Individuals are forced to avail poor credit car loans when their credit status is not up to the mark due to various reasons – the primary reason being not complying with the terms and conditions of existing loans and credit facilities. it is important to know that if one engages with a debt relief program, or files for bankruptcy, the credit scores will indicate the fact for as long as ten years. People can miss out on the monthly payments, and when that happens, the worst thing a person can do is “Do Nothing”. Ignoring the monthly payments would not solve the issue and worsen an already bad financial situation.Delinquency can lead to:* Big monthly late payment charges.* An increase in the rate of interest while availing credit facilities in the future.* The creditor sending the late or missed payment report to the credit bureau, which lowers the credit scores.* The creditor losing the borrower is confidence, which could result into litigations and lawsuits.Correcting DelinquencyIt is important not to panic if you have missed out on your monthly payment. The following suggestions may help you deal with your missed payment situation:* Call your car loan company offering auto loans for people with bad credit, and explain the financial hardship that has resulted into the default. Explain what is happened is a “One time happening” and it would not be repeated in the future, but it is difficult to pay right now, and you need some more time to redeem.* In case your loan provider would not allow you the “extra” time to repay, you could get in touch with your employer and ask for a cash advance against the monthly salary. Employers generally help out their employees, especially if they have been working for some time.* Alternately; one can also borrow partial amounts of the missed payment from friends and relatives, and pay off the creditor. People do not usually hesitate lending out small amounts of money, but are wary when approached for a bigger amount in the form of a “monthly” loan.* Check out if you have a couple of other bills whose payment can be delayed for some time. If that is possible, adjust the bill amount in paying off the missed payment, and the next month compensate by topping up the bill amount.Refinancing your Existing Car Loan or LeaseThe existing financial crisis can make it difficult for people to repay their bad credit auto loan monthly installments, and when faced with delinquency, individuals often feel if the monthly amounts are low and affordable, it is easier to make regular payments. One way of making this possible is by refinancing your existing car loan. One can refinance an existing mortgage loan, and refinancing an auto loan is not much different since the basics remain the same – the loan amount needs to be secured by some guarantee or collateral. In case of auto refinance, the car acts as a collateral. However it is important to have the exact depreciation suffered by the car and up to what amount the creditors evaluate the car. Availing an auto refinance can make loan repayment very easy, since the net payable rate of interest gets reduced, and the installment amount too is reduced to suit the borrower is monthly income or paycheck.Buying a Cheaper or a Used CarThere is another way of dealing with the situation if you feel you are likely to be delinquent, and it is not avoidable. New car loans involve larger monthly repayment amounts. If your car is current monthly installments are high, it is possible to sell of your car and buy a cheaper one, or even go in for a used car. In many ways it makes sense to sell the car, since it can help you to either repay the bulk of the total auto loan amount and thereby decrease your total outstanding amount, or else the person buying your car ends up redeeming the car loan. A good car loan lender can help you with this.
US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent
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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.
Source: Comex
Nasdaq Top Gainers and Losers
Source: Nasdaq
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.
Business Loans In Canada: Financing Solutions Via Alternative Finance & Traditional Funding
Business loans and finance for a business just may have gotten good again? The pursuit of credit and funding of cash flow solutions for your business often seems like an eternal challenge, even in the best of times, let alone any industry or economic crisis. Let’s dig in.
Since the 2008 financial crisis there’s been a lot of change in finance options from lenders for corporate loans. Canadian business owners and financial managers have excess from everything from peer-to-peer company loans, varied alternative finance solutions, as well of course as the traditional financing offered by Canadian chartered banks.
Those online business loans referenced above are popular and arose out of the merchant cash advance programs in the United States. Loans are based on a percentage of your annual sales, typically in the 15-20% range. The loans are certainly expensive but are viewed as easy to obtain by many small businesses, including retailers who sell on a cash or credit card basis.
Depending on your firm’s circumstances and your ability to truly understand the different choices available to firms searching for SME COMMERCIAL FINANCE options. Those small to medium sized companies ( the definition of ‘ small business ‘ certainly varies as to what is small – often defined as businesses with less than 500 employees! )
How then do we create our road map for external financing techniques and solutions? A simpler way to look at it is to categorize these different financing options under:
Debt / Loans
Asset Based Financing
Alternative Hybrid type solutions
Many top experts maintain that the alternative financing solutions currently available to your firm, in fact are on par with Canadian chartered bank financing when it comes to a full spectrum of funding. The alternative lender is typically a private commercial finance company with a niche in one of the various asset finance areas
If there is one significant trend that’s ‘ sticking ‘it’s Asset Based Finance. The ability of firms to obtain funding via assets such as accounts receivable, inventory and fixed assets with no major emphasis on balance sheet structure and profits and cash flow ( those three elements drive bank financing approval in no small measure ) is the key to success in ABL ( Asset Based Lending ).
Factoring, aka ‘ Receivable Finance ‘ is the other huge driver in trade finance in Canada. In some cases, it’s the only way for firms to be able to sell and finance clients in other geographies/countries.
The rise of ‘ online finance ‘ also can’t be diminished. Whether it’s accessing ‘ crowdfunding’ or sourcing working capital term loans, the technological pace continues at what seems a feverish pace. One only has to read a business daily such as the Globe & Mail or Financial Post to understand the challenge of small business accessing business capital.
Business owners/financial mgrs often find their company at a ‘ turning point ‘ in their history – that time when financing is needed or opportunities and risks can’t be taken. While putting or getting new equity in the business is often impossible, the reality is that the majority of businesses with SME commercial finance needs aren’t, shall we say, ‘ suited’ to this type of funding and capital raising. Business loan interest rates vary with non-traditional financing but offer more flexibility and ease of access to capital.
We’re also the first to remind clients that they should not forget govt solutions in business capital. Two of the best programs are the GovernmentSmall Business Loan Canada (maximum availability = $ 1,000,000.00) as well as the SR&ED program which allows business owners to recapture R&D capital costs. Sred credits can also be financed once they are filed.
Those latter two finance alternatives are often very well suited to business start up loans. We should not forget that asset finance, often called ‘ ABL ‘ by those Bay Street guys, can even be used as a loan to buy a business.
If you’re looking to get the right balance of liquidity and risk coupled with the flexibility to grow your business seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record of business finance success who can assist you with your funding needs.