Throughout the process of searching for a new home, choosing the right neighborhood is equally as important as finding the right house. Various aspects of a particular neighborhood could have an impact on all members of your household – it could determine where your children attend school, what activities and amenities are accessible with and without a vehicle, and can increase or decrease your overall cost of living each year. [Read more…]
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How to Recover Financially After a Car Accident Leaves You Broke
Being involved in an accident is something that no one wants and that can never be predicted. It comes with a lot of life-changing conditions, and these can leave you incapacitated physically and financially. Read on to see some suggestions that you can follow to help you recover financially if you get into a car accident and your finances suffer on account of it.
Talk to Your Lawyer
The first step to take is to talk to your lawyer, especially if you were not responsible for the accident. If you experienced an injury, you should seek the help of a personal injury lawyer as soon as you’re able to do so. They will help you understand how the exact nature of your accident can impact your settlement. For example, if a plaintiff is found to be over 50% at fault for the collision, they are not entitled to recover any damages in some states. A good lawyer will help you avoid overpaying for medical treatments, not receiving an insurance claim that you’re entitled to, and more. Look for a lawyer whose fees are reasonable and that won’t charge you unless you win so that you’re not at risk of suffering more financially if you don’t receive a settlement.
Don’t Seek Help From Questionable Sources
While you may be pressed to seek assistance to cover your bills, it’s important to practice caution. Avoid falling prey to predatory loans that could see you pay a hefty fee back. You could try social lending or crowdfunding, in which case you may manage to pay your debts thanks to compassion from people around the world. If you have good insurance policies, these could also come in handy and help you get some money to boost you in time of need. Speak to your agents so that you can find a way forward without compromising your future even more.
Restructure Your Budget
When your finances are left in shambles, it only makes sense to rethink your future budgeting. Keep in mind that the latest figures from the New York State Department of Transportation share that the average cost of an auto accident depends on where the accident took place. It will cost $15,000 on the lower end and $63,000 on the higher end, with most accident costs falling between $30,000 and $40,000. These are considerable figures, so you may need to come up with a different budgeting strategy to deal with them effectively.
Get a Side Gig
If you are in a position to work, there are plenty of options of side gigs available to you to pick from. Even if you’re unable to do physical activities that involve moving around a lot, there are many online-based gigs that you can try out. If you have specific skills or talents, there is likely a way for you to monetize them and reap the financial rewards. Whether it’s writing or graphic design, you can find someone willing to pay for your services and this amount will help you in some way.
You can even rent out an extra room in your home after making some adjustments to your lifestyle. For example, by moving unused items to the garage to empty out one of the rooms in your house. For around 50% of homeowners, the garage is their home’s most unorganized room, so it’s important to get yours in order as doing so could help you get some money through a garage sale or clearing space for a tenant.
Use these suggestions to start your financial recovery after getting into a car accident. Don’t forget to prioritize your physical well-being as well because your health is ultimately your most important form of wealth.
What is a Good Reason to Refinance a Car?
What is Auto-Refinancing?
Auto-refinancing is said to hold when you change your decision about continuing a contract with your initial car loan financier and have chosen to initiate a new deal with another lender for reasons that will benefit you in the long run.
Several reasons could prompt you to take such a decision which may include lowering your monthly interest payments, reducing the overall loan amount/balance, or extending the contract period for flexibility.
Thinking about Refinancing your Car?
Yes? Then, you are on the right page! But let’s first get acquainted with what you may fail to understand or lose from auto-refinancing before dwelling on the benefit which actually brought you here.
Did you know auto-refinancing could be detrimental to your credit score? The extent to which it can affect your score could be so bad that recovery becomes impossible. That is likely to happen if you do not wait long enough to regain your score status before choosing to refinance your auto.
The Cons of Refinancing your Car
It is important to be aware of the consequences that may arise from taking the path of auto-refinancing. Therefore, it is a huge benefit to consider the following drawbacks involved in auto-refinancing. They include:
- Over-extension of Loan Repayment Period:
The only reason why most people boycott the idea of auto refinance is the prolonged lifespan of the new contract. Any other con is a result of this over-extension. So, weighing the benefits of the juicy package you have discovered would definitely supersede its drawbacks.
This may sound strange but this drawback is even a huge advantage in disguise if you look at it critically. Imagine how convenient it would be to have the opportunity to repay a loan to suit your monthly income and credit worthiness. Then it should be a relief to know that you can take as long as it will favor you to settle your debts.
- Age of Vehicle:
You should be aware now that old cars usually attract higher interest rates than new ones. Cars between the age range of 5 to 12 years are considered too old to fetch enough profit for the company in a situation of swapping for a different choice or replacement following an accident according to insurance policies. Therefore, be wise to check with the new lender before you refinance your auto to avoid any misunderstanding or regrets after signing the new contract.
Inform the new dealership of your vehicle age, model and preferred repayment terms before you approve any scheduled meeting or append your signature on supporting documentation. That will prevent any breach on your part when you realize that they are charging you extra above the rate you initially presumed was their standard charges for regular vehicles below 5 years old.
Now,
What is a Good Reason to Refinance a Car?
It basically points towards enjoying “Flexible Payment Conditions/Terms” which can be discussed in the aspects highlighted below:
- Reduced Interest Rate:
Having a very low interest rate to offset installmentally over the course of any contract is worth giving a try when compared with an existing contract term involving a higher rate. This is the first good reason why you shouldn’t shrug off the idea of refinancing your car.
A lot of car dealers gain enormous profit from the accumulated interests paid by their customers over time to boost sales and business transactions for the overall success of the company. Therefore, no lender would withhold from rendering their services to any client willing to strike a fair deal with them.
Provided the deal will favor both parties, you as the client must be ready to accept the moment you hear that the interest rate requested by the lender is within your financial capacity. Otherwise, it would do you greater benefit to remain with the present financier or continue with your previous contract conditions at the same company.
With a lower interest rate, consider yourself a business mogul/guru. You are on top of the game. Loan repayment becomes much more flexible for you because of your ability to make the best choice. Regarding this factor about low interest rate, you would need to first gather substantial information about all car dealers/lenders within your geographical location. Proximity to your residence matters because if you fail to weigh the cost of transporting the vehicle to your destination, you are as good as a reckless spender.
- High Drop in Monthly Payments:
This is another benefit also woven around the major reason for embarking on the “auto-refinance journey”: Flexible Payment Conditions/Terms. Aside from enjoying a favorably low interest rate, it would profit you to also enjoy offsetting your loan in meager installments. Although the contract period may seem longer than it was with the previous arrangement, it is best to opt for a less burdensome repayment package.
You may be thinking about how the total amount paid in the long run may also be higher than if you were to pay within a shorter period. Do not be perturbed because what matters is how you are able to manage your monthly income/finances. Your monthly budget and expenses must balance to avoid a financial strain on your savings and credit score.
Is it Worth It?
Absolutely! Because the benefits outweigh the drawbacks. Consider how much good it will do to your finances without you breaking the bank to just to service a car loan. You are able to meet your personal needs while being mobile without wasting resources excessively on car hire like uber. Infact, the funds that will go on commuting commercially or moving around via public means daily is enough to purchase an SUV outrightly.
Remember we take loans to give us the freedom to pay later and also enjoy the item/product even before we complete the payment. Hence, making an outright payment even if you have the ability to do so is not financially advisable nor a wise step to take.
Do it Now!
Why procrastinate when you can save yourself from financial stress? Take that bold decision and refinance your auto NOW!!!