Monthly Archives: December 2017

How To Get Approved For Bad Credit Motorcycle Financing

For motorcycle buyers with bad credit it can seem impossible to get approved for a loan. Many lenders view motorcycles as a luxury purchase and as a result make it much more difficult to get approved for a bike, then a standard car loan. But as a motorcycle buyer with past credit problems, you shouldn’t let what seems to be an impossible situation destroy your freedom of the open road.

Time and time again motorcycle buyers with poor credit histories make the same mistakes when trying to get approved for a loan. This article provides tips for finding a loan even if you have a bad credit history with a bankruptcy.

1. Don’t Rely On Dealership Financing Only

Yes it is true that motorcycle dealerships have a variety of financing sources to offer you. But those financing sources are nowhere near the number of available lenders nationally. Most motorcycle buyers with bad credit head to the dealership submit an application, and after getting declined assume it is impossible to get approved. This is the wrong approach.

The fact is a dealership normally only submits your application to the lenders that have specifically setup a relationship with the dealership. There are many other lenders that have never approached the dealership that most motorcycle buyers completely ignore. This includes credit unions, local banks, and many specialized lenders that focus strictly on bad credit applicants.

2. Don’t Give Up Too Soon

Most motorcycle buyers give up way too soon after getting declined for a loan. Sure you might feel a sense of rejection, but don’t let declines deter you. With a self defeating attitude you’ll never be successful with getting approved with bad credit.

A more wise method might be to approach the whole motorcycle financing process like a game. Just because one lender turns you down, doesn’t mean you give up trying to win the game, you keep seeking out other lenders. Don’t give up until you are successful!

3. Focus on Lenders That Specialize In Bad Credit

In every market there are lenders available that focus on poor credit applicants. It is important that you do your research and seek out these lenders.

For motorcycle and ATVs there are a variety of lenders that offer bad credit motorcycle financing. But without the motivation to seek out these lenders, you’ll end up never finding a loan like many motorcycle buyers with poor credit.

4. Show Lenders A Down Payment

If you have bad credit, many lenders like to see you have some “skin in the game” before giving you a loan. Most cycle buyers completely ignore this fact.

Showing a lender that you can put a little money down, implies to the lender you are serious about your purchase. Even if you can only put down $500 as a down payment, this can help the lender view your loan differently.

Obviously the more money you can afford to put as a down payment the better chances you have of getting approved. Many times showing a small down payment can make a huge difference. So when you fill out your application make sure you don’t leave the down payment section as zero. Always try to show a little even if it is $300.

5. Don’t Skimp on Insurance

By nature insurance protects the bank or lender in the event of theft, or a collision. Many motorcycle lenders might tell you full coverage insurance is not required. But if you have a poor credit history, showing the lender you will cover your motorcycle with full coverage insurance can make an impact.

Personal Finance Guide

Financial planning is about the thinking and the planning of what you want to do in your life, such as buying a house or a car, getting married, planning your children education. It also determines your financial capability to face any unforeseen circumstances in the future. It is an important process for people who want to have healthy financial life. Unfortunately, many people, especially those in young age don’t realize the important of financial planning. It never too late to start the planning, but you should start it as early as possible so that you have sufficient times to plan and to shape your financial future that in-line with your financial goals.

Don’t think that financial planning is a hassle process. Instead, think it as a need for our living process. If you have a good personal plan, you will be more prepared and informed about your future needs. With a proper planning process, you know the resources you currently have and what resources you should have in the future in order to achieve the goals you set in your plan. Regardless of many advantages in having financial planning, you will benefit from at least 4 benefits of them:

Benefit #1: Control of Your Financial Affairs

In financial planning, you will look at how you will be budgeting and spending your money over time, saving and investing to achieve your financial goals. Therefore, by knowing how and where your money goes, you will have a better control on your financial affairs and be able to avoid excessive spending that can lead unmanageable debt problem.

Benefit #2: Better personal relationships

Most often, debt problem causes relationship tension between you and people you know because they may get away from you as they afraid you will be borrowing money from them. If you have a good financial plan that makes you live happily without the need of borrowing money to make ends meet or expecting handouts from others. Indirectly, you with have better personal relationships with people around you, such as your family, colleagues and friends.

Benefit #3: Protecting your financial resources

By planning your financial effectively and control how your money goes with a good budget plan, you will have a sense of freedom from financial worries because you have planned for the future and be more prepared to face any unforeseen incident that may happen throughout your lifetime. Therefore, you will be more effective in obtaining, using and protecting your financial resources to ensure a healthy lifestyle through your entire lifetime.

Benefit #4: Plan for your retirement on time

How much money do you need to save for your retirement? Without the financial planning, you will never be able to get the figure. Nowadays, many people need to continue working to earn their living, just because they don’t have a financial plan that enables them to retire when they reach their retirement age. If you plan to retire on time and financially healthy at the time of retirement, then you should start it as earlier as possible. In fact, financially healthy life is all about starting on time. The sooner you set it up and start saving for your retirement, the better off you will be in term of the sum of money invested.

Summary

Financial planning is not just a need, but a must-to-have for people who hope for financially healthy lifestyle throughout their lifetime. You need financial planning and it must be started as soon as possible to ensure you have sufficient times and the sum of money invested to achieve financial independent over time.

Accounts Receivable Financing

If you are a small business owner you will know exactly the struggles of obtaining capital to fund and grow your business that businesses are facing today. With banks limiting lines of credit and loans more businesses are turning to accounts receivable financing. In this article I will try to help you determine if accounts receivable financing, also called factoring, is right for you.

What Exactly Is Accounts Receivable Financing?
Accounts receivable financing is when outstanding invoices or accounts receivables are sold to a finance company. This provides instant cash flow for the business and the risk of collecting the outstanding receivable is transferred to the finance or factoring company. The finance company will pay a discounted amount for the receivables based on the age of the receivables. Accounts that are past due or over 90 days old are typically not accepted by the finance company.

Advantages:
There are three main advantages for companies that sell their receivables to a financing company.

The first advantage is that the collection of the debt is no longer the responsibility of the company. This frees up the company’s resources to focus on other more productive activities. The company also receives a set amount of funds and long longer has to make contingency plans for cash if customer’s fail to pay their debts.

The second advantage for a company is the ability to free up working capital. Assets that are typically tied up in inventory and accounts receivables can be turned into cash more quickly enabling the company to use funds to help grow the business.

The third advantage is that it provides and quick form of financing. You do not need to gather up tax returns and write up a business plan like you may be required to do in order to get a loan.

Disadvantages:
While there are many advantages for a company that factors its accounts receivables, there are also potential drawbacks that a business should take into account when deciding if factoring is the right choice. The discount fee and other charges incurred may seem high at first but over time these costs may be lower than interest incurrent on a bank loan. You should always shop around to make sure you are paying the lowest possible fees and weigh the costs against the interest a bank would charge you on a loan.

Is Accounts Receivable Funding Right for my Company?
This is a choice obviously only you can make. There are some things to think about before making your decision. Is the money needed immediately for the company to survive or to take advantage of a business opportunity? Is your company ready or have a need for more money and expansion? Have you explored all sources of funding available to a small business?

Home Based Business Financing

Well, the good news is there are several resources available to finance your home based business. You’ll have to do some research to find what’s available in your area, but this guide will show you several areas to begin looking to get the financing you need for your home based business.

The Small Business Administration (SBA) is an excellent place to turn to for home based business financing. It doesn’t make grants that your home based business won’t have to pay back, nor does it make direct loans to small and home based businesses. Instead, the SBA guarantees loans given by private lenders. This reduces the risk associated with new business ventures and makes it easier to get lenders for your home based business. However, to get a SBA loan, your home based business must be a profit making one, and you will have to guarantee your loan personally. This means putting your personal assets at risk. Also, to be eligible for an SBA assistance and/or loan, your home based business has to be in the United States, and there’s other criteria that must be met. Still, if you’re looking for financial assistance to start your home based business, the SBA is a good place to start.

Private grants are another type of financing you can look into for your home based business. There are many different types of grants, and there could likely be one for your home based business. The Internet is a great place to do your research. The grant process can take awhile, so if you decide this is the route you want to go for financing your home business, and your home based business meets the criteria of a grant, you will want to get started with the grant writing process as soon as possible. Also, you may need to hire a grant writer to help you. Grant requirements are strenuous, and there’s a great deal of competition for small and home based business grants. It’s well worth the time and effort to research grants, though, to try to get a grant for your home based business because the money given does not have to be paid back.

Another type of home based business financing is through what’s called angel investors. These are investors who are willing to lend money to fledgling small and home based businesses, generally because they know a good thing when they see it and are willing to take some risks. Angel investors for home based businesses may not be that easy to find, but with some networking in your area, you’ll be able to locate several. Joining your local Chamber of Commerce is a good way to find angel investors. Also, talk to accountants who may be able to bring together several investors for your home based business. This happens a lot more often than you might think because investing in a small or home based business can provide a good tax break for many people. And then there are just some good souls out there who want to help others start home based businesses because they’ve been there themselves and managed to create successful home based businesses of their own.

One final note. The only investors to be wary of for your home based business are those you might find in your own family. It just simply isn’t a good idea to borrow money for your home based business, or for anything else for that matter, from family members. There are just too many things that can go wrong in a financial obligation like this. A family member you borrow money from to start your home based business may pressure you to run the business their way, or worse, your home based business could go under and have to declare bankruptcy. It’s horrible to lose any investor’s money, but when it’s Uncle David’s, it’s much worse. So only borrow money for your home based business from family members as a last resort, and only if you’re certain you have a sure thing.

First Time Buyer Car Finance Guide

Possessing a car is very important and necessary in today’s fast paced and demanding schedules. For college students especially it is very useful and saves money too. It is also a fact that not all would have the necessary finance or credit score for getting one. Getting low interest rate car loans especially for first time buyers is very important as this would mean savings and lesser risks. This is possible and easy and fast too.

Specialist companies offer auto finance to suite all needs and profile. They have options that make car buying easy and smooth and help with the right auto loans. They can help right from selection to finance. For first time buyers it is all the more significant to ensure a sound deal and not get caught up with a wrong choice as they would not have much finance and other security to fall back on. A bad initial decision could also mean a bad start to the financial health. Car buying is exhilarating especially for the first time owners. It is a financial decision hence one needs to explore all the options and understand all the nuances of sound decision making so that the ownership is enjoyable and not burdensome. This article aims provide some financing tips to first time buyers and obtaining lowest interest used car loan rates.

Auto finance options for first time buyers:

When one is looking to procure their first cars there are various queries and questions. One has to weigh so many options for getting the vehicle. The first is that the need is genuine and having a car would be of aid. The need is justified but the type of vehicle and the finance options would have to be based on many other things. Lowest no credit car loan rates will have to be obtained so that if the car is financed with a loan the repayment is possible and affordable. The individual has to decide whether to go in for a new car or a used car. They have to examine the various options to get the loan. They have to understand if there are special finance options or special incentives and schemes for their specific category and profile. All this is greatly eased once they are able to tie up with a reputed and established company that can help them explore all the options and choose the best for their need. It is safer to take professional help rather than venture and burn fingers. It is possible to do it directly too but the market is very competitive and customized services are also available in finance market so it is only prudent to utilize the same. However some basics could help in making the search more effective. Low interest auto loan greatly brings down the total cost of purchase.

  • Explore major car manufacturers as one can look to get best deals from them. They may be able to offer competitive rates and incentives and great deals. Some manufacturers can also give good offers. Big manufacturers and major brands may have promotional offers and schemes for first time buyers. The finance may be obtained at very competitive rates.
  • Check with financial institutions. This is a good way to finance a car for first time buyers. If the buyer is already having an existing account with the bank or the lender. They may not have special first time buyer offers but they may consider the existing account and based upon that offer a low interest rate car loan that could also have automatic payment withdrawal.
  • This is easier said than done and may not be the best way still. This is if the car can be purchased by cash totally. If the individual is saving sufficiently over a period of time and has the required fund than this is a great way to purchase the first car. One can look at the money they could save in interest payment. However one needs to prioritize and work out the need for fund and then use the same.
  • One should take account of the credit score. Even if one has not obtained major loans etc. they should consider the score that they may have accumulated with credit card or bill payment. This will help one ensure that they get approved for low interest car loan rates possible as per their profile and there is no need to accept higher rates. A steady job and some credit is good enough to get a fairly good deal even if one is a first time auto buyer.
  • Down payment is another major factor that could change the profile and rates of the loan. If about 20% can be paid down then the chances of obtaining lowest car loan rates improve tremendously.