Comments for Finance Made Simple http://finance-made-simple.com Informational articles, tips and tricks about finance Mon, 21 May 2012 15:33:46 +0000 hourly 1 http://wordpress.org/?v=3.3.2 Comment on How would I convince a bank to finance my business? by FORD-MAN http://finance-made-simple.com/questions-answered/how-would-i-convince-a-bank-to-finance-my-business#comment-46 FORD-MAN Mon, 21 May 2012 15:33:46 +0000 http://finance-made-simple.com/questions-answered/how-would-i-convince-a-bank-to-finance-my-business#comment-46 You'll need a good solid business plan and have figures and answers to back it up. Plus some money out of your own pocket. You’ll need a good solid business plan and have figures and answers to back it up. Plus some money out of your own pocket.

]]> Comment on How to finance investment property with almost zero down? by satarnag http://finance-made-simple.com/questions-answered/how-to-finance-investment-property-with-almost-zero-down#comment-45 satarnag Mon, 21 May 2012 05:39:21 +0000 http://finance-made-simple.com/questions-answered/how-to-finance-investment-property-with-almost-zero-down#comment-45 get a team of people who have money to finance this deal and split the profits. Hard money lenders will lend up to 65% of the appraised value. However, I worked with some that based the loan on the property itself as I am very sharp into finding good deals and have built a trusting relationship with them. You could also control the property by having a 6 month purchase option contract on that property and then assign your rights to a retail buyer or other investor. Trust me, if you can find deals like that, finding the money is easy. Regards... get a team of people who have money to finance this deal and split the profits. Hard money lenders will lend up to 65% of the appraised value. However, I worked with some that based the loan on the property itself as I am very sharp into finding good deals and have built a trusting relationship with them.

You could also control the property by having a 6 month purchase option contract on that property and then assign your rights to a retail buyer or other investor.

Trust me, if you can find deals like that, finding the money is easy.

Regards…

]]> Comment on How to finance a new Mustang with bad credit and low down? by palebeachbum http://finance-made-simple.com/questions-answered/how-to-finance-a-new-mustang-with-bad-credit-and-low-down#comment-44 palebeachbum Mon, 21 May 2012 05:39:21 +0000 http://finance-made-simple.com/questions-answered/how-to-finance-a-new-mustang-with-bad-credit-and-low-down#comment-44 I don't mean to sound rude, but take a hint. If the finance companies want a HUGE down payment it's because they think either you are a high risk or with your current bills, cannot afford the payments on the car with so little money down. Apparently Ford finance thinks you can only afford the payments if they were based on $3-4k down. That's usually a big hint you would be living beyond your means. If you don't have much money to put down on any new car, it's a sign you can't afford the vehicle. If you have to finance your life away for something, you simply can't afford it. I don’t mean to sound rude, but take a hint. If the finance companies want a HUGE down payment it’s because they think either you are a high risk or with your current bills, cannot afford the payments on the car with so little money down. Apparently Ford finance thinks you can only afford the payments if they were based on $3-4k down. That’s usually a big hint you would be living beyond your means. If you don’t have much money to put down on any new car, it’s a sign you can’t afford the vehicle. If you have to finance your life away for something, you simply can’t afford it.

]]> Comment on How to finance a new Mustang with bad credit and low down? by palebeachbum http://finance-made-simple.com/questions-answered/how-to-finance-a-new-mustang-with-bad-credit-and-low-down#comment-43 palebeachbum Mon, 21 May 2012 05:39:21 +0000 http://finance-made-simple.com/questions-answered/how-to-finance-a-new-mustang-with-bad-credit-and-low-down#comment-43 I don't mean to sound rude, but take a hint. If the finance companies want a HUGE down payment it's because they think either you are a high risk or with your current bills, cannot afford the payments on the car with so little money down. Apparently Ford finance thinks you can only afford the payments if they were based on $3-4k down. That's usually a big hint you would be living beyond your means. If you don't have much money to put down on any new car, it's a sign you can't afford the vehicle. If you have to finance your life away for something, you simply can't afford it. I don’t mean to sound rude, but take a hint. If the finance companies want a HUGE down payment it’s because they think either you are a high risk or with your current bills, cannot afford the payments on the car with so little money down. Apparently Ford finance thinks you can only afford the payments if they were based on $3-4k down. That’s usually a big hint you would be living beyond your means. If you don’t have much money to put down on any new car, it’s a sign you can’t afford the vehicle. If you have to finance your life away for something, you simply can’t afford it.

]]> Comment on What is the name of a popular finance program? by mister ed http://finance-made-simple.com/questions-answered/what-is-the-name-of-a-popular-finance-program#comment-42 mister ed Sun, 20 May 2012 20:37:59 +0000 http://finance-made-simple.com/questions-answered/what-is-the-name-of-a-popular-finance-program#comment-42 what is wrong with a pen and paper works real great if the electric goes off!!! what is wrong with a pen and paper works real great if the electric goes off!!!

]]> Comment on What happens if a finance company never repossesses a vehicle that has been discharged in bankruptcy? by Anonymous http://finance-made-simple.com/questions-answered/what-happens-if-a-finance-company-never-repossesses-a-vehicle-that-has-been-discharged-in-bankruptcy#comment-41 Anonymous Sun, 20 May 2012 12:33:40 +0000 http://finance-made-simple.com/questions-answered/what-happens-if-a-finance-company-never-repossesses-a-vehicle-that-has-been-discharged-in-bankruptcy#comment-41 Auto finance is what I do for a living and this is very strange. I would have to say since they have made no effort to take the car they must think that it's not worth the time and money to take it back. This leaves you hanging though, without a lien release you can never have a free and clear title so while you can tag and drive the vehicle you can not sell it. I would call them if I were you and see if you can work something out. Good luck. Auto finance is what I do for a living and this is very strange.

I would have to say since they have made no effort to take the car they must think that it’s not worth the time and money to take it back.

This leaves you hanging though, without a lien release you can never have a free and clear title so while you can tag and drive the vehicle you can not sell it.

I would call them if I were you and see if you can work something out.

Good luck.

]]> Comment on How do we offer finance to our customers? by memphisladybrown http://finance-made-simple.com/questions-answered/how-do-we-offer-finance-to-our-customers#comment-40 memphisladybrown Sun, 20 May 2012 04:25:34 +0000 http://finance-made-simple.com/questions-answered/how-do-we-offer-finance-to-our-customers#comment-40 Set up a basic credit criteria, in which based on your clients credit score or certain qualifying options that you create, you base your credit line. Ok to make this easier, you could for example use a 90% credit line for clients whose credit score (or other certain criteria because companies sometimes don't look for a certain score but more or less other items they deem necessary) is 800 or more and it goes down from there...so as if a new client you have has a 500 score you could issue them only a 10% financing line. Second, after you set your standards, go ahead and work out your governing contracts, what is your interest rate (check with other similar companies in the field)? What is your late fee and when are payments due..how about penalties? Boy, that's enough for now huh! Set up a basic credit criteria, in which based on your clients credit score or certain qualifying options that you create, you base your credit line. Ok to make this easier, you could for example use a 90% credit line for clients whose credit score (or other certain criteria because companies sometimes don’t look for a certain score but more or less other items they deem necessary) is 800 or more and it goes down from there…so as if a new client you have has a 500 score you could issue them only a 10% financing line. Second, after you set your standards, go ahead and work out your governing contracts, what is your interest rate (check with other similar companies in the field)? What is your late fee and when are payments due..how about penalties? Boy, that’s enough for now huh!

]]> Comment on What is the difference between a finance and a balloon finance? by dieterzakas http://finance-made-simple.com/questions-answered/what-is-the-difference-between-a-finance-and-a-balloon-finance#comment-39 dieterzakas Sat, 19 May 2012 19:26:19 +0000 http://finance-made-simple.com/questions-answered/what-is-the-difference-between-a-finance-and-a-balloon-finance#comment-39 Traditional financing means your payments are the same every month for the life of the loan, e.g., $500. In balloon financing, your payments will be lower, except at the end; this will be several times higher. In such an arrangement, your payment may be $350, but your final balloon payment might be $7000. The latter type of financing is what trips up people, as they're able to make the smaller monthly payments at least until something happens - they lose their job, the economy turns sour, they have huge medical expenses, etc. Then they find themselves unable to make that balloon payment. When exploring your options, have you crunched your numbers to be able to afford that car? (This is an important step in preparing for a big-ticked purchase.) Next, do you have enough money saved to be able to cover that balloon payment? Traditional financing means your payments are the same every month for the life of the loan, e.g., $500.

In balloon financing, your payments will be lower, except at the end; this will be several times higher. In such an arrangement, your payment may be $350, but your final balloon payment might be $7000.

The latter type of financing is what trips up people, as they’re able to make the smaller monthly payments at least until something happens – they lose their job, the economy turns sour, they have huge medical expenses, etc. Then they find themselves unable to make that balloon payment.

When exploring your options, have you crunched your numbers to be able to afford that car? (This is an important step in preparing for a big-ticked purchase.) Next, do you have enough money saved to be able to cover that balloon payment?

]]> Comment on What is the Difference between a Finance Minister and a Central Governor? by NoWayJose http://finance-made-simple.com/questions-answered/what-is-the-difference-between-a-finance-minister-and-a-central-governor#comment-38 NoWayJose Sat, 19 May 2012 09:31:56 +0000 http://finance-made-simple.com/questions-answered/what-is-the-difference-between-a-finance-minister-and-a-central-governor#comment-38 night and day night and day

]]> Comment on Where to find free start-up finance spreadsheet to show potential investor eg 3yr revenue projection, etc? by jdkilp http://finance-made-simple.com/questions-answered/where-to-find-free-start-up-finance-spreadsheet-to-show-potential-investor-eg-3yr-revenue-projection-etc#comment-35 jdkilp Fri, 18 May 2012 23:38:11 +0000 http://finance-made-simple.com/questions-answered/where-to-find-free-start-up-finance-spreadsheet-to-show-potential-investor-eg-3yr-revenue-projection-etc#comment-35 http://www.exinfm.com/free_spreadsheets.html http://www.exinfm.com/free_spreadsheets.html

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