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April 23, 2015

Things you must know about vehicle financing

vehicle financing optionsVehicles have become a necessity and so many people own vehicles. Vehicles are relatively expensive hence most people consider financing or leasing when getting a vehicle. There are important things that you must know when financing your vehicle and they are discussed below.

Financing options

There are two main types of financing for vehicles and they are direct-lending and dealership-financing. Direct-lending is where you get a loan from a bank or any other financing institution such as a credit union and you make an agreement to pay over a period of time. Once you have decided on a vehicle to buy and the dealer to buy it from then you can pay with the direct loan you received. Dealership financing is where you pay for your vehicle through the dealership. The dealer gives you a vehicle and you make an agreement to pay for a period of time but you also pay for the finance charge. In this case, you must have an assignee such as a bank. Before choosing a financing option, you must do your research and shop around for the best options before making a decision on whether to buy or lease. You can do this on the internet by just a click on the computer.

Before buying or leasing a vehicle

Before you buy or lease a vehicle, you must consider the federal or state laws that govern financing and leasing of vehicles. These laws will ensure you lease or buy a vehicle legally and also give information to make the process simpler and easier. You must also determine how much you can afford. Before making a purchase or taking up a lease, you must assess your financial situation and make sure that your income is able to cover the payment for the vehicle as well as your living expenses. You can get information about our financial situation online with just a click. It is also advisable to shop around for a financing deal that is comfortable for you. You should not strain financially after taking up financing for a vehicle.

When applying for financing

When you are applying for financing you should talk to the finance and insurance department of several dealerships to determine the financing options that they have and the cost to be paid monthly. Talking to several dealerships will help you determine the best dealership that fits your needs. You must also be ready to share your financial information such as your current financial situation as well as past and current credit obligations so that the dealerships can determine what amount of financing you can qualify and determine the vehicle that you can buy with your current situation. The dealerships also require your financial information so that they can take it to the consignee. When you are considering leasing a vehicle, you must know that you can only use it for a particular period and for a number of miles. Leasing payments are usually lower than fi9nancing payments but freedom of using the vehicle is limited. Some creditors may need you to have a co-signer especially when your financial situation is shaky so that they can take up responsibility in case you default to pay the loan.

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April 9, 2015

How to Send Money Abroad at Cheaper Rates

sending money to abroadPeople with family and friends living abroad are faced with the constant problem of sending money to their loved ones. The challenge is usually finding a method they can use to transfer money without having to incur the high transaction costs or wait for days before the transfer is processed and completed. If you are in need of sending money abroad, the good news is that there are several methods you can use to transfer money at a cheaper rate and without delays. One of the best techniques on how to send money abroad cheaper is by use of Foreign exchange companies, also known as Forex or FX companies.

What is a Forex company?

Forex companies are companies whose main purpose is to offer international money transfer services. To do this, Forex companies use every aspect of currency exchange, and sometimes the even result to physical delivery of the cash to the receiver.

Advantages of FX companies

While banks are usually a safe bet when conduction any financial transaction, they are very problematic when it comes to sending money abroad. More often than not, banks will charge very high transaction fees and offer low exchange rates. The process is also characterized by long delays. In addition, you might have to open an account with a bank to enjoy their international money transfer service. These constraints only serve to make the process longer and more expensive.

FX companies are a better alternative when it comes to sending money abroad for the following reasons:

– FX companies charge very low transaction fees and some top companies even offer the service for free.
– Forex companies offer better exchange rates than banks. While most banks have an exchange rate margin that goes as high as 5%, FX companies’ margins can go as low as 0.5%.
– Unlike most banks, Forex companies do not have any hidden fees. You will always have a clear picture of how much you are paying before sending money.
– FX companies transactions are quicker (approximately 48 hours to send money anywhere in the world) compared to banks, which can take as long as 8 days.
– Sending money abroad with FX companies usually just requires you to go online and make the transaction, while with you must be physically present and undergo a lengthy process when using banks.

Sending money through a Forex broker

Here is how you can send money abroad cheaper using FX companies:

– Chose a favorable FX company to use based on your current location and the location of the recipient. You can do this comparing the services offered by different companies on the Internet.
– Open an account with the FX Company you have chosen. However, you should ensure that the website of the company is secured to guarantee the security of your account and personal information.
– Login into the website to check the exchange rates being offered.
– If you are satisfied with the rates, you can go ahead and send money. If you are not satisfied with the rates, you can always wait until they fluctuate to a favorable rate: most online interfaces used by these companies have exchange rates alert system that you can use.

Other ways to send money abroad at cheaper rates

Apart from Forex companies, there are other methods you can use to send money abroad at cheaper rates. They include:

Online accounts

Online accounts such as AlertPay and PayPal offer international money transfer services, with the transactions taking a few hours to a few days. With this accounts, you can send money by either using account to account transfer or bank to online account transfer. Transfer using online accounts is very cheap, and in some countries it is free.

Using wiring sites

Online wiring sites, for example, Western Union and Money Gram, offer international money transfer services to several locations around the world. Transactions using these sites are very fast, and they charge an amount of the money you are sending. The fees are higher than those practiced by the FX companies in 90% of the cases.

Sending pre-paid credit cards

Another trick of sending money abroad cheaper is by sending the recipient a pre-paid credit card that has the money. Credit card services such as MasterCard and Visa offer pre-paid credit cards, which you can load with funds and send to the recipient through post mail. The recipient will then access the funds by withdrawing them from their local ATM machine.

Conclusion

Having cash and not being able to send it to your desired location abroad due to high transaction charges is very frustrating. However, you can now be able to send money abroad without having to worry about high feesor lengthy delays by using the above money transfer solutions.

Razvan has a Master degree in Strategic Marketing and is heavily invested in online marketing for more than 5 years. But in the free time he loves to play team sports, read the latest finance news and drink artisanal beers. His latest project is SendMoneyAustralia.com.

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April 7, 2015

Real estate trends to be aware of in 2015 – Which are the best markets for investing?

Real estate trendsDue to the sudden recovery in the housing market across the United States of America, prices in many markets have shot up. According to reports by Realty Trac, the median sales price of the single-family homes and condominiums had reached their highest level since September, 2008. Appreciation of price and the tempting number of foreclosures created frenzy among the real estate investors who were willing to pay cash and this in turn made it tougher for the traditional buyers to compete with them. However, experts are of the opinion that 2015 will be marked due to rejuvenation of normalcy and balance for the entire real estate markets throughout the nation. It has been a tough time for the buyers but it is certainly going to be easy in 2015.

The chief economist of Redfin.com, Nela Richardson agrees that it has been a pretty clear pattern that the activity among the investors has been shrinking with time. Nowadays, investors are only interested in places where they can buy low and sell high. The growth in price is slowing down dramatically and hence they are not able to sell at a much higher price than what they buy. Investment properties will be less interesting in 2014 and will continue throughout 2015.

Real estate trends to watch out for in 2015

If you’re an investor or a buyer, you should be aware of the bigger picture and before taking any step into the market, you need to know the trends that you should watch out for. Below listed are some of the real estate market trends that you should be aware of in 2015.

1. An improved market for all buyers: For all the middle-class homebuyers within the US, 2015 is indeed going to be a rather better year than 2014 as more inventory will be coming into the market, as per chief economist Jed Kolko. As the appreciation of home prices are predicted to flatten out, the present owners will have enough incentive to sell off their properties before the prices dip down yet again. In fact, the median sales price for single household homes was $217,400 in 2014, which was up from 2013 when the median sales price was only $196,300, as per the National Association of Realtors. For the buyers, the good news is that there are lots of people who have got back above water.

2. Interest rates on mortgages will stay pretty low: An ace mortgage broker sees an indeed prosperous and flourishing 2015 and due to that he plans to increase his number of mortgage officers. What is the key reason behind this? Well, the interest rates are going to stay pretty low simply due to the locational chaos and unrest and this will in turn keep inflation under control and will also lower oil prices. More and more buyers will be starting soon with buying homes in 2015. The interest rates were already low in 2014 but in 2015 the lower rates would translate to higher number of home sales.

3. The changing age game: The millenials are even bigger cohorts than their so-called baby boomers generation. As the tendency among the millenials to procrastinate homeownership and rent longer will directly affect the apartment sector, survey interviewees also studied that the investors should take into account the housing preference of millenials that could change in 2020s. Looking beyond the millenials, this report also predicts further changes in the industry which results in the emergence of the smaller Generation Z.

4. Relationship of real estate & technology will intensify: We all are aware of the fact that no particular form of real estate is excluded from the expansion of technology. Technology is the main factor that is evoking chance in space use, locations and other demand levels. Now that the entire industry is going online and there is increasing birth of e-commerce websites, the love-hate relationship between technology and real estate will definitely intensify.

Top 10 global real estate markets to invest your dollars in 2015

Now that you know the real estate trends that you should watch out for, you should also know the top 10 markets where you can invest your dollars. Here are the names:

1. Williamsburg, New York
2. Tokyo Toyosu – Kachidoki bay
3. Barangaroo, Sydney
4. 16th arrondissement in Paris
5. Cape Town Central Business District
6. Kowloon West in Hong Kong
7. Tiong Bahru in Singapore
8. Runda and Gigiri in Nairobi
9. Victoria Park, London and
10. Business Bay in Dubai.

So, if you have your dollars invested in credit card debt, student loan debt, and non-profit debt consolidation companies or in auto loans, make sure you invest some of your dollars in the real estate industry in 2015. You can definitely reap good returns this year.

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