Finance

  • How to Get Your Car Loan Approved

    Buying a car is not as simple as it may seem unless you are filthy rich who can buy a drive with ash. It is more than driving it out of the dealer’s.

    Buying a car involves taking out a car loan. Looking for a car loan is just the start of the process. There are a lot of banks, dealers and financing companies offering car loans, but getting approved for one is the hard part. Here are the things you have to consider when applying for a car loan.

    1. Good credit score

    Your credit score tells the bank or lender about your paying habits. It is only natural for them to check if you are a type of person who pays the loan on time and will not default on your responsibility. You can build your credit score by getting loans and credit cards. Always pay your dues on time and you will get a positive credit score to convince your lender that you have a minimal risk as a borrower.

    2. Paying ability

    When getting a car loan, you are borrowing money that you do not currently have. What convinces the lender is if you have the ability to pay for the amount you are borrowing. Your paying ability is more than just the amount of your salary. It is how stable your sources of income are and your existing financial responsibilities.

    3. Complete requirements

    Of course, you must be able to comply with the eligibility and documentary requirements. This gives the impression that you are a professional type of person and you have the means to get approved and handle the car loan responsibilities. The usual requirements are your ID documents, proof of billing, proof of income, available assets, down payment and car insurance.

    If you have these three factors, you are most likely to get approved for a car loan and get your dream car.

  • How do I care for my tires?

    Your tires are the only point of contact that your car has with the ground or the road. Make sure that they are always in good condition to ensure your safety. here are some tips to avoid tire problems.

    Inspect your tire

    Always spend some time inspecting your tires before you go for a ride. You may not always notice some damage and this can be dangerous. Have a professional inspect your tires once a year too.

    Respect the load capacity

    Make sure that you do not exceed the load capacity of your car since it is directly related to the load index of your car. Too much load can blow up your car and cause a major accident to you and the people around you.

    Check the air pressure

    Incorrect tire pressures can affect the car’s handling and braking. This can seriously compromise your safety, especially in wet conditions. Severely under-inflated tires can cause heat build-up. Check your tire pressure every month or before a long drive.

    regular professional check up

    Regular tire maintenance including rotation, alignment, and inspections can greatly help you save a lot of money since it can extend the life of your tire. This means you do not have to buy a tire too often. Under or over-inflated tires don’t last long since they don’t wear evenly. If the tires are consistently 20% under-inflated, they will last 20% less than they should. When it should last 60,000 miles would be worn out by 48,000 miles. Add to that, under or over-inflated tires can cause your car to burn more fuel.

     

  • What to Consider When Buying a Car

    Choosing the best car for you is more than just the brand and the color. It is looking for a vehicle that will give you a long time convenience.

    When buying a car, there is more than what meets the eye. Here are some tips:

    Your purpose

    When choosing a car, you need to have a  clear purpose in mind. Are you a single person who just wants to drive to work and get home while avoiding the commuting crowd? Or perhaps you are starting your family and you need a car to drive your kids to school. If you need a vehicle for your small business, you will need a van or a small truck.

    Your driver’s seat and Test Drive

    When buying a car, you have to try sitting in the driver’s seat. Take note if you are comfortable, if the setas are easily adjusted, and if you have enough leg room. Take note of the little things that might cause some annoyance. It may not seem much for now, but it might take a toll on you after a long time.

    Dealership Packages

    If you are buying a car from a dealership, you have to take note that they offer certain packages. consider what you need and want in these packages. If there are things that you do not need, ask if they can replace them or if they can offer a discount.

    Add to that, you need to know if they will take care of the car loan process of you or if you have to do it personally. Some dealers are partnered with banks while others are not. However, if they do it for you, they might charge more.

     

  • 3 Frugal Practices Rich People Do

    Financial freedom, savings for the kids’ education and funds for annual vacation trip are the
    most advantages of rich people. But people they become wealthy, they have learned to
    embrace the practices of frugality.
    Frugality does not mean that you tend to buy cheap materials just because you are living
    from paycheck to paycheck. It’s more of using money practically and wisely. The question
    is, how do people become rich?
    Three practices of frugality that rich people do are as follows:

    1. They don’t buy things on sale

    People always fell on this trap every end of the month. When you think about it further, you
    don’t really need those items that are on sale. In fact, malls can to attract you to buy things
    using the following terms:
     50% off
     20% discount
     Buy one take one
     Buy 3 get 1 free
     3 day sale

    2. Rich people don’t buy unnecessary expenses

    Wise people who wish to have financial freedom are eager to determine which of the
    monthly expenses they can eradicate. For instance, all of the family members are working
    or even at school for the entire day, no one is watching television but you are paying almost
    Php1,000.00 for the cable, it’s time to cut your subscription.

    3. Buying the latest gadgets

    Though in reality, you will see a wealthy family that boasts of all the materials things that
    money can buy. But, little did you know that for as long as their mobile phones are
    functioning well, they will not buy the latest gadgets. They know the value of every coin
    they spend.

    Financial freedom can be attainable if you don’t depend on your happiness in buying the
    materials you do not really need in life. Detach yourself from wanting things that are only
    the current trend but not useful.

  • Best Car Care Tips to Save Money

    Taking care of your car does not only mean that you don’t get the hassle of it breaking down unexpectedly. Add to that, you can save money on the costs of car insurance and repairs.

    Wipers

    We get that rain rarely happens during the summer, but there are times that it suddenly pours. Worn wipers create nasty streaks on your windshield. This can affect your vision while driving. Add to that, replacing your windshield can be too costly. When you get an oil change, ask them to also take care of your wipers. Or if you are buying a car, ask the dealership for a good quality wiper that can last long.

    Tires

    No matter the season, you have to regularly check your tires. Tire pressures must be correct. You can see this in the information the inside of the fuel door or the driver’s door jam. Good tire condition means no cracks, no nails, no rocks, no uneven tear, and plenty of tread depth. Always keep a usable spare tire to be safe.

    Clean the Car

    Keeping the exterior clean helps you protect your car paint from the scorching heat and any damages caused by birds and insects. Use a good-quality wax.

    Add to that, you need to give extra care on cleaning your windshield. Sometimes you may not notice the building up of grime and dirt, but it can cause a haze that can diffuse the light while driving on a sunny day. Things will look sharper if you have a clean windshield.

    A good car care regiment can make financial sense in the long run. You can avoid accidents and major repairs. If you do not claim anything from your insurance, you can get a discount once it is time to renew it.