MoneyTips Guide To College Savings: Ensuring your Kid Goes to a Good College

College costs are spiraling to the point of exceeding the cost of your house. Discover the best methods for saving for your children's education.  

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In new Gillette ad, transgender man gets help from dad as he shaves for first time

A new commercial for Gillette has quickly gone viral.In the ad, which debuted Thursday, a father helps his transgender son shave for the first time.By midday Wednesday, the commercial had been viewed more than 1.2 million times on Facebook alone. Samson Bonkeabantu Brown, a transgender Canadian actor, is featured in the ad, [...]

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How to Apply for Student Loans

Scholarships are a beautiful thing, helping to turn your dreams of attending college into a reality.

But unless you’re a 5-star athlete or an exceptionally gifted scholar, your scholarships and grants aren’t likely to cover all of your college expenses.

The average student entering college will likely need to take out student loans to help with the cost of tuition, according to a recent national College Ave Student Loans survey of 5,416 parents of college students conducted by Barnes & Noble College Insights.

Around half (55%) of parents said their child took out federal and/or private student loans.

The student loan process starts with the application, which differs for private and federal loans.

In this guide, you’ll learn what steps you need to take to find the best student loans for your needs.

Federal and Private Loans

Before you sign on for the first student loan you see, you need to understand the types of loans available to you.

Here are a few key differences between federal and private student loans that can help you decide what loans are best for your needs.

Federal Loans

In case you need a quick refresher, federal student loans are those offered by the federal government to parents and students to help pay for college.

They come with fixed interest rates, flexible income-driven repayment plans, forgiveness, and subsidized and unsubsidized options.

These need-based loans also come with a 6-month grace period following your graduation, during which time you aren’t required to make payments.

You apply for federal student loans by submitting the FAFSA, which we’ll cover in depth below.

Private Loans

Private student loans, on the other hand, are those offered by banks, credit unions, and all lenders other than the federal government.

These loans come with both variable and fixed interest rates and are typically unsubsidized.

They also lack income-driven repayment plans, so you should pay close attention to the terms before getting the loan. You’ll be glad you did when it’s time to repay your student loans.

Unlike need-based federal loans, private student loans are based on your credit and income and come with higher borrowing limits, which is good news for some applicants.

While interest rates can be higher on private student loans, if you have a solid credit score, you can get interest rates which compete with federal loans.

With a better idea of how student loans work, here are some tips for choosing the best loans for your needs.

Which Type of Loan You Should Choose

There’s no one-size-fits-all approach to student loans. If you’re a high-income individual with stellar credit, private student loans may be right up your alley.

If, however, you’re a lower-income individual with a subpar credit score, you may find that federal student loans are a more viable option.

You should let your financial situation help guide your decision on what loans to apply for.

In general, you’ll want to start with federal student loans, as they offer unique benefits, and pursue private loans once you’ve maxed out your federal resources to cover any remaining college costs.

Often, families find that a combination of private and federal loans meets their needs well.

If you find yourself in that situation, here are the steps you need to take to apply for federal and private funding.

How to Apply for Federal Student Loans

Your first step in the student loan application process is to fill out the FAFSA.

Short for the Free Application for Federal Student Aid, the FAFSA is the key to unlocking federal loans. Here’s how it works.

How to Complete the FAFSA

The FAFSA will factor in your tuition, income, and financial need to determine your eligibility for federal student loans, along with some scholarships and grants.

You should be able to complete the application in less than an hour if you have the documentation and info below on hand.

To complete the FAFSA, which is available October 1, you’ll need to provide yours and your parents’ Social Security Numbers and your driver’s license number.

You’ll also need to provide your parents’ tax returns (and yours if you have them), documentation of untaxed income, and data on your investments and bank accounts.

Once you’ve submitted the online application successfully, you’ll receive an email with a link to your Student Aid Report anywhere between a few days and few weeks.

Your report will tell you what type of aid you’re eligible for and what your borrowing limits will be.

How to Apply for Private Student Loans

Private student loans function a bit differently than federal student loans.

While federal student loans all come from the same place, private loans come from a number of lending sources.

What You Need to Apply for Private Student Loans

If you’re looking for additional funding beyond federal loans, or you or your parents have good credit and want to compare all of your options, your next step is to apply for private student loans.

To access the best interest rates and get the most out of your student loans, you need a strong credit score and a good debt-to-income ratio, a number which suggests you won’t have trouble keeping up with your loan payments.

If you don’t have either of those credit factors in check, as many young borrowers don’t, you can still access great rates on private loans with a cosigner.

In addition to the qualifying factors above, you’ll need to have some information on hand, like loan amount, college or university name, type of program, and whether or not you plan to use a cosigner.

Private student loans are offered by traditional and online-only banks and credit unions, as well as private lenders, many of whom are dedicated solely to providing student loans.

Where to Apply for Private Student Loans

One of the most popular private lenders on the market is College Ave Student Loans, a company dedicated to providing borrowers with a better student loan experience.

College Ave offers tailor-made loans and refinancing options for undergraduate and graduate students, building them around your unique financial needs and goals.

They also offer a variety of tools and educational resources, like student loan calculators, to help you plan out your college financing.

The application process is quick and easy, matching you with the best student loan offers you qualify for in a matter of minutes.

You can also use the pre-qualification tool that allows you to see what rates you may qualify for without a hard check on your credit.

Bottom Line

You have a whole world of student loan options at your disposal, and fortunately, applying for them is a quick and simple process.

Whether you envision yourself getting by with federal loans or think you might benefit from private loans, take a few minutes to apply for both and see what your best options are.

With a clear idea of the fees, rates, borrowing terms, and lenders available to you, you can lay out a doable financial plan and get your college education rolling.

The post How to Apply for Student Loans appeared first on Good Financial Cents®.

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UnitedHealth Group Is Hosting a Virtual Job Fair June 6 to Fill Sales Gigs

Fortune 500 company UnitedHealth Group has a host of sales positions up for grabs.

The Minnesota-based health-care behemoth is holding a virtual job fair June 6 to find talented sales representatives. The fully online event will run noon to 3 p.m. Eastern.

Advanced registration is required to attend. The event can be accessed by a smartphone, tablet or computer with a reliable internet connection from anywhere in the U.S., though the open positions related to the hiring event are located in the following areas:

• Colorado Springs, Colorado
• Green Bay, Wisconsin
• Miami, Florida
• Phoenix, Arizona
• Roanoke, Virginia

Attendees will learn about the day-to-day of inside sales positions, general information about UnitedHealth Group, employee benefits and will get the opportunity to chat one-on-one with the hiring team.

Pro Tip

Don’t see your area? Don’t fret. Check the UHG job board for open positions nationwide. You can also visit The Penny Hoarder’s Work-From-Home Jobs Portal for 100% remote jobs in related fields.

The inside sales positions are entry-level, and primary responsibilities include fielding incoming calls related to Medicare supplements and health-care plans. Full-time employees get access to a comprehensive benefits package, including:

• Health, dental, vision, life, short- and long-term disability insurance
• Paid time off and company holidays
• 401(k) retirement program
• Education reimbursement
• Employee stock options
• Access to UnitedHealth Group Credit Union and more

As the economy nears full employment, companies have to get creative to find talent to fill open positions. Virtual events are one such way employers connect with potential workers.

Never attended one before? We got you covered. Our guide teaches you everything you need to prepare for a virtual job fair.

Here are the takeaways:

1. Do your homework. — Just because the job fair is online doesn’t make it any less crucial that you make a good impression. Come to the fair prepared with tailored questions for the hiring manager.
2. Take care of tech beforehand. — Is your account properly registered? Are your web browser and flash player up to date? Documents organized and ready to go? Don’t forget the motherlode of all tech issues: WiFi. Hardwire your computer with an ethernet cable, if worse comes to worse.
3. Be interview-ready. — If all goes well, a hiring manager might ask to interview you on-the-spot. So be dressed to impress. Make sure you are in a well-lit, distraction-free area where you can chat. It’s OK if that’s not the case, too. Explain that you are not in the best environment for an interview, and offer alternative times when you are available.

Adam Hardy is a staff writer at The Penny Hoarder. He specializes in ways to make money that don’t involve stuffy corporate offices. Read his ​latest articles here, or say hi on Twitter @hardyjournalism.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

source The Penny Hoarder https://www.thepennyhoarder.com/?p=115896?aff_id=178&aff_sub3=MainFeed__?p=115896

Use These Tips at GameStop to Say ‘Game Over’ to Your Money Woes

The Things Money Can’t Fix Are Often the Ones That Drain Our Finances

Whenever I find that I’ve made a spending mistake and spent money foolishly, I find that it was some kind of an attempt to use money to fix something that can’t really be fixed by money.

I’ll spend unplanned money on hobbies sometimes because I’m frustrated at not being able to give that hobby I care about the time I want to give to it, and a purchase feels like a substitute for that lack of time.

I’ll spend money on convenient food because I’m lazy, and sometimes because I lack dietary self-discipline.

I’ll spend money on things because I’m impatient, or because I’m lonely, or because I’m feeling sad at the moment.

What do you think happens in each of those situations when I spend that money?

I remain frustrated about my lack of hobby time. I’m still lazy. I’m still undisciplined. I’m still impatient, or lonely, or sad.

Spending money because of those feelings and impulses does absolutely nothing to curb those negative feelings and impulses. Over the very short term, it gives me this little boost of happiness that makes that negative feeling disappear for a very brief while, but that respite never lasts. Soon, that negative feeling returns, and it’s coupled with a sense of guilt over having spent money on something wastefully.

If you’re feeling negative in some way – lazy, undisciplined, sad, frustrated – and your reaction to that feeling is to want to “cure” it by spending money and buying something, you’re virtually always making a financial mistake and you’re likely not curing that negative feeling in any lasting way. Most likely, you’re just compounding the problem and making it worse.

If I spend unplanned money on an impulsive hobby buy, not only am I not getting the time I want to devote to that hobby, I’m probably not purchasing something I’ll actually be able to use any time soon, plus that money’s gone and can’t be used for other things that might bring me value. Nothing improves in terms of my hobby, but my bank account is emptier.

If I spend unplanned money on convenience food like a fast food drive-thru, I will probably sate my momentary hunger at least. However, that food that just went into my gut is almost guaranteed to be salty and unhealthy and greasy, not making me feel better in any lasting way, and it’s definitely doing me no favors in terms of long term health. My health probably gets worse rather than better and my bank account is emptier.

If I jump the gun and buy something I don’t need at full price or at a premium price just because I’m impatient, I’ve done nothing more than lose money. I didn’t shop around. I didn’t give it a little breathing room to make sure it wasn’t an impulse. My bank account gets emptier.

If I’m feeling lonely and I buy something to distract myself from the loneliness or sadness, like picking up a computer game on Steam or something like that, I might be distracted from the loneliness for a bit, but it’s going to come right back very soon. I still feel lonely, and my bank account is emptier.

If I’m feeling sad and I buy something to make myself feel better for a while, one of two things is virtually always true. Either the sadness is temporary and would have passed anyway, or I’m feeling some sort of deeper issue that I should talk to a professional about. In either case, the thing I bought isn’t doing a thing to help with that sad feeling, but it’s certainly emptying out my bank account.

Are you seeing the theme here? All of these situations are things that money can’t really fix, but it can feel like spending money will somehow help, especially in the short term. We buy into that feeling because we want a quick fix, but it doesn’t work.

There’s a much better approach to the problem, one that keeps money in your pocket and actually addresses what’s going on. Whenever you feel an impulse to buy something you don’t need, ask yourself “why,” then ask yourself “why” about that answer, then do it again, and again, and again. Keep asking “why” about each answer until you’ve dug right down to a raw issue in your life.

Then, start taking action to address that raw issue in your life in a way that doesn’t involve spending money on stuff.

Are you feeling as though you never have any free time? Put in some extra time today and tomorrow to complete some things that you know are coming down the pipe. Don’t wait until Saturday to buy groceries – fit it in this evening instead of watching television. Don’t wait until the weekend to clean out the car – do it this evening. That way, when Saturday comes, you can devote a few hours guilt-free to that hobby you feel like you’re missing out on. Maybe you’ll curl up with a book, for example.

Are you feeling lonely? Then get on your phone and start talking to your actual friends. They’re not available? Then find a community event of some kind that’s going on right now or in the very near future. Start by looking at Meetup, but also check out your community’s website and see what’s on the calendar of events.

Are you feeling lazy or undisciplined? The solution to that is either genuine rest or genuine action. Either actually go get some sleep or get up and do something. If you’re hungry and lazy, eat something healthy and convenient (like a banana or an apple or something) and go take a nap.

Are you feeling sad? Go do something fun that doesn’t involve spending money. I find that doing something that requires some physical exertion almost always helps with the blues, as does eating something really healthy if I’m feeling hungry and sad.

If you’re experiencing a lasting and deep sadness, loneliness, or some other deep negative feeling you can’t shake, schedule an appointment with your doctor and figure out what’s going on.

In any case, most of the negative feelings we have are ones that money can’t really fix, at least not with an immediate purchase. Rather, what fixes those negative feelings and long term problems is sustained action and effort.

If you want to change your life, the solution isn’t sold on a store shelf. The solution is in your behavior, choices, and actions.

You won’t find free time by buying something. You’ll find free time through better time management practices.

You won’t fix health and diet issues by buying fast food. You’ll fix them through making healthy dietary choices as easy as possible.

You won’t become more disciplined and less lazy by buying stuff, either. You’ll fix them by finding small habits and routines that work for you.

You won’t find friends by buying cool things that other people will ooh and ahh over. You’ll find friends by actually talking to people, starting conversations, and presenting yourself well in public with good hygiene and reasonable dress.

You won’t find energy in some product. Rather, you’ll find it by eating a consistently healthier diet, getting some exercise, and getting better sleep, and if that doesn’t work, visiting a doctor may help, too.

You won’t find happiness on a store shelf. You’ll find it by getting outside more, getting some more exercise, eating better, and getting better sleep. If those don’t work, visit a doctor.

There is no magic product that will make those things happen for you. You have to find answers for those things within your own life. In fact, spending money chasing an answer to your problems in the form of a product, or spending money to temporarily make problems go away, will almost always just make them come back with a vengeance, making things even worse by adding financial difficulty to the mix.

Fix your problems. Don’t patch over them with spending and little treats and temporary patches.

Good luck.

The post The Things Money Can’t Fix Are Often the Ones That Drain Our Finances appeared first on The Simple Dollar.

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You Lost Your Auto Insurance. Now What?

You get caught driving with a too-high blood alcohol limit, or have a high-speed crash, and your insurance company breaks up with you. Or you received a letter that states your insurance policy will not be renewed when the current term ends.

What should you do?

Deal with it, and quickly. If you plan to drive, you can’t not have vehicle insurance. Even if you can’t drive for a while because your license was suspended, you should keep some form of auto insurance in order to avoid a gap in coverage. Depending on the company, such a gap could result in higher premiums later on.

It’s important to understand the difference between nonrenewal and cancellation. Nonrenewal can happen for several reasons. For example, a company might have decided to discontinue the type of insurance you have, or to write fewer policies in your area. Or you might have done something that makes the company want to be rid of you, such as filing multiple claims.

According to the Insurance Information Institute, nonrenewal carries no stigma. Simply look for new auto insurance quotes and go on with your life.

Having your policy be canceled is much more serious. You’re looking at higher insurance costs and, maybe, difficulty in getting coverage.

Finding coverage after your car insurance drops you

Once your policy has been in effect for more than 60 days, an insurance carrier needs a reason to cancel. These include:

• Fraud or serious misrepresentations on the application
• Suspension or revocation of your driver’s license
• Nonpayment of the insurance premium
• DUI conviction
• Numerous moving violations and/or accidents

State law determines how much notice the insurance company must give before canceling or not renewing. As soon as you receive such a notice, start looking for new vehicle coverage.

Again, if your policy was simply not renewed, then you should still be able to get affordable coverage. However, if your vehicle insurance was canceled outright, you’ll likely wind up in the “nonstandard” insurance arena.

Also known as the “shared” or “residual” market, the nonstandard market is serviced both by niche companies specializing in harder-to-insure drivers and also by well-known insurance companies with nonstandard divisions. Together they provide coverage for:

• Drivers whose insurance was canceled
• Very young or very old motorists
• Those whose insurance had lapsed
• Drivers with very bad driving records
• Immigrants without a driving history in the United States
• Those with specialized or exotic vehicles

These policies make up about one-fifth of the market. To learn more about this kind of coverage, see “How to Find High-Risk Car Insurance.”

Nonstandard coverage is noticeably more expensive. You’ll pay up to twice as much as you would for standard coverage, for two or more years.

Sometimes even the nonstandard market won’t cover certain drivers. A “last resort” insurance pool exists for these extremely high-risk applicants. To find such coverage, see this state-by-state plan list compiled by the AIPSO trade group.

Can you appeal a cancellation?

Possibly. Sometimes mistakes happen. I once heard of a woman who rented a car during a business trip and apparently received a ticket, although she was unaware of it. Then she moved, and the unpaid-ticket warning was not forwarded to her new address. As a result, her license was suspended, and she lost her insurance. (The agent went to bat for her and ultimately the company reinstated her coverage.)

If there’s a good reason you were canceled, though, then it’s time to adult-up and accept responsibility. Instead of blaming some imagined Insurance Industrial Complex Conspiracy, think about ways to change your driving habits. What that means depends on why you were canceled, but could include tactics like:

• Entering a substance abuse treatment program.
• Taking a defensive driving class.
• Enrolling in an anger management course (if you drive aggressively or are an outright road-rager).

As frustrating (and costly) as this situation is, keep in mind that it won’t be forever. Pay your premiums, improve your driving, and resolve to become the safest motorist on the road. Ultimately you’ll wind up back in the standard insurance pool.

Award-winning journalist and veteran personal finance writer Donna Freedman is the author of “Your Playbook for Tough Times: Living Large on Small Change, for the Short Term or the Long Haul” and “Your Playbook for Tough Times, Vol. 2: Needs AND Wants Edition.”

Read more:

• Car Insurance Rates Are Up – Here Are Eight Ways to Get Yours Back Down
• Want to Save Money on Car Insurance? Fix Your Credit
• Best Car Insurance Companies

The post You Lost Your Auto Insurance. Now What? appeared first on The Simple Dollar.

Source The Simple Dollar http://bit.ly/2EGf80P

New Job? Newly Married? It Might Be Time to Change Your Tax Withholdings

Ah, taxes. Can’t live with ’em, can’t drive on public highways or use your friendly neighborhood library without ’em.

It’s a fact of life: If you earn an income and live in this country, you owe the government money. But how do you get Uncle Sam his cut — and figure out how much you’ve gotta pay in the first place?

For employees, it all comes down to tax withholdings. And although your employer does the work of collecting the funds, it’s your job to ensure the amounts are right.

Here’s what you need to know about tax withholdings, including when and how to adjust them.

What Are Tax Withholdings, Anyway?

Tax withholdings are the wages your employer sets aside for the purpose of paying federal and state income taxes. In short, it’s money you earn that you never see because it’s funnelled directly into Uncle Sam’s hands.

Tax withholdings are determined by IRS Form W-4, which you fill out when you start a new job or when you want to adjust your withholdings — which we’ll get to in just a moment. You can see the exact dollar amount of your tax withholdings on your pay stub each pay period, and you can adjust your withholdings by submitting a new W-4 as often as you wish.

When to Adjust Your Tax Withholdings

Filing new tax paperwork is nobody’s favorite pastime — except maybe if you’re a CPA. (Probably not for them, either, though.)

But keeping your tax withholdings up to date is the best way to ensure you’re paying the proper amount in taxes, which can help you avoid underpayment penalties and also keep as much of your money as possible in your pocket.

Here are three scenarios in which you’ll want to adjust your tax withholdings.

1. You Get a New Job

If you change jobs entirely, you probably won’t have to think about filing a new W-4 — your friendly HR rep will simply slide one across the table. But if you start working multiple jobs, take note: You can’t claim the same allowances twice, so you’ll likely need to go back into your original job’s W-4 and make adjustments.

2. You Go Through a Major Life Change

If any of the following scenarios apply, it may be time to change your tax withholdings.

Having a child increases your number of dependents by one. Congratulations! We know you’re busy, but try to find time to file a new W-4. Maybe during naptime.

Getting married can change your filing status, particularly if you plan on filing your taxes jointly. Depending on your new spouse’s income, your overall household tax rate may increase or decrease. The same goes for if you get divorced.

Buying a house can reduce your overall tax liability since most mortgage interest and property taxes are deductible. You’ll save money throughout the year if you adjust your W-4 immediately rather than waiting until Tax Day to inform the government about your new digs.

Earning non-wage income, like side hustle cash or investment gains, can affect your tax status — so if you start a rental property business or you’re making bank by driving for Uber on your off hours, you’ll need to check your W-4.

3. You Get a Hefty Refund — or Owe Uncle Sam

As nice as it is to see that pre-summer windfall, getting a refund basically means you’ve given the government a yearlong interest-free loan. You could have been putting that money to better use yourself during that time, particularly if you invested it and let it grow.

On the flip side, if you find out you owe money at tax time, adjusting your withholdings might keep you from desperately scrounging in the couch for spare change during your spring cleaning spree.

Need a cheat sheet? The IRS provides a handy tax withholding calculator tool, which can tell you whether your forms are in need of an adjustment. It’ll only take a few minutes, but you’ll want to gather your recent pay stubs and last year’s tax return before you get started.

How to Adjust Your Tax Withholdings

If you’ve determined you do need to adjust your tax withholdings, all you need to do is file a new W-4 with your employer. Many companies keep all their tax forms and documentation online, so you might not even have to put pen to paper.

Contact your employer’s HR department (or whoever’s in charge of tax documents and compliance) for specific instructions. And if your adjustments do mean you get to keep more of your paycheck, don’t just blow it! Use it to start an emergency fund, or stick it in an interest-accruing retirement account for later.

See? That wasn’t so hard or time-intensive. Now, as far as that new baby, house or marriage is concerned… you’re on your own.

Jamie Cattanach’s work has been featured at Fodor’s, Yahoo, SELF, The Huffington Post, The Motley Fool, Roads & Kingdoms and other outlets. Learn more at www.jamiecattanach.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

source The Penny Hoarder http://bit.ly/2wBfjWR

Blue Sky Auto Loans Review

Blue Sky Auto Finance is an online lending platform that connects borrowers with lenders who offer auto loans. This means they don’t lend money themselves; instead, they provide customers with the option to compare auto loans or refinancing loans from multiple lenders in one place.

If you have shaky credit or you’ve had some credit problems in the past, you’ll be happy to know that Blue Sky offers extra help for borrowers just like you. They connect users with auto loans for bad credit, people with no credit, and even consumers with bankruptcies on their credit reports.

Blue Sky Auto Loans: Key Takeaways

• Get a loan with bad credit, no credit, or a past bankruptcy.
• Over 3 million customers helped to far.
• Borrow up to $30,000.
• Qualify with no money down in some cases.
• Minimum income of $450 per week required.
• Apply online and get your money in as little as 24 hours.
• Borrow money for a new or used vehicle.
• Get a loan to refinance an auto loan you already have.

Blue Sky Auto Loans Review: A Borrowing Solution for People with Bad Credit

If you have bad credit and don’t have a lot of options when it comes to borrowing money for a new or used car, you may want to consider using Blue Sky Auto Loans. This company specializes in loans for people with shaky credit or no credit at all, and they may be able to help you borrow up to $30,000 if you meet the minimum income requirement of $450 per week.

When it comes to auto financing through this company, there are some limitations to be aware of depending on the type of loan you’re after.

New or used car loans:

• Borrow between $7,500 and $30,000.
• Repay your loan between 24 and 72 months.

Auto loan refinancing:

• Must be 18 years of age.
• Must earn at least $1,800 per month.
• Cannot have a bankruptcy on your record.
• Mileage must be under 100,000.
• Vehicles cannot be older than eight years old.
• Loan amount of $8,000 or more.

There are no fees to apply for an auto loan or auto loan refinancing with this company, and the interest rate you qualify for will vary based on your creditworthiness and other factors.

If you do have a good credit score, you can also rest assured that Blue Sky Auto Loans works with partner lenders that offer more attractive rates and loan terms to customers who can qualify.

What to Watch Out For

Like other platforms that offer auto loans for consumers with bad credit, the biggest thing to watch out for with Blue Sky is the fact you may be paired with a lender that charges high fees or very high interest rates. If you wind up having to pay a high interest rate, refinancing your car or taking out a loan to buy a new or used car may not leave you any better off.

Keep in mind that a $20,000 auto loan with a 19% APR would require you to pay $519 per month for 60 months. And by the end of the loan, you would have forked over more than $10,000 in interest payments. If there’s any way to avoid taking out a car loan with a similar interest rate or one that’s even higher, you should try.

Second, keep in mind that you may have to make a down payment to qualify for one of these loans if your credit score is considered “poor.” Blue Sky Auto Finance says on its website that “the typical required down payment for people with bad credit is 10% of the vehicle’s selling price or $1,000 dollars, whichever is less.” So if you want to purchase a car for $8,000, you’ll probably need a down payment of at least $800.

Who Blue Sky Auto Loans are Best For:

• Consumers with bad credit who need a new or used car to get to work.
• Anyone with improved credit who may be able to qualify for auto loan refinancing with better terms.
• Anyone who plans to purchase a new or used car in an amount between $7,500 and $30,000 who can qualify for Blue Sky’s best loan terms.

How We Rate Blue Sky Auto Loans

At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how Blue Sky Auto Loans stack up:

Blue Sky Auto Loans at a Glance
Overall Rating	Affordability (interest rates, fees, and terms)
	Availability (credit requirements, geographic reach)
	Ease of Use
	Transparency

How to Apply for a Loan with Blue Sky Auto Loans

If you want to apply for a new or used car loan from Blue Sky, you can do so online by filling out an online application with your name, address, phone number, email address, and the type of vehicle you hope to buy. You’ll also need to include your employment and income information, your Social Security number, and your date of birth. If you’re approved for a loan, it’s possible to get your funds in as little as 24 hours.

If you plan to apply for auto loan refinancing with Blue Sky, you’ll need to include more information in your application, including:

• Vehicle registration
• Auto insurance information
• Vehicle Identification Number or VIN
• Odometer reading
• Current loan information with account number

If you’re approved for auto refinancing, you could find out in a matter of minutes and also receive funds to pay off your old auto loan in as little as 24 hours.

The Bottom Line

Before you apply for an auto loan or refinancing with Blue Sky, you may want to check your credit score. If your credit is better than you think, it’s possible you could work with a lender that offers better rates and terms for consumers with a better credit profile.

If your credit is on the bad side or if you have no credit at all, on the other hand, Blue Sky Auto Loans may be one of the only companies willing to help you with a loan. Before you move forward with a loan from Blue Sky or any other lender, make sure to compare all your options and understand all fees and anticipated interest charges.

Related:

• The Best Auto Loans
• Should You Refinance Your Car Loan?
• The Best Used Cars for Simply Getting Around

The post Blue Sky Auto Loans Review appeared first on The Simple Dollar.

Source The Simple Dollar http://bit.ly/2JNftCL

RateGenius Auto Loan Refinancing Review

RateGenius can help you find affordable auto loan refinancing or lease buyouts with rates as low as 2.99%. The company itself doesn’t actually extend these loans, however. Instead, they work to connect their customers with auto refinance loans from a network of lenders.

If you’re considering refinancing your current auto loan or purchasing a car you’re currently leasing, you may want to check out RateGenius and all they have to offer. Keep reading to learn how this platform works and more about the loans they offer.

RateGenius Auto Loans: Key Takeaways

• Refinance with interest rates as low as 2.99%.
• Borrow between $10,000 and $90,000.
• Minimum credit score of 550 is required.
• Repay your loan over 24 to 87 months.

RateGenius Auto Loans: Refinance Your Auto Loan and Save

Auto loans from RateGenius are intended to help people save money on their long-term borrowing costs or reduce their monthly payment. RateGenius reports that their loans are best for consumers who have seen improvement to their credit scores since they first applied for an auto loan. With a current credit score that is higher than it was in your past, you may be able to secure a new auto loan with better terms.

It’s important to note, however, that RateGenius doesn’t offer loans on their own. Instead, they connect borrowers with a network of lenders that offer auto refinancing with their own terms.

According to RateGenius, applicants who get approved for auto loan refinancing save an average of $76 per month on their loans. You may also be able to cut your interest rate in half or more, depending on your old loan details and your current financial situation.

In addition to auto loan refinancing, RateGenius also offers loans for lease buyouts. These loans can help you purchase and keep any car you’re leasing, as well as avoid any “end of lease” charges you might have to pay otherwise.

RateGenius notes that their lease buyout loans are a good deal if a) the buyout price is equal to or less than the current market value of your vehicle, b) you can qualify for a good interest rate on your new loan, and c) the vehicle is still in good working condition.

What to Watch Out For

RateGenius auto loans don’t come with any application fees or hidden fees, although lenders may charge their own set of fees that can vary. Here’s what Rate Genius says about fees in their fine print:

“In some cases, there will be prepaid finance charges associated with your loan. The amount of these fees vary depending on your lender and the state in which you live. Additionally, we may collect a small fee on behalf of your state’s DMV in order to process the title on your behalf. In either case, we’ll always disclose and document these for you to keep you in the loop.”

This means that you may or may not be charged any other fees depending on the lender you ultimately work with, but you should always check to make sure.

In addition to fees you may be charged, you’ll also want to keep in mind that saving money with auto refinancing usually involves extending the length of your loan. You may get a lower monthly payment and a lower interest rate, but you need to be careful if you’re extending your auto loan payoff date by several more years. If you lengthen your car loan enough, you could wind up paying more interest over the long run, or still owing money on a car that’s well past its prime.

Finally, it’s important to note that RateGenius auto loans won’t work for every type of vehicle. Specifically, you cannot use these loans for cars older than seven years or any auto with more than 100,000 miles on it. For the most part, auto loan refinancing from RateGenius is intended for car owners with newer vehicles that have fewer miles and less wear and tear.

Who Rate Genius Auto Loans Are Best For:

• Consumers with pricey auto loans who have improved their credit scores over the last few years.
• Anyone who wants to buy a car they’re currently leasing.
• Car owners whose vehicles are newer and in good condition.

How We Rate RateGenius Auto Loans

At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how RateGenius stacks up:

RateGenius at a Glance
Overall Rating	Affordability (interest rates, fees, and terms)
	Availability (credit requirements, geographic reach)
	Ease of Use
	Transparency

How to Apply for Auto Loan Refinancing with RateGenius

Because RateGenius is an online auto lending platform, they make it easy to apply for auto loan refinancing or a lease buyout online and from the comfort of your own home. Information you should be ready to share when you apply includes:

• Vehicle age, make and model, condition, and miles
• Your name
• Phone number
• Email address
• Date of birth
• Home address
• Housing payment
• Employment information
• Income information
• Social Security number

Once you supply RateGenius with this information, they will work hard to process your application and connect you with a lender in their network. If your application is approved, it’s possible to have your loan refinance underway in 24 to 48 hours.

The Bottom Line

Refinancing your auto loan could help you save money if you’re able to qualify for a new loan with a lower interest rate and better terms. However, you should be careful not to extend your loan repayment timeline so long that you wind up paying more interest over the long haul. Ideally, you’ll refinance your loan into a new loan that helps you save money without requiring you to pay on your car for several more years.

Before you apply with RateGenius, however, it can also make sure to consider other auto refinancing companies that may allow you to get preapproved for a new loan without a hard inquiry on your credit report. By taking the time to compare several lenders, you’ll put yourself in the best position to score a better deal.

Related:

• The Best Auto Loans
• Should You Refinance Your Car Loan?
• The Best Used Cars for Simply Getting Around

The post RateGenius Auto Loan Refinancing Review appeared first on The Simple Dollar.

Source The Simple Dollar http://bit.ly/2KblDfr