Imagine you are in an art fair. Your artwork caught a potential buyer’s attention. You talked a bit and the buyer got more interested. Soon the question popped up, “how much is your art’s price?” You can’t afford to go blank and do the math then and there. As an artist, you have spent thousands of hours honing your skills. You could even make a decent artwork with a blindfold on. You are a pro when […]
Everybody thinks of having a better place to live. A place with all the facilities, more than a normal home. Which will not only give you physical comfort but also the inner satisfaction you are looking for. Majority of loans will provide you with the money to support your needs for converting your existing home into the one you wished for.
You may be wondering about the term equity in your home. Equity is the market value of your home less any debts taken against it in the past. You build equity as that difference grows —when you repay your existing mortgage to decrease the amount you owe, or when your home’s value increases. With home improvement equity loans you can borrow up to 125% of your equity depending upon the requirement.
Home improvement equity loans are of two types. One is a standard home improvement equity loan in which you get the lump sum payment of the loan amount. This form of home improvement equity loan is suited for those who want to finance large one-time expense. It offers you simple repayment terms and a security that your payments will never increase. The other one is a line of credit which you can use as a credit card. There is a limit set for you up to which you can borrow, and you just have to pay the interest on the amount you borrow. This form of loan is to finance ongoing expenses or miscellaneous purchases.
You can borrow against that equity when you need cash, using either a home improvement equity loan or a line of credit. Both offer a number of advantages over other types of financing including:
- Interest savings. Home improvement equity loans or line of credit typically have much lower interest rates than other types of financing, such as credit cards and personal loans.
- Tax benefits. Just like your first mortgage, the interest you pay on a home improvement equity loan or line is usually tax-deductible. You should consult your tax advisor about the deductibility of interest
Lenders normally place no limitations on your home improvement projects, as long as they are within the boundaries of your local building requirements. Depending on the type of improvement, you have the choice of doing the home improvement work yourself or using a home contractor. You just need to do a little research while looking for a lender to avail the benefits.
According to moneylender Cash Mart Singapore, home improvement equity loans will provide you the right platform to transfer your place of living into a home. These loans are recommended as it is a nice way to get equity from your home for improvement of your home.
Getting an auto loan isn’t as straightforward as browsing the online for a car. You need to take your time shopping around for a car loan while considering these factors.
1. Auto loan restrictions
Most banks and monetary establishments will currently provide a loan amounting to up to 80% of the car’s open market value (OMV). The loan term may also span up to seven (7) years.
On the opposite, you have to ponder how much you may pay as downpayment and what term you should get. The more you pay for your down payment, the lower you have to borrow.
- Cash On Hand
Though loans can be of big help, you still need cash to pay for the car’s downpayment. If you do not have enough funds, then you will be able to purchase your car. Before you start applying for a Cash Mart loan, make sure that your funds are enough to cover your downpayment and other documentary expenses.
- Automotive insurance
When shopping for a car, there’s no way around insurance. Though you may not see its importance now, an insurance can help you in times of great need. It will give you a financial cushion should there be a financial need due to a car accident or repair.
- Interest Rate
Interest rates vary depending on the bank you are applying for. Banks have their own discretion when it comes to fees and interest rates for their auto loans. Take the time to compare the fees.
Buying a car is not a simple process. You need to carefully consider your future finances and your ability to pay for it. You also need to thoroughly compare cars, loans, and insurance.