Personal Finance guide

When talking about lending or loans, what we are really talking about is credit. Credit is money you ask for to pay for something. You promise to repay this money, plus an additional amount, usually called interest.

Used carefully, credit can be extremely useful. On the other hand, if not used responsibly it can cause major problems. “Good credit” typically means that you repay your loans on time, and don’t abuse the credit limits given to you. The better you maintain your credit today, the easier it is to obtain credit in the future. Continue reading ‘Basics of Lending’ »

What exactly are the features of a preapproved auto loan? At it’s basic form, it’s getting approved for a loan in principle. You provide the credentials (to be covered later) and an assessment is made before you are preapproved for the loan. Once you are preapproved, the lender will provide you with a blank check up to an agreed limit. Using this blank check, you can visit the car dealers to your hearts content and find the car that fits within the limit of the check.

There Will be a Time Limit
Once you get the preapproved for the loan, there will be a time limit on the spending of that money. The limit is usually a few days, but one benefit is that you don’t have to use the check and no liability will fall to you unless you actually sign the check and tender it to a dealer. Dealers are usually pleased to deal with people who come shopping with blank checks for obvious reasons, so when you go shopping, you can do so with confidence.

Continue reading ‘Preapproved Auto Loan – How to Get an Auto Loan in 60 Seconds Or Less’ »