Advantages and Disadvantages of Getting a Car Loan

Auto Financing, Financing, Interest, Credit, Money

Having a car is not just a status symbol but because it really is a necessity especially in countries where there is poor public transportation and getting a car is top priority of those who are working. Although there are countries where it is easy to get a car because of the price, many still choose to apply for car loan because it is not that heavy to their pockets. But one must  vertaa lainoja to determine the most suitable type of loan. If you want a loan to make a dream come true or combine existing loans, Zmarta compares loan offers for you so you can choose the best loan offer from their lenders. Check out their Loan Calculator and find the right choice for you.

As mentioned earlier, not everyone can afford to pay for a card using cold hard cash. Hence, financing a car through auto loan is an easy and convenient way to own a car but of course, you must understand and risks of a car loan. There are two ways of getting a car loan- Bank Vs. Dealer Financing and each has its own pros and cons.

Bank Financing

Pros

  • Accessibility. There is a bank in every town. This makes easier to shop around and look for the best deal.
  • Technological solutions like mobile apps, comparison portals, and one-stop online services make it easier for people to apply for bank loans.
  • The biggest upside of getting a car loan through a bank is the choice to customize your repayment scheme. Depending on the terms of payment and the down payment, you create a loan scheme that gives  you both flexible and affordable repayment terms.

Cons

  • Banks can be pretty strict when it comes to filtering applicants. Aside from asking for documents, they also conduct an investigation of your credit history to know if you can be trusted with their money.
  • One of the biggest disadvantages of financing a car through banks is the number of fees you will need to pay. Although they offer competitive interest rates, your total payment will be jacked up by the convenience fees.

Dealership Financing 

Pros

  •  Showrooms have become a one-stop shops for car buying.
  •  In-house financing is much more lenient when it comes to requirements; as long as your records show that you can pay, you can drive a car out of the dealership.

Cons

  •  Interest rates for this kind of payment are higher. The longer you pay, the higher the interest which is more risky.
  • Dealerships are aggressive in terms of selling products to potential customers, you may end up buying either a model that’s higher than what your budget can afford or get products and services you do not need.

Don’t Run from the IRS, it Opens more Trouble than You Initially Have

When tax problems are up to your neck and you’ve received a letter from IRS starts taking action, you better not dare them. You’ll lose eventually. Because whatever the IRS said, the IRS would. In fact, the moment that you received such letter, you should be scared and start taking actions.

The reason for this is that the IRS has this uncanny ability of getting into people who have tax problems.

You have the Option to Seek Help, Use It

It’s highly recommended that you stop taking things into your own hands. The right thing to do is to look for a tax lawyer as they are specializing in tax law and code. They’re the people who are in better position to help you out.

By the time when the IRS has sent you a letter that they’re going to seize your prized possessions and assets in the coming days or weeks, take action immediately. There are many ways that you can avert this from happening.

  • Negotiate
  • Ask for more time
  • Try to work out a payment schedule and;
  • Make partial payment

The abovementioned are temporary solutions that might just appease the IRS and help you to buy more time for your situation. Otherwise, you might consider moving your assets and bank accounts. You may file the paperwork appealing the IRS’ decision. Endorsing this to a lawyer is crucial as it adds gravity to your requests and get assistance with the IRS.

Still You’re not Free from Trouble

Assuming that you’re not that deep in trouble, then good for you – it gives you enough time to resolve these problems before they become critical. Say that you owe back taxes or failed to file taxes, you might not be dealing with these problems now, but you sure can do anticipate them in the future. Talk to a tax lawyer to know what should be your moves.

They may advise you to appeal to stop penalties and interests, file tax returns that you wasn’t able to complete before or seek for audit reconsideration. If all else fails, then they may take over and help you file for bankruptcy.

Just remember this, when you have trouble with the IRS, immediately get help before things get worse. This is the reason why WOT and other companies make sure that they’re always up-to-date with their taxes.

Adolescent’s Guide to Choosing a Financial Advisor

Millennials have a strong will to pursue their dreams and goals, but at the same time not leave things behind and live their lives to the fullest. Hence, it is not surprising that they have strong appreciation when it comes to financial tools. They are more open to financial insurance, cash loans such as payday advance loans and investments primarily because they know that life is not full of colors and not just about rainbows. According to studies, they are more likely to take control when it comes to financial management.

In the present times, people, regardless of age and occupation, often hire financial advisors in order to maximize investment opportunities. In this, article, the importance of financial accounting and the responsibilities of financial advisors will be tackled.

Financial Advisor: Partner in Financial Management

A financial advisor is basically your partner when it comes to properly handling your finances and investments, and secure your retirement. Say, for example, you have a goal of retiring at an early age or you want to send your child to a private university in 10 years. To achieve this goal, you need a skilled professional to make smart decision.

You and the financial advisor will discuss topics such as the amount of money you are going to save each month, your goal and purpose, the kind of insurance you need (long term care, retirement, kids education, and disability) and even tax planning. Moreover, a FA is also a teacher. Prior to shelling out money, they will discuss the the process and requirements in meeting your goals. It is a detailed discussion about budgeting and saving. As you progress, the FA will assist you in understanding complicated and advanced investments, insurance, and tax manners.

The very first step in the process of financial advisory is knowing your financial health. Honestly speaking, you can’t really have a proper plan for the future without knowing where you stand today. Usually, clients will be asked to fill up a questionnaire.

Monitoring of Financial Plan 

Once everything is in place, you will now receive your portfolio updates from your financial advisor. Not only that, your advisor will also set up regular meetings. However, the initiative must only come from the FA but also from you. It is important to consult with your financial advisor when you encounter a significant change in your life that might compromise your financial goals such as getting married or divorce, selling home or changing jobs.

Important Roles of a Business Consultant

Let’s face the fact that running your own business can be complicated. But one thing that most founders enjoy and love is taking multiple tasks and roles. This is without a doubt a sought-after quality and something that is truly incomparable feature especially in early days of a company.

However is, as you start scaling and expanding your business, your time becomes valuable and you may find yourself boarding a business consultant to help you out.

Small business consulting is definitely a general term which captures wide varieties of skill sets. It may include bookkeepers and accountants, security experts, marketing strategists, HR experts, database administrators and a lot more. Simply speaking…

Anyone who has knowledge of setting up and running basic functions of a business can have the expertise you would want to have.

Ascertain the Consultant You Seek

As you start scaling your business, there is likely to be several areas to which you may utilize outside expertise. The secret here is figuring out which areas are under your core aspects and to which should be left to experts. Following are common areas where budding entrepreneurs are turning to consultants.

Marketing

Sometimes, a good product can sell itself but the truth is, even truly exceptional products require guidance to land in the right audience. With the presence of a marketing team, they can help big time in identifying your best market and devise a strategy to achieve it. It doesn’t matter if you are into crypto or whatnot, rest assure that you’ll get the help that you need.

Bookkeeping and Accounting

It’s totally normal for newly established businesspeople to take bookkeeping and accounting into their own hands. However, as your company grows, it becomes both a potential liability and time consuming process.

This is the same reason why hiring freelance bookkeepers and accountants are a sensible decision. They have the knowledge and expertise in setting up scalable payment systems as well as invoicing, getting your books in order and assist you to accurately prepare taxes.

IT & Security

Considering that your business is still gaining its momentum, you should not feel comfortable that it is vulnerable to hackers. Believe it or not, hackers specifically target small and medium sized businesses for they are less likely to implement solid and firm security protocols and has higher probabilities of paying ransom demands.