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By Tim Gorman
Free Auto Loan Tips
The following tips should help increase your chances of getting a car loan at
a better rate.
Tip #1 - If you just started a job (recently graduated from college) then wait
6 months to apply for your car loan.
Tip #2 - If you have currently have bad credit then repair it before applying
for an auto loan.
Tip #3 - If you`ve recently moved then wait until you have lived at your new
address for 6 months before applying for a loan.
Tips #4 - If you have had a previous auto loan or home mortgage on your credit
report then your chances for a new loan improve greatly.
Tip #5 - Try and pay off all of your credit card balances or at least lower
them. You may want to consider finding the best debt consolidation loans to
erase all of your credit card bills. The bottom line is don`t keep a high
debt load or credit card balances.
Tip #6 - You must have a stable job or occupation.
Tip #7 - Other examples of credit extended to you should appear on your credit
report. Verify this with a quick and easy online credit report. Also avoid
charge off`s on your credit report.
Tip #8 - If you`ve filed bankruptcy before then you should wait 3-4 years
before trying to get an auto loan.
Free Home Loan Tips
Tip #1 - Make Bi-Monthly Payments: Instead of paying your mortgage with one
monthly payment switch to paying half of your loan payment every 2 weeks. The
savings comes from the 26 half payments you make which add up to 13 monthly
payments versus the regular 12 payments you would normally make in a year.
The end result is you save a large sum of money on the interest owed and
you`ll own your home a lot sooner!
Tip #2 - Choose a 15 year mortgage instead of a 30 year mortgage: You`ll end
up with a higher monthly payment but in the long run you also save tens of
thousands of dollars in interest charges, especially if you shop for the best
home loans you can afford.
Tip #3 - Mortgage Refinancing: Currently this is the most popular trend. You
refinance your mortgage if you can get a rate that is at least one percentage
point lower than your existing mortgage rate and plan to keep the new
mortgage for several years or more.
Tip #4 - Buy down the rate: The seller or builder, or through innovative
pricing, can help you buy down your mortgage rate for one, two, or three
years.
Tip #5 - Consider an adjustable-rate mortgage (ARM): If you think you will be
in your house for less then 5 years then perhaps you should consider an ARM.
An adjustable-rate mortgage (ARM) starts with a considerably lower interest
rate, but then adjusts every year. This type of loan moves a little bit of
the risk away from the lender, and the lender rewards you with a lower rate.
Usually these mortgages are capped to rise not more than two percent in any
year, and not more than five or six percent for the life of the loan for your
protection.
Timothy Gorman is a successful webmaster and publisher of Military-Loans-
Online.com – Which provides free money saving loan quotes on all of your loan
needs to include home equity loan information (http://www.military-loans-
online.com/home-equity-loan-information.html>home) that you can research in
your pajamas on his website.
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