’t enjoy the ubiquitous new car smell and you won’t be the first owner. However, there are numerous benefits to buying used instead of new, not least of which is the amount of money you will save now and in the future.

More Finance Options

You have a few more options at your disposal when it comes to financing a new car. Many dealerships offer low-interest and even no-interest financing to encourage you to sign on the dotted line. 

These deals often have hidden terms, penalties, and other issues, and if you fail to make a payment, they won’t hesitate to take your car from you. However, if you’re struggling to finance elsewhere and have your heart set on a brand-new car, this could be your only option.

Make sure you read the terms and conditions closely and don’t let them bombard you with small print and sales talk. They are there to sell you a car. All they care about is your signature on that contract and if that means glossing over a few of the terms, they won’t hesitate.

More Customization and Better Features

Technology is advancing at a tremendous pace and this can be felt in all industries, including the automotive sector. A lot can happen in a few short years and if you buy a used car as opposed to a new one, you could miss out on a host of electronics, safety features, and more.

Customization is also possible with new cars. You can request colors, fabrics, and other aesthetic changes, as well as additional features relating to the power and performance of the vehicle.

Better Cover

New cars offer bumper-to-bumper warranty cover, which means that you’re covered in the event of an issue. If major repairs are needed, you won’t be out of pocket, and these warranty plans tend to offer roadside assistance as well.

This can be true for used cars as well, with the manufacturer’s warranty being transferred when the car is in the hands of a new owner. However, the warranty is at its longest and most useful when the car is first purchased.

Cheaper Maintenance

The warranty won’t cover everything, and you will still be responsible for normal wear and tear. However, because the car is new, it should require less maintenance and may take several years before you need to make significant purchases.

Surveys suggest that new car owners pay anywhere from $0 to $300 for maintenance during the first 12 months, with this fee spanning between $300 and $1,100 once the car is a decade old.

Simpler Process

Used car purchases take time. You need to find the vehicle, inspect it, negotiate with the seller, and then hope you can agree to a price and payment plan. If you want something specific with regards to colors and features, you may have to search many inventories and individual sellers before you find something that fits.

With a new car, you simply agree to a budget and see what’s available. If you need any tweaks or changes, you can request them directly from the dealer.

Summary: New vs Old

There are two ways at looking at this. Firstly, there are more advantages for buying a new car and these include some pretty important ones. However, the advantages for buying used are much bigger and if your bank balance or credit score is low, that could be the deciding factor. 

In any case, it’s important to look closely at the pros and cons, evaluate them based on your personal situation, and don’t rush this decision.

Auto Loan: New Car vs Old Pros and Cons is a post from Pocket Your Dollars.

Source: pocketyourdollars.com