Author: Madelina Sammie

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.

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.