Ric Flair Finance

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May
21

Top Reasons to Finance Your Home Remodeling or Repair Project

Top Reasons to Finance Your Home Remodeling or Repair Project

If there is an unexpected repair in your home or you are planning a remodeling project then you probably don’t have the cash in hand to cover these costs.

remodel

nerdwallet.com

There are a number of ways that you can pay for your home project without having to use a credit card or incur the expenses associated with a home equity loan.

You are able to finance your project through the use of an unsecured installment loan.

Here is why you should consider finance to pay for your home remodeling or repair project according to enerbank.com.

You Can Get The Money You Need

If your home project is going to cost quite a bit of money then an unsecured installment loan is the best choice. These loans will offer you higher amounts than your credit card so you are able to get the money you need so that the project can be done right.

You should always allocate more money than what you have budgeted for so that any unexpected expense out of budget can be covered. Look at adding 10% for any surprises and another 20% for any unforeseen fees or labor.

No Payment and No Interest Options

There are a number of banks that offer same as cash loans, which have no payment and no interest payment options. These will defer payments and interest for a set period of time.

These can create a great financial bridge if you are expecting a financial windfall in the future like a bonus or an income tax refund.

Simplify Decision Making

If your credit is good then you can increase your buying power through the use of an unsecured installment loan.

You are able to get the most value from being approved for an unsecured loan and you are able to make decisions based on what you want.

Quick and Easy Qualification

It is quick and easy to apply for an unsecured installment loan. Unsecured installment loans do not need collateral in order to get them and you can compare loans and get the best one for your needs.

Reduce Closing Costs

An unsecured loan usually has no closing costs or fees for processing so you will get the entire amount that you applied for.

Taking an unsecured loan to improve your home is a great way to finance any project that you may have. You will be able to start the project right away and add value to your home.

Feb
05

The Best Way to Finance Buying a Car

The Best Way to Finance Buying a Car

It is not a simple decision to buy a car whether you buy outright or buy a car on finance.

A car is actually one of the most expensive things that you will buy, so it’s important that you ensure you get the best deal on financing.

buying a car

telegraph.co.uk

Cash or Savings

When the interest rates are low then your savings will most likely not be earning much in a bank. So instead of keeping your savings and borrowing at a higher rate of interest, you could use them to fund some or even all of the costs of a car.

You should ensure that you have enough savings left for an emergency once you have paid for your car. If you do not have enough savings to pay for the car outright then you could use them to make a large deposit. You might be better off buying the car on your credit card so that you are able to benefit from credit card purchase protection, you can then use your savings to pay off the credit card.

Personal Loan

A personal loan is usually the cheapest way to finance a car deal, but only if you have a good credit rating.

You are able to get a personal loan from a bank, finance provider or building society.

A personal loan should not be secured against your home, as you do not want to put your home at risk if you fail to keep up with the repayments.

When you are looking for a personal loan, you will need to shop around so that you can get the best interest rate by comparing the APR.

Personal loans can be arranged over the phone, Internet or face to face. The loan will cover the whole cost of the car and if you shop around you could be charged a competitive fixed interest rate.

Hire Purchase

A hire purchase is where you buy a car on finance and is then paid in installments where the payments are spread over 12-60 months and you will usually have to put down a 10% deposit.

This type of loan is secured against the car so you will not own the car until the last payment is made.

Hire purchase loans are easy and quick to arrange, the deposit is quite low, the repayment terms are flexible and there are competitive fixed interest rates.

Personal Contract Plan

This is a variation of the hire purchase and results in lower monthly payments. With this type of financing you will not pay the car outright, but instead agree to pay the difference between its sale price and its price for resale back to the dealer.

This is based on a forecast of annual mileage over the term of the agreement. The payments are spread over 12 to 36 months. Once the term has ended you are able to hand the car back to the dealer and pay nothing, trade the car in and start again or pay the resale price of the car and keep it.

Personal contract plans have lower monthly payments; a low deposit, flexible repayment terms and you are able to choose at the end of the term what you want to do.

Personal Leasing

You are able to pay a dealer a fixed monthly amount for the use of a car that includes servicing and maintenance as long as the mileage does not exceed a certain amount. Once the agreement ends you hand the car back.