Is a payroll loan the solution to return to school?

Un prestamo via nomina es la solucion para el regreso a clasesIs going back to school too much? We know and understand perfectly that this period is very stressful. New projects, different schedules and with all this, the dynamics of the family always turns out in a different way.

In addition, the excitement of children to return to school always contagious and is something that motivates us to give our best so that this new stage is the best for them then, why should you apply for a credit via payroll?

I remember my childhood, the first days of classes returning from summer were always very exciting. You used to meet with your friends at recess and everyone told about the things they did during their vacations as well as the places they had the opportunity to go to. Also, brand new is always very exciting. Whether it was the uniforms, the shoes and the tennis shoes or the backpack, the books and notebooks, it was fascinating for me to see everything new. Besides, the smell of new books was an experience for me. I still remember the feeling of writing on the first page of notebooks or starting to answer the workbook.

Similarly, meeting the new teacher and entering a different room always caused a tingling in my stomach. It was a new year and with him, there was also the fear of knowing the new things that were going to be learned. It is also true that these feelings leave us very quickly and that is why we should enjoy them when our children are living them. As we grow up, these are things that do not last within us.

In order for your children to live and feel to the fullest the experience of going to school and start learning new things, it is necessary that you always give them the support they need but also the tools that their school education asks for. Below we will give you the reasons why a payroll loan may be the best option for this return to school:

  • You can have it approved in a very short time: We love having the possibility to give you a news that maybe you could not even imagine. It is very likely that you have a credit practically approved and ready to use but you still do not know. Through the government unit where you work, you can request and obtain a credit via payroll in a much quicker and easier way. The best thing is that you ask directly at the clinic where you work and you are informed of the requirements you need, it’s very simple!
  • All the money available and ready to be invested: In a credit via payroll unlike, for example, a credit card, here all the money will be available to you and the payment term will be much broader. If you need to buy school supplies, accessories, uniforms and also pay the registration fee or some advanced tuition you can do it without having to pay surcharges or some kind of commission to use more of the money that you can take every month. This is a great advantage especially when you can take advantage of discounts or make some wholesale purchases.
  • You decide the term of your credit: Another point in favor of requesting your credit through the institution where you work is that you can decide the term to pay your loan, this unlike credit cards where it can not be possible be a point in favor because there only tell you the period of time by which you can have it or well, after that change it and increase your line.
  • Interests can be reduced considerably: Yes! As you heard it. In Credifiel we know that one of the great barriers for more and more people to apply for credits is because they are afraid of the issue of interests that can generate debts, of course, as long as you do not know how to manage your finances and fall behind with your payments In the case of a credit via payroll the opposite can happen and reduce interest. This is because you, when working for a unit that has an agreement with the credit institution, will be easier to check all your data and you would not even have to grant a guarantee or guarantee. Also, being a payroll loan, we do not need the payment will be practically alone and you would not have to worry about doing them.
  • It is easier to manage your cash: When we have money in a credit card can be difficult to manage it because many of us, not seeing things tangibly, we use them as if there was a cutoff date and no interest that increase the debt. On the other hand, if your loan is obtained in a tangible way, that is, through cash you can have in your bank account to dispose of it at any time, it will be much easier to manage for you. With this, what you can do is invest it in a better way and also, be careful with the way you spend it.

Also, it is important that you always bear in mind that payroll loans are also borrowed money to help you achieve the goal of having your children return to school always happy and confident that they have the support of their parents needed to get by regardless the adversities.

Remember how important it is for them that from the time they are little you give them security so that they can take their steps every step of the way. Through Credifiel and your government unit is that you can apply for and obtain the loan you want, in the amount you need and for the period of time with which you feel most comfortable. Our credits are exclusive for government workers because we care about their dreams and those of Mexican families. Dare to know us and benefit from the financial solutions we have for you. 

Refinancing a car loan

The refinancing of auto loans is a little underrated; some may believe that it is as complicated or rigorous as a mortgage refinance, for example. This is not the case. Whether it’s the acceptance criteria, or the application process itself, every step of a car loan refinance is a lot easier to go through than in the case of a mortgage refinance. Plus, refinancing your vehicle can save you hundreds or even thousands of dollars before the end of your loan term. Here are some tips to determine if you should consider a title loan (*′☉.̫☉) try

When should you refinance

Refinancing can be an excellent opportunity to save money, but you have to meet a few conditions before qualifying. In addition, there are a few things to consider before asking for an appointment with your lender.

First, ask yourself the following question: Have your credit rating and the financial situation improved since you obtained your initial loan? If you got your car loan in order to improve your credit report, your interest rate is certainly very salty. Refinancing your loan once your credit is rehabilitated will not only give you a lower interest rate, but also a more affordable monthly payment. Maybe it would even allow you to buy a more interesting vehicle!

Then, if you have not already done so, familiarize yourself with the terms and conditions of your existing loan, as well as the number of payments and the balance you still have to pay. Understanding the details of your existing bond will only help you during your refinancing.

You must now determine if your loan qualifies for refinancing. Each lender has their own refinancing requirements, but here are some general rules that will help you prepare:

  • Your vehicle cannot be obsolete: generally, a vehicle that is more than 7 years old will not qualify.
  • You must have a large amount remaining to pay (minimum $ 7500).
  • The vehicle can not be used for commercial purposes.
  • Your vehicle must be in good condition. The damage that is too serious will make it ineligible for refinancing.
  • Some lenders and financial institutions have restrictions on the types of cars they will refinance.

Find out the average interest rate for new auto loans. If this is higher than what you are currently paying, refinancing may not be the best option for you.

Is your car loan a long-term loan? If your loan has a term of 5 to 8 years, refinancing may be very interesting. Your monthly payment may be lower on a long-term loan, but this low monthly payment hides the true cost of interest you will pay on your entire loan. A refinancing which shortens the term of this one will allow you to save a non-negligible sum.

When should you avoid refinancing

While a car loan refinances can save you significant amounts, help you improve your credit rating and even allow you to buy a nicer vehicle, this is not necessarily the case in all scenarios. For example :

  • It is not a good idea to refinance if your existing loan comes with a prepayment penalty. This is common when your financing is provided directly by the dealer. In these cases, if you are trying to speed up your payments, you will have a fee to pay that could erase the savings you will earn with refinancing.
  • In some scenarios, refinancing may extend the term of your loan to a term that exceeds that of the original loan. You could end up making payments for much longer than you expected. If possible, avoid a refinance loan that would extend your payment schedule. If you run the risk of missing your monthly payments because they are too high, the refinancing may seem reasonable, but if it involves more payments for longer, your vehicle could be much more expensive than you. have negotiated.

Here they are! The strengths & weaknesses of a car loan refinance. If you decide to continue refinancing, make sure you know your existing loan and inform yourself about your options. You will be well prepared to make an informed choice that is sufficient for your needs.