A Tale Of Car Finance (Or: The Computer Says ‘No’) (financial mentoring)
No commentsBy William Penworthy
It was a fairly clear cut choice: car finance or walking in the rain? The old banger had finally given up the ghost some while back, and so it became necessary to look around for a new car.
Like most people in such a situation I took extraordinary pleasure in browsing the car showrooms and dealers’ forecourts looking at a whole range of cars - some I thought I might be able to get a car loan or car credit finance for, and others that I could only dream about - but it was fun all the same.
I discovered that car dealers and car salesmen are really great people. They all took such a keen interest in me, and were only too happy to help answer any questions I had, show me a few models, let me sit in one or two even. I got a free cup of coffee and a stack of brochures that would easily double up as a step should I need to change a light bulb any time soon.
Then of course it came to sorting out the car finance. I didn’t think my credit was too bad - I have a full time job, and although last year was a bit hairy in places thanks to the credit crunch, everything has been more or less sorted out by now.
I knew what my disposable income was and what I could afford. To be honest, the old banger that had given up on me cost me just as much in parts, oil and servicing to keep it on the road as any decent car finance arrangement I could get hold of.
One lovely salesman managed to persuade me to have a go at applying for car finance deals, and having fallen in love with a fantastic little car at a price I thought pretty reasonable, I was handed yet another cup of coffee, plus a plate of chocolate biscuits and custard creams, and we sat down to go through the application.
What astounded me was how quickly the plate of biscuits was removed and the atmosphere significantly cooled once the computer returned the result of the application - declined. If you’ve ever been declined an application for credit you’ll know the sinking feeling, the embarrassment and the wish to just get out of there as quickly as possible.
I decided not to risk it again, and avoided car showrooms. I thought that the best place to go for a car loan would be my bank. They’d understand me, and realise that my circumstances last year were a little unusual, and that I am not what I would have thought could be classed as a risk.
Like so many people the company I was in last year folded unexpectedly, and thanks to a great management decision to boost morale, none of us were advised of the potential problem until it was too late, and we were made redundant with no warning and no final pay.
I was lucky though, after a couple of rather difficult months I landed an even better job on a slightly higher salary, so managed to keep home and family afloat, albeit having had a few nasty red letters from creditors pointing out that I had failed to keep to the agreement I signed several years earlier. Sadly they didn’t seem to appreciate that I wasn’t blessed with the ability to predict the future, and that feeding my children was of more importance at that time than paying off the credit card.
Anyway, a quick but nonetheless embarrassing trip to the bank later and I my application for a car loan had again been declined. A classic case of the computer says ‘no’.
I toyed briefly with the idea of walking to and from work and the shops in the pouring rain each day, but didn’t think that the laptop and the suit would survive terribly well, and as for public transport - the three busses per week all left at ten o’clock in the morning. I don’t think the new employer would approve.
There is good news however - I found a company offering guaranteed car finance. I didn’t really consider it seriously at first. I tend to believe that if it sounds too good to be true it usually is. But to satisfy my curiosity I submitted an application. They seemed more interested in my current circumstances and my ability to pay rather than my credit history, which was not only a remarkably refreshing experience, but seemed to make a great deal more sense in today’s uncertain world.
Once the application was approved I had a fixed, guaranteed figure I was allowed to spend up to. Having a car finance agreement already in place I then had a terrific time browsing the forecourts and dealers once again, but this time, without worrying about being embarrassed. Now all I have to worry about is losing the pounds I piled on eating all those chocolate biscuits and custard creams they offered me!
Car Finance http://www.carloan4u.co.uk/ Car Finance Deals
Want Your Mortgage Debts Eliminated - Read How You Can Do It For Yourself.
By Frank Sarntarpia
Mortgage Debt Elimination Made Doable
In our world today, everyone is struggling to pay off their mortgage debts and are worried about it as it poses a threat.
It is a complex fact to believe that over half of the American population is facing difficulty in trying to meet their monthly requirements at a minimum level.
It is also noted sadly that they are getting farther and farther behind in paying off their debts and their future looks bleak due to the unsurmountable debt.
Mortgage debt elimination is achievable and by achieving it, you can erect your life absolute and debt free. This piece of writing further explains how you can take it.
There is one most substantial thing to remember. In case you are going to fall behind on your mortgage payment, you should let your lender know beforehand. This means you can avoid any foreclosures that may come your means.
When it comes to paying someone debt money, honesty enormously becomes the best policy. The message of good faith and honesty which you send out to your lender helps him understand that you are not playing any secondary game behind his back. The lender also needs to understand that one missed monthly payment is not because of a permanent mishap rather a mere hiccup in your financial planning.
It is better to be up front and absolute forward with your lender in this case.
Try to put yourself at relief and go ahead and ask for help. Everyone does that at times and there is nothing wrong with asking for help when in a desperate need of help. It is advisable that in case you and your lender do not expect this matter from eye to eye, then you should seek help from a housing counseling agency and see what they suggest you do.
Numerous agencies are now working which provide advice to get rid of debt. It is a enormous option as they provide free information for nonetheless great a problem. You can help obtain mortgage debt elimination through their advice. There is also new key for it and that is the debt management plan, also known as the DMP.
Jane Tamaro
Find further facts concerning card debt elimination and mortgage debt elimination.
Life insurance
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#65533; Great Coverage for your life
By Ethan Williams
Life insurance gets confusing with many individuals In particular, what is the difference between a whole life policy and a term life insurance policy?
The main difference between a whole life insurance policy and a term policy is the life of the loan.
A term life insurance policy is taken out for assured number of years. On the other hand, a whole life insurance policy is kept intact for entire lifetime of a person Term policies offer many benefits and options for consumers, especially those on a budget:
Term Life Insurance Get Greater Coverage at Amazing Low Premiums Unlike standard whole life insurance policies, the premiums for term life insurance are considerably lower, even with higher death benefits. It is because of this cost savings that many consumers choose term life insurance policies.
Guaranteed Death Benefits and Premium provided by Term Life Insurance if you take out a term life insurance policy, then your death benefits and monthly premium does not alter even if there is any deterioration in your heath during the term of the policy. This offers peace of mind to people who are suffering from any health hazard
Customizable Term Life Insurance to Fit your needs and budget Consumers pick term life insurance for their young children, or select it until the money of their home is paid off Whatever your reason for choosing term life insurance, you can enjoy a wide variety of term policies with many different rates and death benefits. Selecting the term life insurance is especially useful to consumers who have varying needs, wants and budget contraints
Besides offering monetary help during event of death to your family, term life insurance also offers you peace of mind to understand that during such times of need, there will be someone to help your family
This author enjoys working the life insurance related area and loves talking about life insurance company.
Your Source For Business Coaching And Financial Mentoring
Saturday, January 23rd, 2010 at 1:21 pm and is filed under finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
