Car Finance Loan: When You Can’t Just Wait to Buy a Car
Question about finance
What is the difference between economics, finance and marketing majors?I'm deciding whether I should major in economics, finance, or marketing when I go to college next year. What is the difference between them? What kind of jobs will I be able to get for each of the three majors? Please help.
Sure, you will be kicking a few tires but that will only be half of the battle. Know your limitations even before looking for that new car. If you would be paying for all car-related expenses, don’t forget to spend no more than 10% of your total earnings.
When negotiating for the price of your car, decide first on a price range and how much your down payment will be. Should you choose a long arrangement under a car finance loan, your down payment would be at the minimum. If you decide to trade the car within the first year, you will realize that you actually owe more than your car is worth. As a general rule, never apply for a car finance loan that is more than 80% of the price of the car, as indicated in the dealer’s invoice. Try to pay in cash or have equity for the car which is about 20% of the car’s true cost.
Usually, your car dealer will send you to their in-house financing department for a car finance loan. Dealers may have less-restrictive requirements than banks, however, they could insist on cut-rate car financing loans for you to apply for. Such car finance loans have 3% interest rates that could be attractive for the unsuspecting customer. Unfortunately, these low interest rates only apply only to certain models or short term car finance loans of 12 months tops. You’ll be surprised at how dealers make a lot of money on car finance loans, even when it’s done through the manufacturer.
As a good rule of thumb, always negotiate the price before you reveal that you are thinking about applying for a car finance loan. If they know ahead of time that you plan on wrapping up the deal with a car finance loan, they will frequently try to create a dilemma for you by giving you a lower rate on a higher price or a lower price at a higher finance rate. If you do decide on a car finance loan through the dealer, you can negotiate the interest rate. Dealerships usually have several loan sources, including local banks and the manufacturer’s credit company. Each source sets their rates to the dealer.
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Tags: Auto Loan, Car Finance, Car Loan, credit card, debt, Debt Relief, finance, personal finance, Personal Loan
Posted on December 16th, 2009 at 12:32 am
Set up a basic credit criteria, in which based on your clients credit score or certain qualifying options that you create, you base your credit line. Ok to make this easier, you could for example use a 90% credit line for clients whose credit score (or other certain criteria because companies sometimes don't look for a certain score but more or less other items they deem necessary) is 800 or more and it goes down from there…so as if a new client you have has a 500 score you could issue them only a 10% financing line. Second, after you set your standards, go ahead and work out your governing contracts, what is your interest rate (check with other similar companies in the field)? What is your late fee and when are payments due..how about penalties? Boy, that's enough for now huh!
Posted on December 16th, 2009 at 1:08 am
I know you can find lots of high paying oil industry jobs by going to Oilcareer com
Posted on December 16th, 2009 at 1:38 am
I've been in Finance for so long that I've decided that I wanted to do a different degree that was along the lines of my future goals… Law. I did my BBA in Legal Studies. I was a Finance major at first. I will suggest that you stick with the Finance Major vs the Business Administration. I mean if you think about what exactly is the B.A. offering you when the bottom line of the degree is in Business Administration? To have a specialty gives you a 'know-how' that makes you more adept in taking on positions that offer stellar pay as Finance and Accounting is known for. Each person is different in terms of what they want to do with their future goals. I normally see students minor in Business Administration if their Undergraduate Degree is in a totally different realm. This is only to signal to the employer that you are versatile and have business skills. If you are a business student I suggest Finance if this is what you want. Finance is definitely interesting and keeps you on the toes not just in the sense of performing statistical analysis but also conducting market and financial research including technical analysis which keeps you in the loop of world news as much as national news. You begin to witness the chain in global commerce & media and how it effects one another and inevitably effects the market as well as consumers far and near.
Another point that comes to mind is the institution that is granting the Finance degree. What is their reputation in the Finance Department? Are they first class? Are they top-rated? Usually the "glamourous pay but slave to your job" are firms off of W-Street which hit Ivy league schools to join their Associate or Summer programs. These programs, once selected ..highly selective, gear you up for positions such as equity or fixed-income analysts. Again, the pay is here, the perks are there, but you get no life. If you're looking to have that lifestyle then ensure your alma-matter can deliver. Your grades will obviously have to stand on its own and well .. if you have connections then use them.
If you want something more exciting in Business then go for Marketing. I'm leaning to the Marketing aspect in my MBA program which will play instrumental in my Entertainment Law (Law, Marketing, Finance (Budgeting)).
Good luck with everything.
P.S. I suggest you take a few finance classes (required and as an elective) before you decide.
Posted on December 16th, 2009 at 8:21 am
I am sorry i dont know.
Posted on December 16th, 2009 at 8:07 pm
Please be aware of what you are proposing on getting yourself into. Please do more research first.
Reminder: We are in a World-wide Recession.
Warning> Jobs in the field of Law are drying up fast!! This is just not a good field to invest time and/or money into. This is a SHRINKING vocational field. Many reasons. Many people today (mistakenly) think they can do their own legal work, thanks to the Internet. Also, we simply already have way too many Legal Professionals – we have an absolute glut!! ("Legal Professionals" includes, but is not limited to: Attorneys/Lawyers, Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc)
Regarding being a Paralegal: Employers (usually law firms) in the field of Law today want employees with Bachelors degrees from traditional colleges/universities. Those "certificates" you see advertised aren't worth the paper they are printed on – they are generally scams. (I found this out the hard way.)
Cost of law school to be lawyer, approx $150,000+.
Be prepared to take on a lot of debt.
Even if you finish law school, you won't be able to find a job when you are done. Since this vocational field is shrinking, many new attorneys/lawyers are, themselves, having to work "down" as Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc, to simply try to keep some of their bills paid <<this would be your competition. And the competition is fierce!!
Now… the law schools know this, but they won't tell you the truth >that the job market/economy is just saturated with way too many Legal Professionals. Instead the schools will feed you a fairytale and will lie to you. The root of the problem is we have too many law schools. We are in a recession, and the schools are fighting for their own survival – they will tell students anything to get to the students' money. (Which is why they won't tell you the truth about the job market for the field of Law.) And these schools continue to recruit and churn out even more graduates………….
If you don't believe me, then just do a search here on Yahoo Answers to see what other posters are saying about the current status of the field of Law. Call some local law firms – ask to speak to the Manager of Human Resources – ask them if they are hiring; ask them what they think about job availability in the field of Law………………
In the book "So You Want to be a Lawyer?" by Marianne Calabrese and Susanne Calabrese (ISBN 0-88391-136-1): "The United States has more lawyers than any other country in the world. About 38,000 students graduate >each year< from the 200+ law schools in the United States. The competition is very keen for jobs and clients." – Even Associate Justice Antonin Scalia (who served on the U.s. Supreme Court for more than 20 years) says there are too many lawyers. (9/14/2008)
Check out these websites: http://informeddecisionmaking.blogspot.com
http://calicocat.com/2004/08/law-school-big-lie.html
http://abajournal.com/news/triplt_bad_news_for_law_students_three_firms_aX_summer_associate_programs/
http://abajournal.com/news/as_rio_tinto_saves_millions_other_corps_will_outsource_too_counsel_says/
(A link to a website does not constitute endorsement.)
If you want a job when you are done with your studies, consider and look into the field of >>>Healthcare! I spoke to a career counselor from Jobs and Family Services, and HE told me that this is where the jobs are, and future job availability! and scholarships!
Good luck.
(This is based on my current knowledge, information, and belief. This was intended as personal opinion, and not intended to be used as legal advice. Please be careful and do your research.)
Posted on December 17th, 2009 at 5:45 am
I wish I could teach the world:
Don't ever carry credit card balances – it ruins your credit
Don't even think of leasing a car – its moronic
Don't ever rent furniture
Don't ever buy a time share
Don't even think of financing furniture – save up for things.
Save to buy a car, as much as possible.
Put 20% down on a house – even if you think your friends will make fun of you for having a small house.
Put money away in a ROTH, 401K – as much as possible
Become as self- insured as possible – stop making insurance companies rich
Always have 6 months worth of living expenses socked away.
/
Posted on December 17th, 2009 at 7:31 pm
There are a lot of different opportunities. You can work in commercial banking, as a loan officer, and work your way up. You can work for the government as a financial examiner or something of the sort. Also, finance is a fantastic degree if you want to do something with insurance, i.e. a claims adjuster, claims representative, or an underwriter. Finance will also give you the necessary knowledge to go into Real Estate too. So, obviously one of the benefits of having this degree is flexibility. It also easily transitions into an MBA (although not required or necessary.) Another benefit (depending on your school) is that finance is sometimes seen as an applied math degree, just depending on the difficulty of the major at your school. Hope this helps!
Posted on December 18th, 2009 at 6:35 am
There is no such thing as a Finance generalist or Finance specialist. Here are some sample job titles:
Financial Manager
Financial Controller
Financial Adviser
Posted on December 18th, 2009 at 8:54 am
Traditional financing means your payments are the same every month for the life of the loan, e.g., $500.
In balloon financing, your payments will be lower, except at the end; this will be several times higher. In such an arrangement, your payment may be $350, but your final balloon payment might be $7000.
The latter type of financing is what trips up people, as they're able to make the smaller monthly payments at least until something happens – they lose their job, the economy turns sour, they have huge medical expenses, etc. Then they find themselves unable to make that balloon payment.
When exploring your options, have you crunched your numbers to be able to afford that car? (This is an important step in preparing for a big-ticked purchase.) Next, do you have enough money saved to be able to cover that balloon payment?
Posted on December 19th, 2009 at 7:05 am
Very few preachers start a church on their own. They spend some time learning the practical details while working in an established church.
As to how they make a living, did you imagine that what comes in by way of the Sunday collection plate is all they get? The larger donations come from people who are solicited personally, people who can donate thousands, perhaps even millions, in a single check. Those large donations are then invested in real estate and other assets, against which the church can borrow as necessary.
And those are just the relatively honest ones.