You may have been led to believe that purchasing a house as a single parent is going to be an uphill struggle. Though there is some truth in this, it’s actually much easier than you may have originally thought. Of course, this is as long as you’re sensible in your decisions.
When going down this path, there are many financial matters you have to think about besides the ones listed below; though it’s fair to say these are quite possibly the most important. To help keep things simple, consider the following three points. Hopefully with these you’ll find the process to be a whole lot easier:
Speak With a Local Housing Authority
Depending on where in the country you live, there is going to be a local housing authority that can have you placed in a specific home ownership plan, designed for people who need help to move onto the property ladder.
Many people don’t know these programs exist, meaning they instead choose to rent rather than allow their monthly mortgage to help them slowly pay off a house. Though there’s nothing wrong with renting for a short period, if you rent indefinitely, you’ll have nothing to show for it when it comes time to write your will and hand over your assets to your children.
Contact a Mortgage Broker
Though the experience may seem entirely alien to you, when you look towards purchasing a house as a single parent you’re going to have to contact a mortgage broker. This way you’ll have someone to talk you through your options when it comes to applying for, and hopefully receiving a mortgage that you can afford.
It’s much more difficult to hold down a mortgage if you only have one income stream, especially if you have to pay for child support along the way. Just be ready for questions when you speak with Smartline mortgage brokers, as these professionals will take the time to familiarize themselves with your situation, and in turn help you understand what they believe your chances are of being offered certain mortgage deals.
Consider Your Financial Positives
As a single parent you may feel you have nothing going for you financially, but in many cases this couldn’t be further from the truth. Uncovering these will make it a whole lot easier for you to get the a-okay on a mortgage that will eventually lead to you owning your own house.
If you have young children, there’s every chance you can work from home while looking after them during the daytime. There are a number of home working careers single parents can look into, including:
- Writing; the internet has created a huge need for online content
- Accounting; you’ll have to take appropriate online classes to qualify, but working as an accountant from home is a very flexible career choice
- Marketing; if you feel you have the skills to offer marketing consultation advice, this can easily be done from home
Buying a house as a single parent might seem overwhelming in the beginning but if you consider the points above you’ll find that it’s not as impossible as you think. While it will require money and effort, being able to have your own residence from where you can raise your children is definitely worth the investment.
Car dealers have been using the old 0% car financing marketing ploy in order to get customers to walk through their doors for years but if you look a little closer, you will see the fine print states this type of deal is limited to only those who qualify through their minimum credit standards. What does this mean to average car buyer? It means your credit will have to be somewhere in the 700 range to be considered.
Of course, if you have stellar credit and the vehicle model you saw advertised for 0% financing is the one you want, you are in luck. Dealers use this type if deal to get more customers, knowing full well less than 30% of them will qualify for this type of loan. The fact that these types of auto loans are so hard to get puts many consumers in jeopardy of paying a much higher interest rate than originally anticipated f they are not careful.
This is why it’s extremely important to know your credit score before you visit the auto dealership so you can have the leverage to negotiate a good deal.
Even if you are someone with excellent credit, you may visit the dealership and find the vehicles you really want do not offer 0% car financing offers. Sometimes, when you are purchasing a car with zero financing it is only limited to 36 months or less which is a term most consumers won’t commit to because they can’t afford the high monthly car payment.
Even though experts always recommend buying a car with a 36 month financing term, most car shoppers are looking for a 48 or 60 month term when they finance their vehicle so they can afford the payments.
Once car buyers are at the sales office discussing their car selection and available financing options, they may be informed the 0% car financing option is not available to them because of their credit or the particular model of the vehicle. At this point a consumer is likely to accept a different and much less favorable financing option so they can walk out the door with keys to their vehicle in hand. Instead, consumers should be aware of this obvious tactic and they should continue to try to compare financing options in order to play their cards right in pitting one finance company against another.
All in all, it’s wise to take advantage of a 0 car financing deal if you know your credit is worthy enough but if it’s not, take a smart approach and get the best deals on auto financing by being prepared.
If you are looking for easy auto loans where you can submit your information and get instant quotes, you may not have to look further than the Internet these days.
Gone are the says when you were at the mercy of the car dealer who showed you the vehicle you had your heart set on, then led you on a wild goose chase through financing options so the deal could benefit them directly.
Look Into Cheap Auto Loans Yourself
These days, it’s much better to be prepared by looking into the best online auto loan possible at the click of a mouse.
For example, you can use a popular service such as myautoloan.com which offers a convenient way to get an instant quote, regardless of your credit standing.
These companies know how sick and tired people are in dealing with unscrupulous car dealers who can leave you sitting down at their office table, act like they are going to see the manager, and come back with what is the ‘best financing option available’ because it benefits their pockets. Hence, the online auto loan was born!
It’s much wiser to walk into a car dealer with a loan in your hands so you can have the upper hand and work out the best deal possible.
You will find many online companies who take a variety of types of credit to fill your needs at the drop of a hat and it can help you make a decision much quicker and with more efficiency than if you blindly walked into a dealer and started negotiating.
Many of these online auto loan companies give out regular, low interest loans and are not necessarily ‘bad credit’ lenders; These companies specialize in being able to get low interest auto loans and fulfill their customers’ needs whether they have good or bad credit and they have to come through with the best deals or they wouldn’t be able to stay in business.
Easy auto loans from these online companies have been gaining strength for a few years now because they offer a convenience that regular companies can’t. The way it works is; you fill out your information quickly on the form provided and sit back and watch as they come back with the best possible deals specifically for you, tailored to your needs. The best thing is there is no obligation and it doesn’t cost you anything but a few minutes.
People wonder if the personal information they send on the Internet is safe. Auto loan websites are completely safe to use these days, more than ever, because they use a secure and encrypted system even the best hacker in the world can’t penetrate. At the same time, use websites you know or ones that come recommended for maximum safety.
How Long Does It Take to Get a Loan and What are the Usual Requirements
Different online companies vary but it’s safe to say the amount of the loans have to be at least $7,500 and the applicant must have a steady job to qualify. You will get an instant decision and will be provided with a number to call to wrap things up on the phone and online.
As an example, myautoloan.com requires you to take out a minimum $7,500 loan and you have to earn at least $2,000 gross income a month. All you do is apply, get instant quotes, and you get to pick and choose the best low rate offer for yourself. As of this writing, myautoloan.com was offering a 1.55% interest rate on a 36 month loan. Then, you call the number provided and they explain your options and walk you through without any obligations.
Pretty cool and effective! Easy auto loans have never been easier, thanks to the Worldwide Web.
It’s no secret that getting out of payday loan debt is not easy at all; in fact, if you borrow $500 as a payday loan and you can’t pay it off for the next couple of months or so, you will find yourself paying an exorbitant amount of money in the process. A typical $500 payday loan results in a $55 fee payable within the next 10 to 14 business days. This means you would have to pay $555 to settle the loan after a couple of weeks or write out another check to start the process all over again with an extension on your loan.
Getting a Payday Loan Can Be a Good Thing If You Plan Wisely
Although some experts say that getting a payday loan is actually not such a bad thing after all, the prospect of getting out of that hole once you dive in is extremely difficult.
Luckily, getting out of payday loan debt to be a little bit easier if you follow a proven strategy.
The best strategy, if you cannot pay off the loan by the due date, involves paying off the loan a little more each time you visit the lender.
Here’s an example:
Let’s say you took out a $500 loan and you have just returned to the check cashing lender to make your payment. The fee will be roughly $55.00 on that loan on top of the amount you borrowed. Instead of just paying the fee, writing another check for $500 and continuing the loan as is usually the case, pay the lender another $50 and write a new loan check for $450. Your total payment will be $105.
Even with this method, if you only pay an extra $50 dollars on every trip back, it will take you approximately 4 months to get out of that payday loan debt completely. In the end, even though you will have paid more than double the amount you borrowed, you won’t feel it as much as a person who continues paying these cash loan places $55 dollars for 40 weeks! This is how getting a payday loan can hurt you. They put you on the hook for the loan and your bi-weekly fee payment to them is like an automatic ATM cash withdrawal for the company.
Now for the best part; since you have been able to pay the $105 bi-weekly to get rid of the loan, why not start automatically deducting that amount to another savings account “not to be touched” for the next year? This way, you won’t have to resort to living paycheck to paycheck and when an emergency comes along, voila! You’ve got it covered. Getting out of payday loan debt looks a little easier now, doesn’t it?