Bad credit is surely a mistake of your past. But you can stop it from affecting your future. Purchasing a new car or a used car is possible with bad credit, provided you understand the auto buying process. Bad credit history may make you a less preferred credit borrower. But bad credit is not the end of your world. If you take care of a few things, you can get an auto loan even with bad credit. All you have to do is to understand the “do’s” and “don’ts” of bad credit car buying.
Things to Keep in Mind while Buying a Car with Bad Credit
The following list of things will help you to put across a strong case in obtaining a car when you suffer from bad credit.
A. The Do’s of Bad Credit Car Buying
i). Do Take Actions to Increase Your Credit Score
The primary element that comprises an auto loan approval is a good credit score. While you cannot change your financial history, you can surely put effort into improving your credit score before applying for the auto loan. A few things you can do to increase your credit score is to pay off your lenders and pay your bills on time. An increase in your credit score will positively impact your auto loan approval chances.
ii) Do Get a Co-Signer
A co-signer is liable to pay any amount of the auto loan that you are unable to pay to the lender. A co-signer can be your spouse, family member, or friend. In the case of bad credit history, a co-signer with a decent credit score of 630 or above will improve your chances of getting an auto loan approval. Therefore, do ensure that you have a co-signer on your side when you go to finalize your auto loan.
iii) Do Think About a Second Chance Auto Loan
Everyone deserves a reliable car to travel from one place to another but not everyone has a good credit score to obtain the car. Does that mean a person with bad credit should not buy a car? Well, you can choose second chance auto loans. They are designed for people who have suffered from bad credit history and wish to obtain an auto loan. The interest rates may be higher but you can negotiate with the lender to obtain affordable financing. Remember that a second chance auto loan is a great way to obtain your dream car and not compromise on your mode of transport.
B. The Don’ts of Bad Credit Car Buying
i) Don’t Overshoot Your Budget with Extras
Once you walk into the dealership, do not get distracted and agree to the sweet talks of the salesperson. Your primary focus is to obtain a car and car financing for bad credit. Do not focus on other fancy offers which are dead investments in the long run. Be informed about your warranties, GAP insurance, and auto loan terms and conditions. Sit down with the salesperson and match your budget with the car that you can afford. A used car that is a year old can be the place to start looking for an affordable car.
ii) Don’t Skip a Pre-approved Auto Loan
A pre-approved auto loan will make your bad credit car buying experience very pleasant. It tells you how much money you can afford to spend on a car. You can also negotiate for a lower car price as you already have a pre-approved car loan. Therefore, apply for a pre-approved car loan and take the help of a co-signer to obtain the best auto loan deal.
iii) Don’t Finalize the Car in a Rush
Take your sweet time when you are finalizing your auto loan and choosing your car. Make sure you research all cars that fit your requirements and shop around the dealerships to search for the right deal and the right car. Read all the documents carefully before signing your auto loan contract. Many times, bad credit auto buyers may be tempted to just get a good car but not read about the underlying charges. Therefore, make sure to understand all the factors of a bad credit auto loan before purchasing your car.
Follow the Plan
Buying a car with bad credit is easy when you have a plan in mind. Do not say yes to any lender who approves you. Research in advance, find out more about the auto financing company, discuss your requirements, and calculate the total cost of the loan. Being diligent is the only way to get the best auto loan deal with bad credit.
A number of urban investors are investing in agricultural land. As an agricultural land plot can guarantee a good return in the long term. Investing in farmland in India has many benefits, you can use it for the purpose of farming or it can serve your dream of a weekend getaway. Buyer of the farmland has the opportunity of farming by himself or give this farm on lease to someone.
India is the second most populated country in the world and with a smaller land area as compared to China or the U.S. In such a condition agriculture land has become extremely valuable and difficult to acquire in places near to metropolitan cities like Mumbai, Delhi. From middle class to high net worth investors all are looking to invest in land and considering it a most reliable asset class. Apart from this, the profit made from selling the farm is tax-free.
Let’s look at the advantages of owning farmland:
Agriculture land can create good wealth in long term.
It is a low-risk investment
The income that you will earn through this agricultural land will be free from tax.
Today there is a gap between demand and supply across the country, which leads to the increase in agriculture commodities prices.
It is a great investment to keep pace with inflation.
Now let’s understand how investing in farmland can generate returns:
1) Investors of agriculture land can make money from the cash flow from the crops that are harvested.
2) Land Appreciation: We know the land is a limited resource and the agriculture land has decreased due to the land development and urban sprawl which makes the agricultural land more valuable. Thus this situation makes agriculture land to increase in value which is eventually beneficial for the investors.
3) There are other ways to generate income on farmland if your farmland is next to the highway you can generate income through billboards placed on the land or through radio towers that are built on the land.
Investing in the land may not provide you with immediate returns but over a longer-term, the returns can be quite decent. Also, there is much less volatility in this asset class as compared to others.
Pali Hill Estates is one such organisation which helps city buyer of Mumbai to switch to the countryside. As realty prices in Mumbai and other cities are rising, people are shifting their farmland investment towards the edge of metropolitan areas.
To take an escape from hectic city life, people want a place where they can relax and enjoy. As Lonavala and Khandala are getting crowded and overpriced, Khopoli is an emerging destination near Mumbai with mountain and valley views. Agricultural land in Khopoli-Pali road offers a great scope of investment opportunities. It is well connected to Mumbai and Pune and is just a 1-hour drive from Mumbai.
Some buyers want to invest so they can do their own organic farming on weekends and some want to build their dream second home for holidays.
Investors must choose their farmland based on few parameters like location, water facility, land fertility, soil quality and budget.
A lot of trading psychology has been learnt through meticulous research and study, by people such as Amos Tversky and Daniel Kahneman and more recently, by Brad O’Dean. If we skim the cream off the top of their studies we find that investors and traders routinely avoid selling losers to avoid feelings of regret and WHEN they do this so that they often end up causing themselves greater financial harm and psychological distress.
Ergo, here we are looking at the CTD chart in July 2020 (CTD is listed on the ASX). It’s been on a downtrend for two years falling from $33 to $12 today. All the research tells us that if we were a buyer at $30 and are still holder today, we are doing so for several reasons. Either we are being duped into holding on by someone else, such as a financial advisor or, more likely by our internal psychology.
We avoid selling now because:
We cannot face taking the financial hit to our account.
Because we cannot face up to the fact that we are wrong. We bought at the top and now have to sell at what looks like the bottom.
We avoid selling because we hold out hope that the stock will once again trade back at $30
There is a financial penalty that regret avoidance has on our account. We may be holding onto a losing position for years. The position may even get worse and we may end up losing even more money. We engage in wishful thinking about exiting at a higher price and once we let do that, we become psychologically weakened when it comes to all future investments/trades. We lose out due to opportunity cost – that is the cost of missing out on other winning trades and being unable to use the money tied up in CTD because we avoid cutting our losses, freeing that money up and playing for better position elsewhere in the market.
You can avoid being a regret avoider by doing the following: accept that its ok to be wrong, accept that you will be wrong, accept that there is a financial penalty for being wrong, accept that the best financial penalty for being wrong is a cheap financial penalty, have a trading plan which identifies risk and a price point which identifies to you that you are wrong while at the same time, allows you to exit with a small financial penalty.
With the advent of new technology, real economic power has returned to the hands of the masses. The proprietor once enjoyed the opportunity of shaking hands and talking to their customers. Being involved in social media puts the business owner back in the marketplace. In the labyrinth of business promotion, a brand new job description has entered the forefront. The Social Networking or Social Media Consultant, is there as a guide through the online community and helps your business blaze new trails.
In today’s fluctuating economy, there are many questions that present themselves regarding the newest player in the field. The rapid expansion of social media has of necessity created many new problems along with its applications. Social Networking, with it’s multiple platforms and applications can be a real challenge to decipher. The teeming masses of perplexing information can leave one confused. The first quandary that presents itself is, answering the question, “Where do I get started?” At first glance most of the platforms look just about the same. But, that’s only on the surface. In choosing a consultant, you are looking for a person that can see beyond the sameness and use the uniqueness that each program provides.
Consultants are the liaison between the brick-and-mortar business and the internet marketplace. Through the process of compiling market analysis information, they home in on your target audience. Then the formulation of a strategy is developed that will present a strong online presence for your company. As a result, your company’s brand is broadcast over the new media and becomes a solid entity in both arenas.
The initial contact between your company and the consultant requires listening. The business owner and consultant meet to discover the potential clientele that would be served by the company. It requires owner/staff involvement, because as the owner, you know your clientele better than anyone else. This is very important in the formation of a plan that covers your company. The arrow will not even come near the expected target unless that plan is specific. This information is added to the market analysis information and gives the prospective clientele a “face.”
From that combination of data, a plan is drawn up of how best to promote your specific brand’s strengths in an online application. For example, if you have a business that is based on goods, (winter coats for worms, for example) then the product would designate what platform will best display it. You can see how that plan would be entirely different for a company that produces sound bites for radio and video applications.
A strategy of when and where to release the promotional materials is devised. This would take into account key areas of influence for your company’s brand and initiate a way for you to engage with your customers. They can contract out and design your company’s website and integrate other forms of social media to present a unified front. In addition, he/she would devise the plan of action needed to set up the means to monitor your brand’s impact across a variety of media channels simultaneously. Picture yourself speaking in 8 languages at the same time and being understood in each of them. That is the desired result.
The final step will be the selection of social media tools to implement the strategy that was decided. There is Tweetdeck, SocialOomph, Disquis, SEO Quake, and WordPress just to mention a few. These applications all have websites that can give you up-to-the-minute developments of their individual programs. There is also the added benefit of almost immediate follow-up. Couple accurate measurable results, with a decreased time frame to get them, and the necessary adjustments have a greater significance.