Car Financing for the 50 Plus Driver

Getting a car at any age can leave a massive hole in your wallet. Getting a new car is often out of the question, especially when you’re over 50. So you should choose carefully. Even without the option of buying a new car, there are a lot of great used cars out there, which are practically waiting for you to get them. There are always ways to finance a car that will leave both your wallet and your retirement funds seem almost intact. In this article, we will look at different options to car finance. These should come in handy as you make the decision on purchasing your car.

Borrowing from friends

Borrowing money from a bank may not be the best option when you’re 50, not to mention the interest they charge you. It’s not really smart to pay interest for a car. But unlike banks and professional lenders, your friends can lend you money, without charging any interest. Also, a friend wouldn't mind if you were late with the monthly payment. But always make sure you can afford to pay them back before you borrow!

Be persistent

Even if you’re able to borrow from a professional lender, at 50 it becomes a tougher option. But don’t give up on getting a new car for yourself or your family just because one of them turned you down. Be persistent. As you wouldn't apply to just one job if you’re jobless you shouldn't apply to just one lender when it comes to car loans. You will have to fill a lot of loan applications, answering a lot of questions, about your income, employment history and expenses. But whatever you do, do not misstate any information you are stating in the application. All of those applications go through a verifying process, and not telling the truth may put you in real trouble.

Know your credit

It is best to check where you stand before you actually get a loan for a car. You might be able to put your hands on a car loan no matter whether your credit is good or bad. But the difference is that the worse your credit is, the more you will pay. Loaners and banks have the ability to easily repossess your car if you can’t pay for the loan.But, you will be “lucky” to get a car loan if your credit isn't shiny.

Money for Down Payments

This is the trickiest part of buying a car. But you do have a few options. Chances are, that at age 50, you have to dip into your retirement funds to get those approximately $1000 to put down as the down payment when buying your new car. But, that doesn't have to be the case. A better option would be that you try to trade in your old car for a down payment.However, trading in your car as a down payment may not always be worth it, and you will most probably get more cash if you sell your old car yourself. But sometimes, if you know your old car’s value and the trade amount is approximate to the car’s value, this could be the option that you use. Otherwise, like mentioned above, you could always borrow some money from your friends too so you raise the money required for the down payment.

Be there with cash

Please beware that many dealers may find a way to manipulate you, or get you to sign one of their high-interest loan deals. That’s why sometimes it is better to get a loan from a bank or a credit union. They will usually take lower interest, and offer you better deals than the average car dealers. Though, that is not always the case.

In case you are really tight with money, you can always turn to finance companies. Even with sky high rates and really bad terms, you can turn to them if you have no other choice.

But to avoid making such harsh deals, in the very worst situation, the best option for you would be to tap into your retirement funds so you can raise the cash for the down payment, and a small bank loan.

Commercial Car Insurance: What You Need to Know

Having commercial auto insurance is essential, particularly if you use your vehicle for your business, or you drive a company vehicle to the workplace. When it comes to this type of insurance, both the employer and employee have shared responsibilities. This article will discuss how commercial auto insurance protects business owners and employees in the event of an accident, and the types of coverage for commercial driving. 

Importance of Commercial Car Insurance 

If you're a business owner with employed drivers for transportation or delivery purposes then having a commercial auto insurance is crucial for your business. Most states require business owners to purchase a specific amount of commercial liability insurance. Having a commercial insurance policy protects your business from any financial responsibility in case a car accident occurs involving your company drivers. 


On the other hand, if you're a commercial driver, you may also want to consider getting this insurance. Ask your employer about the extent and limitations of the commercial insurance carried by the business. Furthermore, inquire about the types of coverage included in the policy. 


Commercial insurance policies can include comprehensive coverage, collision coverage and uninsured/underinsured motorist coverage. 
Once you know what the business' insurance policy encompasses, you can make a better decision on what additional insurance to purchase for complete protection. 

Don't Put Your Personal Coverage at Risk 

Using your personal car for business purposes can endanger your insurability. If your insurer finds out about it, the company can choose to cancel your insurance policy. Even just making a delivery can be grounds for policy cancellation since the usage of the car is related to your business operations. Moreover, when an accident occurs while you use a personal vehicle for business reasons, the insurance provider may reject your claim. Thus, it's best to purchase commercial vehicle coverage instead of risking your own personal auto coverage. 

Types of Coverage Necessary for Commercial Driving 

States have varying requirements when it comes to business vehicle insurance. The minimum liability insurance required depends on your location. Make sure that you check your state's requirements. Here are other types of commercial insurance: 

Collision Coverage 

This type of coverage pays for damages due to collisions. For example, if your business car crashes with another vehicle, road sign, mailbox or any other stationary object, then your collision insurance will cover the repair expenses. 

Comprehensive Insurance 

This covers damages caused by theft, vandalism, weather conditions and natural disasters. If your commercial car travels through areas with harsh climates or you are driving or parking in unsavory neighborhoods, then you should consider getting this type of insurance coverage. 

Underinsured and Uninsured Motorist Coverage 

This financially protects you when car accidents occur involving underinsured or uninsured drivers. For instance, if you get involved in an accident that results in $100,000 worth of repair expenses, and the underinsured driver only carries $50,000 worth of coverage, then your insurance policy will cover the remaining half. Underinsured/Uninsured motorist coverage is very important considering that there are lots of drivers on the road today who don't have adequate insurance. 

Purchasing adequate commercial auto insurance is a good measure to protect your business. It's advisable to buy more insurance than your state's requirements to ensure that you're well covered. 

Richard Ackerman has worked in the auto insurance industry for many years. He enjoys offering advice on the subject by blogging for car and personal finance blogs.

How a Commercial Lawsuit Loan Can Keep Your Business Afloat

 (Photo credit: Wikipedia)

Nowadays the costs of court litigation are really high which means that a commercial lawsuit will definitely make a great difference to your company. Before understanding how this can help you to keep your business afloat you need to know what a commercial lawsuit is all about.

What is commercial lawsuit?

Commercial lawsuit is basically any kind of legal controversies which are associated to business concerns. It covers all kinds of conflicts in business and comprises of various heads which includes cases like Employment disputes, disbanding of business, issues related to franchisees, shareholders, and partnerships, payment disputes, collection of debts etc. That is not all. There are various issues related to commercial lawsuits.

Description of a commercial lawsuit loan

It is also important to know the working of commercial lawsuit finance to measure the true value of the loans. There are various types of financial institutions who offer commercial loans for lawsuits. They offer the money with the belief that the client will win the battle they are fighting. If you are the one who is strangled in the battle you can always approach a lawsuit firm who will help you out considering the merit of your case. 

Depending on that they will pay you good amount of money in advance. The money needs to be paid back if you have won the case. Sometimes if they feel you are on the weaker side, they charge a fee along with the advance money.

Why you should not always hope of winning the game

It is not always necessary they you win every case. Your case might be strong but at the same time it needs to give good amount of time to win. Judicial cases take a long time to fight a legal battle and then win because of the lengthy court procedures. There are numerous businesses that have a chance of winning; however they are bankrupt by the time they are on the verge of a judgment. The ongoing costs of litigation are really expensive if it is a long drawn battle and most of the people cannot go by the same.

Good enough for you to suffice

The law firm understands the merit of your case and depending on the same they pay you an advance. This will definitely help you to fight your case.

Protecting a multiplicity of requirements

Since you are dealing with businesses, your firm can get occupied in numerous legal disputes. However the commercial law firms give you advance money for certain selective disputes such as disputes in real estates, copyright violation claims, infringement and any others.

You can use it for your own purpose

The advance money which the lawsuit firm offers to your company can be used by your company for their own lawful business requirements during the pendency of the case. This is what helps your company to keep afloat during the pendency of the case.

As per the researchers from Logbook Loans, the money can be used by you to increase your business as well as pay off the employees of the companies. So though you are under a legal litigation, you are not being stopped from expanding your business. You have all the scope to grow as a good business firm. This is how a commercial lawsuit loan can always help you to keep your business afloat and help you to expand your business.

Tips for Buying Cheap Health Insurance

Did you know that as women age, we have special health related needs and are more prone to chronic diseases, and yet, a large population of women do not have health insurance. Despite being educated, women have historically experienced discrimination with regard to their health, simply due to ignorance, financial constraints and a lack of awareness of women’s issues. 

Research has shown that uninsured women are more likely to suffer serious health problems. They tend to ignore symptoms and wait too long to seek treatment, and many don't buy prescription drugs because of their high cost. Also many don't get preventive care, including lifesaving screening tests such as mammograms and Pap tests.

Hopefully, with the changing dynamics of today’s world, this can change. There are more working women in companies today than earlier, who are likely to be primary decision makers for their families as well. To satisfy our various roles as decision makers and consumers of health care, it is important for us to have adequate knowledge of health insurance.

There are a variety of private and public health insurance programs. A lot of women get health insurance through their employer or as ‘dependents’ in a family plan. People who have private insurance either buy it themselves or get it through their employer, called "group insurance." Group insurance obtained through an employer typically requires the employee to pay some of the overall policy cost. So it could work out pretty expensive, depending on the treatment you seek.

Of course, we all look for cheap health insurance. One way to keep premiums manageable is to increase your deductible and stick to the basics. Don’t go beyond what you think you can afford to shell out every year. You could skip the dental and vision coverage. However, some benefits are more important than others. A maternity rider is one of the most important benefits you should invest in, even if you decide to have a family in a few years, as by then, it may be too late to add to the coverage.

Some insurers are known to lure customers with attractive teaser rates that change in a few months. Beware of such insurers and make sure you read the fine print carefully. Your plan should be comprehensive enough to cover benefits, should you suddenly fall ill and need to be admitted to the hospital.

There also are public health insurance plans funded by the federal and state governments. The government provides health care coverage for qualifying women through Medicaid, Medicare, and special interest programs. These plans serve those who meet certain financial, age, or situational requirements.

Thanks to the Affordable Care Act (ACA), implemented by Obama in 2010, we can now look at subsidies in insurance options and covering preventive services. The healthcare law ensures that insurance companies can’t deny coverage to women with pre existing conditions such as pregnancy or cancer, women pay lower health costs and get their choice of doctor. Under some health plans, women’s preventive health care services – such as mammograms, screenings for cervical cancer, and other services – are already covered.

Some women face difficult situations, in which they are ‘overqualified’ for government assistance but cannot afford costly medical care, and they don’t have much of an idea about cheap health insurance. For them, there are free clinics provided. In addition, there are drug companies that will work you’re your health care provider or doctor to supply free medicines to the needy.

Some professional associations, clubs, labor unions and such organizations offer private health insurance to its members, which usually work out cheaper than if you had availed of it otherwise.

Bio : Sharon is a writer for several women’s magazines and she is passionate about educating women of all socio economic backgrounds on subjects like cheap health insurance, finance, sanitation and well being. She has been a volunteer for several organizations that reach out to underprivileged kids, orphans and women diagnosed with terminal diseases. She enjoys travelling, reading and learning foreign languages in her spare time. 

6 Tips to Clear Your Debt Before You Retire

retirement (Photo credit: 401(K) 2013)

Many people have big plans in mind for their retirement. In the UK there are thousands of over 50’s in debt, and many of them will retire with debts. Debt can be a hard habit to break in our consumer culture, even for those over 50. It’s important to deal with your debt before you retire and have a fixed income. You’ll need to create a retirement plan to clear your debts before you retire. If you’re in debt and would like to clear those debts before you retire the following steps could help you get control of your debts: 

1. Don’t pile on the debt.

If you have debts, don’t start piling it on with more debts. It’s simple advice; if you have debt you should avoid getting deeper into debt. Avoid taking out any more loans, especially incising payday loans. Even a very small loan can start a vicious cycle of debt that could hinder your chances of clearing your debt. You should also avoid buying things on credit cards, that’s a sure way to build your debts. 

2. Calculate your income

Add up your regular monthly bills. So add up your monthly expenses, this includes food, gas, the cost of running a car and other necessities. Then subtract this amount you earn to calculate how much money you have left to cover and payback your debts. You can then find out how long it will take to clear your debts. 

3. Pay the lenders

Make sure you pay all your creditors in full and on time. It’s always best to avoid any extra unnecessary debts due to late fees from creditors. 

4. Consider consolidation

If you have many multiple debts you should consider a consolidation loan. Even if you have a bad credit score you could get a bad credit consolidation loan to pay off all your debts and put them into on monthly payment. Having just one monthly repayment makes paying back your debts much easier and you should be able to get lower rates. 

5. Save Money

You can pay off your debt quickly if you stop spending money on things that you don’t necessarily need. If you save money, you could put that extra money toward paying back your debt before you retire. Sure it will be extremely tough to cut your spending, but you’ll be better off in the long run and at least then you could retire debt free.

6. Use extra money wisely

When you get extra money, you should use it to clear your debts. So if you have an unexpected amount of money, like a bonus at work or some kind of inheritance, use it wisely. Be clever and avoid the common mistake of using the extra money to treat yourself; use the money to pay off your debts.

Get started today and hopefully these six tips help you become stress free and clear of debts before you finally retire.

How NOT to Use Your Credit Card

Credit Card (Photo credit: 401(K) 2013)

Credit card flyers that come in the mail have a specific purpose. They are aimed to secure credit worthy individuals to apply for their product, a credit card. From each transaction the consumer completes, the card company is paid a fee by the provider. 

But, credit cards have other ways to make money and the biggest revenue stream is you, the card user. There are a number of ways that credit card companies use to make you a productive profit center. You must remember that credit cards are not issued by generous companies looking to help you out. Credit cards are issued to reap profits.

The agreement between a credit card provider and a credit card user is a contract. You will be encouraged to read the agreement or contract thoroughly. The card issuer does not care if you do. In many cases, it is in the issuer’s best interest that you not read the details accompanying your credit line.

In truth, once you sign the contract, you are indebted. That means that you have to use the card to keep the credit line open. That is fine as long as you really understand what the credit card issuer expects or demands of you.

According to Yahoo Finance, there are numerous pitfalls that credit card companies expect will ensnare users. Once you have read the credit provider’s terms of use or contract, you will be required to sign the document before the card can be issued. Don’t be surprised if the card’s contract looks cumbersome and difficult to read, much less comprehend. This is a symptom if the industry.

Below are pointers that Yahoo Finance and other consumer protection agencies suggest you avoid.

Protect Your Card – The convenience of a credit card is undeniable. They are easy to use and unburden you from having to carry cash. However, physically losing a credit card can cause a loss of time and many headaches beyond belief. Keep you card in a safe place and always know where it is. If you should lose the card, immediately call the provider, explain your dilemma and suspend or terminate the card.

Non-Guaranteed Rates – Don’t be fooled by 0 percent interest rates or seductively low interest rates. While that possibility may have lured you to the provider, realize that those rates are for a select group of users with outstanding credit. If you do get a good rate, there will be specific dates or events that can trigger the rate increase and penalties. Penalties and late fees are where credit card companies reap the biggest profits.

Preferential Cards – Credit card lenders have designed alluring Gold, Silver and Platinum themes that are for “elite” users. Don’t be swayed by the flattering offer. A credit card is a credit card and all cards should be evaluated on their merits; including Rewards, Interest Rates and other terms.

The Sign-up Promotion – Without doubt, you will receive many special credit card promotions this year. Watch out for offers to transfer credit card balances to another provider. These offers either offer a high transfer fee or an interest rate that will keep raising the bar. If the offer is too good, it probably is just that. Read the fine print.

Not Quite Pre-Approved – Advertisements that arrive with the “pre-approved” label are misleading. You can assume that pre-approved means that the provider has your name and address and might consider issuing you credit. You will go through the same application process as every other provider will require.

Identify Rewards – Rewards are a dicey subject. Credit card companies often make misleading promises regarding Rewards for Usage incentives. Be sure that you understand all the terms of the Rewards offering before you apply for the card.

Credit cards are a way of life. If you understand your obligations to the provider, you are in a good place. The convenience of a credit card is undeniable. If you can pay your full balance before the due date, a credit card can be your best friend.

Author Bio:

This article was contributed to 50 Plus Finance by Mark Scott. He writes for SwiftMoney which provides payday loans UK and he loves sharing his insights on various online publications. You can find more details about Swiftmoney on Google+