Borrowing Money using your Vehicle as Collateral

canstockphoto2903705Many people from time to time may require the use of a loan in order to obtain money for various reasons. There are several different methods to obtain funds if you are short but many of them depend on your existing financial state. If you own a house you can likely obtain a line of credit based on your homes worth. For many people however this is not an option as they do not own their own home. But one method that many people often overlook is using their vehicle as a way of backing up the loan. For many who do not own their own place a vehicle if often the most expensive collateral they own and it can be used to back borrowed money.

The name often associated with this type of loan is a Title Loan. While title loans may have fees associated with them that are higher than using a home equity loan, they can be used especially if done so responsibly and only when someone is truly in need. They are usually quit easy to acquire since your vehicle actually secures the loan. There is usually also no need for any credit checks since it is completely backed up regardless. If you cannot pay back the loan, the company lending you the money will legally take your car in order to pay back the loan. Given this case you may be entitled to the remaining amount of the cars worth.

One of the most important thing to remember if obtaining loans against your car is to make sure you pay back each payment on time. This is generally understood when paying back any bill but should be noted especially on ones that may have a higher rate of interest charged than others. You don’t want to end up paying interest on missed payments, this will end up costing you far more than it could have. It is also important to never borrow more than you know you can payback. When borrowing against your car you can generally expect to receive upwards of 50 to 60% of the vehicles worth. This is usually the maximum amount because even though you car may be worth more, a creditor does not want to have to wait months trying to sell it in the case of you default on the loan. They want to be able to off load it almost immediately to a buyer in order to get their money back. Given what cars can be worth, this can still add up to a pretty decent sized amount of money for you that can be quickly acquired.

The whole process can now be completed online in many cases. Several lenders are accepting online applications in order to expedite the process and make it more convenient. The information given in order to do so online from a participating company are your name, address, vehicle registration numbers and insurance information along with some stats on your vehicle such as mileage.

If you are in a situation where this kind of service looks appealing to you, Logbook Loan Centre – Loans Against Your Car will help you along. They have been doing business for over 20 years with many different locations. They even include an easy to use online calculator to determine specifics of your loan and payback amounts based on different time periods. You can even pay sooner than you signed up for with no penalties like you may find at other locations. Just remember always be responsible with your money and only borrow what you can afford.

Increase the Price of Your Home before Selling

SOLDYou may be fine with selling your home for whatever you can get now so that you can move on faster, but why not capitalise on your property? With a little bit of effort, you can easily increase your home’s price point before you sell.

Although it’s tempting do to this by simply adding an extra number to your target price, you’ll need to justify the extra cost so people don’t think you’re trying to cheat them. Most homeowners do this by incorporating simple renovations. Here’s how to get started.

Curb Appeal

Kerb appeal is a real estate term that signifies how attractive your home looks to passers-by from the pavement. Remember that the person who eventually buys your home may not come through conventional channels, and always make sure everything looks good from the outside.

Landscaping is important. If your lawn looks like you can’t be bothered to get the mower out of the shed or weed the garden plot, you can kiss a large number of buyers goodbye. The same goes for the other external fixtures on your home, such as the siding, roof tiles and window panes. Make sure things look pretty from the outside, or nobody will ever come inside to check your home out further.

Make Things Energy Efficient

Nobody wants to buy a new house that will cost them tons of money in the long run. That’s why you really need to improve your home’s energy profile before you try to sell it.

Replace your draughty, old windows with new ones that will have the added benefit of saving you energy fees while you’re waiting to finalise the transaction. Visit the local hardware shop and pick up some weather-stripping to install around the doors. Get rid of your rickety, ancient light fixtures, and dump them for some new energy-efficient ones, and hire some experts to assess your electrics with a possible breaker or panel upgrade in mind.

Make the Kitchen More Welcoming

Many home buyers focus on the kitchen when they tour houses, so yours ought to invite them right in. While you can definitely make some headway by keeping some nice muffins or other tasty treats on hand, these tricks will lose their appeal if your kitchen is so dank and nasty that visitors feel too grossed-out to hang around and enjoy the complimentary spread.

Most major kitchen renovations are pretty expensive, so focus on the simple ones. Install additional track or recessed lighting fixtures to improve the way things look. Replace your spotty old curtains with blinds for a cleaner look, and add some hanging plants to keep the air fresh.

Ensure That Everything Plays Well Together

Take a step back and look at your home from an objective point of view. If you notice mismatched wallpaper, dilapidated, scuffed flooring and contrasting colours, try to make changes that add a bit more harmony that ties things together.

You may like your quirky wallpaper and flooring, for instance, but you’ll get more money when you sell if you provide new buyers with a blank slate. Painting the walls in solid colours or using neutral wall fabrics shows buyers a space that’s open to modification, and such potential is just as valuable as any other aspect of a new home.

As case in point, replacing your old wall-to-wall carpeting with design flooring not only makes it easier to keep things clean, it will reflect more light, adding to the open feeling of your rooms. Uncluttered homes are also easier to sell because people can get a better look at their contents.

Freshen Up the Place

Finally, always remember that cleanliness plays a huge role in how much homes sell for. Buyers value first impressions more than anything else, so it’s important to put your best foot forward. Make sure that you’ve cleaned all the windows, dusted every surface you can reach, replaced all those burnt out lights and cleared all the junk out of your closets. Don’t wait until you’ve scheduled a walkthrough to get started cleaning either, or you’ll definitely get stuck selling for a lower price than you ought to.
Image courtesy of CitySkylineSouvenir/flickr.com

Investing–One of the Three Keys to Growing Wealth

dividend-main_fullOne of the keys to wealth is to have no debt.  Without debt, the money you earn is yours and yours alone.  You don’t need to repay principal and thousands of dollars of interest over the life of a loan, which automatically gives you more money than most people because most are saddled in debt.

However, just being debt free isn’t the only solution to growing your wealth.  You must also have a reasonable income, though reasonable probably depends on your standard of living.

Yet even a debt free lifestyle and a reasonable income aren’t enough.  The third piece of the puzzle is to grow your money.  The best way to do this is to invest in a variety of different markets.  Investing will grow your money, giving you much more than you originally had.  Investing is how people of modest incomes are able to donate millions when they die.

Being debt free, having a reasonable income and investing can make you wealthy.

If you don’t know where to start investing, there are ways you can learn.

You can take formal classes at a college, but that can be expensive and time consuming.  Another way to learn is to search the web for free online classes.  Believe it or not, there are free online classes that will teach you the basics of investing.  You’ll learn the terminology as well as investment strategies.

For those who prefer to learn by doing, you can jump right into investing, safely, by participating in practice investments.  For instance, you can try foreign exchange trading on a large broker’s site.  Many of the larger brokerages offer an area where you can conduct practice trades before moving on to real trades.  This allows you to gain experience and confidence before investing, and risking, your money for real.

Finally, you can look for a mentor who will help you learn the investing ropes, so to speak.  This person should be a good teacher who can explain why he invests the way he does.  However, don’t follow his investments exactly.  Learn first what your risk tolerance is.

Investing successfully is the last part needed to grow your wealth after being debt free and having a reasonable income.  While investing might seem intimidating, there are plenty of ways to learn how to invest.  As you gain more experience and knowledge, you’ll feel more confident about your investments.  Then, you’ll likely begin to enjoy the entire experience.

Boy, We’ve Accumulated Some Debt

Surprised at the state of UK consumer loans? View how quickly UK consumers accumulate debt with this live debt ticker.
Breaking down UK loans infographic
This infographic is brought to you by QuickQuid.

Making Credit Card Rewards Work For You

I was reading a website the other day about a guy who was using his credit card rewards to travel around the world.  I thought that was the coolest thing ever – utilizing something like credit card rewards to make your dreams come true!   While his case is probably very rare, there are a lot of ways that you can find low interest credit cards that can work for you.  Here are some things to think about:

What Do You Do?

The first thing to think about is what you do.  This may be odd, but what do you do that can earn you rewards.  You see, when you compare credit cards, you’ll soon see that different cards offer different rewards for different types of spending.

There is no one card that is the best.  Instead, you need to think about what you do and where you spend money.  If you travel a lot, you may want to find a credit card that offers you the most rewards for travel related spending: airfare, hotels, rental cars, and restaurants.  If you drive a lot, you may want a credit card that offers cash back on gas.  If you buy groceries the most, find a card that gives rewards for that.

What Do You Want?

Part two is figuring out what you want in return for your spending.  There are a lot of options when it comes to credit card rewards: cash back, travel rewards, free flights, and points that you can redeem for stuff.  The best way to get what you want is to combine rewards.  So, if you already travel for work and earn miles, you may want to get a mileage card with the same airline you regularly use.  That will allow you to combine miles and earn rewards even faster.

If you don’t like travel or points, you could always opt for the cash back credit cards, which will earn you over 1% back on most of your purchases, higher if you fall into certain categories.

Investing In Rare Earth Metals – Options & Tips

When you think about rare earth metals, China is the name that comes to mind. China produces 95% of the global rear earth supplies. If you’re looking to invest in a rare earth metals company outside China, here are a few options available to you:

1.      Lynas Rare Earths

This company has the strategy to create a fully integrated source of earth metals, and to set a benchmark for the security of supply and environmental standards in the industry at a global scale. Lynas Malaysia rare earths plant is currently under construction near Kuantan in Pahang.

The strategy was founded at Mount Weld in Western Australia. Lynas will ensure that all material for which the Malaysian public is concerned is removed through conversion into co-products, and exported in compliance with all regulations in an acceptable form.

2.      Molycorp USA Rare Earths

Molycorp is located at Mountain Pass in California, USA. The company is vertically integrated across the global rare earth mine-to-magnetics supply chain, and has operations across 11 countries with 26 different locations. The production includes 13 different rare earths (heavy and light), transition metals (zirconium and yttrium) and five rare metals (indium, gallium, rhenium, niobium, tantalum). The company leads in global production of neodymium-iron-boron (NdFeB) magnet powders used to manufacture bonded NdFeB permanent rare earth magnets. The company is going to focus on next-generation rare earth metals in 2013.

3.      Great Western Minerals Group

This company produces special alloys that are used in magnet, battery and aerospace industries. It’s an integrated rare earth processor. The production takes place at the subsidiaries Less Common Metals Limited in Birkenhead, U.K, and in Troy, Michigan at the company. It holds 100% equity ownership in Rare Earth Extraction Co, which has a 74% equity interest in the Steenkampskraal Mine, and possesses interests in four rare earth exploration and development properties across North America. The company announced it was on the right track to complete the refurbishment of the rare earths mine Steenkampskraal in Northern Cape province, in South Africa by mid of 2013.

Investing in a Rare Earth Metals Company – tips

1.      Diversify the risks

You need to start at a smaller ground and grow your investment portfolio with time. This is going to give you time to learn more without putting too much capital at risk. Exchange traded funds are a great way to spread risks.

2.      Analysis

Do some technical analysis before doing investment in rare earths. This will help you to determine how to trade, when to trade and how much to trade. This can be done by reading the daily news about these metals. Keeping up-to-date will also help you to make a strategy.

Investing in a rare earth metals company can be beneficial with a proper strategy in the long run. But, like with all investments, you’ve got to do your research and due diligence. And, most importantly, you’ve got to be patient.

Emotions and Spread Betting….

Most successful traders believe that to do well in their field, rather than understanding winning strategies, trading systems and money management techniques or being generally academically strong, the most important element is emotional. This does not occur to novice traders. Emotional trading will cause problems in over-trading, trading costs and depression, and a person could worsen the situation by blaming everything other than themselves.

A trader must be able to deal with bad times. Some bad times are unavoidable. Successful traders are satisfied if 70 percent of their trades are winners. Some even manage when less than half are winners.

If you close a position, you might torture yourself with the prospect of the money you could have made by keeping it open. Conversely, greed or misplaced hope could cause you to hold on to a winning bet for too long. Research has shown that traders stay twice as long with losing bets that are going down than with winning bets that are going up. If a trade goes bad, it is best to cut your losses and sell. A novice may well not realise that in this situation, they should accept a small loss and learn a lesson.

Fear can also be a hindrance. If you lost money on your most recent trade, you might hesitate to make another trade despite your system telling you it will be good. The trade set-up did not change, nor did spread betting companies or the risk-to-reward ratio, and the market is the same old market, however you missed out on a great trade because your feelings changed. You must recognise that your feelings do not reflect what is happening in the market.

Patience is crucial. It is tempting to take marginal trades just so that you feel as if you are doing something, but you should place a bet only then there is a definite opportunity to make money.

Normalcy bias is the refusal to have a contingency plan for adverse events. You should be prepared for bad times. Research has shown that people ignore evidence which contradicts their beliefs.

You should always be aware of the emotions you are feeling, and then ask yourself what is causing you to feel that way and whether it is appropriate. To remain emotionally healthy, you should take time out from the market to recharge your batteries. The market can be mentally draining. You can minimise the impact of emotions by having pre-set entry and exit points and stop-loss orders.

Emotions have a great effect on spread betting. This could actually be encouraging, as while it is not possible to control markets, you can control your emotions.