Tag Archive: Buying

Thanksgiving Safety Tips for Your Holiday Dinner

The year has flown by, and somehow we’ve already stored our skeletons and pumpkins, and we’re ready for Thanksgiving. Time to order those stretchy pants as you bring together family and friends over one table.

But with every large event, there are safety issues that occur as you cook a big feast in your kitchen.

Did you know Thanksgiving is the No. 1 day for home cooking fires in the country, followed by Christmas? Yes, that’s more than three times as many as a regular day. Unattended cooking is the culprit for the rise in kitchen fires.

Sure, smart stove apps can help keep an eye on things and alert you, but not everyone has those on hand.

If you’re thinking of hosting this year, read on for Thanksgiving safety tips for this holiday season.

Before dinner

turkey in the oven

Preparing a large feast for your family and friends isn’t an easy feat, but it can be enjoyed with some pre-planning to save money and time. Check your smoke detectors, switch out the batteries if needed and make your grocery list.

1. Turkey safety

Timing is everything when purchasing the best turkey and the ingredients for all of your sides. If you’re buying a fresh turkey, wait until two days before Thanksgiving. We know it’s not ideal for your busy schedule, but this helps keep it fresh for your meal.

Move your frozen turkey to the refrigerator prior to the big day. The general rule of thumb is to give it about 24 hours for every 5 pounds of turkey to thaw it completely. Place a tray under it to catch any juices and never let the turkey thaw out on the kitchen counter — frozen meat can start to grow bacteria after only two hours outside.

2. At the grocery

Start filling your shopping cart with grocery shelf items before reaching for the refrigerated perishables and frozen foods. After you’ve picked out your groceries, make sure to come straight home to make sure nothing thaws out.

As you go down your grocery list, keep all of your guests’ dietary restrictions in mind. For example, pre-basted or self-basting turkeys often contain soy, wheat or dairy, so be sure to read the labels.

3. Keep an eye for cross-contamination

Use different utensils and cutting boards when preparing meat and produce and thoroughly wash them between each use. We know it’s an extra step, but it keeps all bacteria off your prep area. Skip rinsing the turkey — it’s not necessary.

Be sure to keep the meat thermometer out to check that the turkey reaches a safe internal temperature of 164 degrees Fahrenheit. With a different thermometer, check that all hot side items reach 140 degrees Fahrenheit or above.

4. Don’t forget about the stove

With everyone catching up about this year’s work and life milestones, you can quickly get distracted and walk away from the kitchen. A fire can start in the blink of an eye.

Set a timer on your home assistant like the Amazon Echo, your smartphone or walk away with a potholder. Any of these will jolt you right out of conversation and back to the kitchen.

5. Set the table

So, it’s time to dig in — do you set up the table with name tags and formal place settings or a casual buffet? We think both a formal table and buffet are good options.

If you have room for a buffet, make sure that you set out the cold food first, so it’s the right temperature when the guests grab it. Also, set up sauces and gravy near their corresponding dishes for easy access.

If you have a formal setup, designate your turkey carver and set all sides on easy to grab platters with serving spoons.

While you eat

turkey being served on thanksgiving

First things first — as you start plating sides for the table and putting the turkey on a platter, make sure that you check every stove burner and the oven. Turn everything off.

Move all things away from the burners to make sure nothing catches on fire, and check that the oven is empty. Don’t leave anything still cooking, simmering or boiling.

After the feast

Leftovers are the best part of Thanksgiving. But every year, one in six people get sick from contaminated food. Bacteria grow fast. But if you don’t want your Thanksgiving feast to become the infamous story told again and again at parties, make sure to keep an eye on your food preparation and storage.

As people start to slow down over their meals, start wrapping all leftovers, taking them to the kitchen and placing them in the refrigerator. While a few of you clean, have someone in your family be in charge of entertaining the kids so everything will go faster.

Avoid storing the stuffing inside the turkey. They should remain separate. No food should stay out for more than two hours. Skip any leftovers on plates touched by your guests.

Once everyone is headed home, pack up the leftovers in small, shallow containers. Let them know to refrigerate them as soon as they get back. Store the turkey in the freezer.

You have up to four days to make all the turkey sandwiches and fried mashed potatoes you want, then you have to toss them.

turkey safety infographic

Source: Fightbac.org

Enjoy your Thanksgiving day

Thanksgiving kicks off the ever-tiring holiday season, but with good food and people to surround you, you’ll have a good time. Cook everything at the right temperature, keep your kitchen clean, be careful when handling produce and store leftovers within two hours.

Don’t miss a good meal due to a dangerous kitchen fire. Stay safe in the kitchen this coming season.

The post Thanksgiving Safety Tips for Your Holiday Dinner appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

Natural Remedies for Roaches: 8 Prevention Methods to Try

The survival skills cockroaches have are amazing. They can continue living, for a short time, without their heads. They can hold their breath underwater for 40 minutes. They can run up to three miles in a single hour.

This is all great for roaches (and pretty interesting too) — until the ugly bugs infest your apartment. Once they’ve made their way into your home, all you want to do is get rid of them. But, before you make an appointment with an exterminator, consider an organic, DIY approach. Use one of the many natural remedies for roaches to keep them away.

Cockroach

Cockroach

How to get rid of cockroaches

Once you’ve established you’ve got unwanted visitors, whether you’ve seen roaches or just their nasty trails, it’s time to consider how you want to get rid of them. You can use chemicals to do the job, but if you have pets or young children or you’re sensitive to certain products, going natural might be a better option.

When it’s time to get rid of unwanted insect visitors, look to your pantry first, you might already have some of these natural remedies for roaches ready to go.

1. Sugar

This is an example of using something sweet to lure cockroaches to their demise. You just have to add a little something extra. Mix one part powdered sugar with three parts boric acid. The sugar brings the bugs in — the boric acid takes them out.

Boric acid isn’t toxic to people or pets, but it can irritate skin. When putting this mixture down, avoid counters and stick to the hidden spots roaches can use for hiding places. Good spots are behind appliances, under the sink and in any cracks along the edges of cabinets.

If either ingredient isn’t readily available, this is a versatile recipe, so you can swap out ingredients to achieve the same effect. Instead of powdered sugar, you can use peanut butter or jelly. You can also replace the boric acid with food-grade diatomaceous earth.

soapy water, one of the natural remedies for roaches

soapy water, one of the natural remedies for roaches

2. Soapy water

If you spot a cockroach and want to kill it without having to get close enough to step on it, keep a spray bottle of soapy water handy. Use diluted dish soap so that whatever surface it gets on also gets clean (an added bonus).

Spraying this mixture directly onto a roach makes it impossible for the bug to breathe. It clogs up their skin, which is how they take in air. It may take an extra little bit to do the trick, and you still have to dispose of the roach but hey — it won’t head back to hang with its buddies.

3. Coffee grounds

This easy-to-find food staple helps make a perfect cockroach trap. They serve as bait to bring the roaches in and are non-toxic for every other member of your home. To make a trap, all you need is a glass jar, coffee grounds and water.

To build your trap:

  • Fill a large glass jar about halfway with water.
  • Add 1-2 tablespoons of moistened coffee grounds.
  • Place the jars as close to potential nesting spots as possible.

The roaches will come in to check out the coffee, climb into the jar and get stuck and eventually drown. Then, dump the entire contents of the trap into the toilet for a goodbye flush.

Lemon, one of the natural remedies for roaches

Lemon, one of the natural remedies for roaches

4. Lemon

While lemon won’t work on its own to keep roaches away, using lemon-scented cleaners around your home can have a big impact on keeping the place cockroach-free.

A clean home is the best way to avoid an infestation, and the scent of a lemon actually works to keep a variety of insects from wanting to live in your place.

For an easy, all-purpose cleaner you can make at home, you only need two ingredients — citrus peels and vinegar. To make:

  • Fill a glass jar with clean, chopped-up lemon peels.
  • Pour white vinegar over the peels to submerge them and seal the jar.
  • Let the mixture sit for about four weeks, shaking it regularly.
  • Strain out the peels and put the liquid into a spray bottle.

This will keep countertops, appliances, floors and glass all clean and smelling great, while also helping you deal with the cockroaches.

Make sure to clean your place regularly, focusing on areas like the kitchen and dining room. Roaches love crumbs and can smell food if packages get left open in your pantry. It’s also a good idea to empty your trash regularly to keep food odors out of your home.

5. Plants

Another big attractor for roaches is moisture. One way to deal with excess moisture in your home is to check your pipes regularly for leaks, but sometimes it’s a matter of high humidity. To deal with this, consider buying a few house plants.

You’ll need a specific type, epiphytes like ferns, orchids and cacti. These are special plants that work as a natural dehumidifier, pulling water from the air to keep themselves hydrated. They’re easy to care for and will help reduce moisture levels in your home.

Place one in every bathroom, on a screened-in porch, or anywhere where the air feels heavy. They won’t repel cockroaches themselves but will help take away a serious temptation for the bugs to come into your home.

onions, one of the natural remedies for roaches

onions, one of the natural remedies for roaches

6. Onions

This is maybe the strangest of the natural remedies for roaches, but it uses ingredients you’re bound to have at home right now. All you need is an onion and baking soda. Again, the food attracts hungry insects, and the baking soda does the dirty work.

To set this up:

  • Dice up about half an onion.
  • Sprinkle baking soda over it.
  • Place on a small paper plate anywhere roaches may hide overnight.

Since roaches prefer the dark, you’ll most likely “feed” more if you wait until evening to put out your trap. It’s also best to do it when there’s minimal risk of running into the nasty guys yourself.

7. Cornstarch

When you need to cover up cracks to keep the roaches away, this remedy is a great choice. Not only will it fill the space to let fewer roaches through, but it will also kill any of them who eat it.

Mix equal parts of cornstarch and Plaster of Paris to make a powder you can sprinkle anywhere. Don’t activate the Plaster of Paris with water beforehand. The roaches do that after they eat the concoction when they drink water. It’s the mixing in their stomach that ultimately kills them.

It’s important to note that Plaster of Paris is a toxic ingredient and dangerous for children and pets. Using this recipe specifically in cracks helps keep it away from everyone but the roaches.

Peppermint oil

Peppermint oil

8. Peppermint

Roaches hate the smell of peppermint. They’ll avoid it like the plague. It can also actually harm them if they come into contact with it. Spraying a mixture with peppermint oil directly onto roaches can mean lights out, but that’s only if you see the invaders around.

You’ll have more success using mint as a repellent, targeting areas near where you think roaches are hiding. To make a mint-infused spray:

  • Mix two parts water with one part white vinegar into a spray bottle.
  • Add about 10 drops of peppermint oil.
  • Shake up and spray.

Chemicals aren’t required to keep the roaches away

The question is never if you’ll see a roach in your apartment, but rather when. They’re out there, and there’s a lot of them, but knowing how to repel them and say good-bye for good means you don’t have to live with them. Us

ing natural remedies for roaches allows you to live insect-free without having to buy harsh chemicals or spend money on an exterminator. Just make sure you’re targeting the right areas. Roaches love to live in places like boiler rooms, basements, crawl spaces, steam tunnels, drains and sewers. Happy hunting!

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Source: apartmentguide.com

How to Create a Roommate Cleaning Schedule

Is there anything worse than coming home from a long day at work and seeing the kitchen turned upside down for the third day in a row? Before you throw in the towel, bring up a roommate cleaning schedule in your next house meeting. Assigning specific tasks and building a roommate chore chart can help everyone take more responsibility for their messes.

Showing how you can work together vs. just sending passive-aggressive vibes can help you get along better and keep the apartment clean. It’s all about communication when it comes to roommate compatibility.

Follow these tips to build a roommate chore chart and keep your home clean.

Sync on cleaning habits

Whether you found your roommate through Facebook, a friend or an app, you only got a few minutes to get to know each other before you decided that they were a good fit. You must check compatibility during the interview.

Here are a few questions that can help determine if you have the same cleaning habits, for example.

  1. How often did you do the dishes in your old home?
  2. How did you and your roommate split the deep cleaning of the apartment?
  3. Did you have any altercations about cleaning tasks not being done? How did you resolve them?
  4. If the trash is full, do you walk away or take it out and add a new bag?
  5. How often do you think we should do a deep clean of the apartment?

You’ll see red flags as they talk about their old roommates (this is why references are essential!) and determine if your cleaning personalities sync up.

How to make a cleaning schedule

What exactly does the word “clean” mean to you and your roommate? Determine how often the roommate should do the tasks — daily, weekly, monthly — and how detailed they should go with their task. For example, should someone clean the grout in the shower or wipe all surfaces in the bathroom? Does mopping come into the equation or just sweeping? It’s essential to agree on what “clean” looks like for all roommates.

Assign zones to each person (kitchen, bathroom and living room) and what can be done together (outdoor space). This is a good time to make rules about personal items in shared spaces — don’t leave your laptop or dirty socks in the living room, for example. Your personal things should remain in your bedroom.

Once you’ve made a list of the tasks to complete, it’s time to create the roommate chore chart.

rooommates cleaning

Making a roommate chore chart

While there’s no allowance attached to this roommate chore chart like the good old days of childhood, the reward is a clean home and a good relationship with your roommate. We call that a win-win. Here’s how to get started.

Make the chore list together

Pick a Saturday morning, make breakfast together and spend a few hours walking around the apartment. Make a list per room of the cleaning tasks you would like to see done.

For example, in the kitchen, write down taking out the trash, loading the dishwasher, buying cleaning supplies, wiping down the counters and sweeping the floor as items for your chore list. Then do the same for each shared space.

You can keep the bedrooms out of the chore list as they are personal spaces. List everything per room and evenly split tasks between the roommates based on interests and usage. These chore tasks typically are fast and easy to complete on a daily, weekly and monthly basis.

When are the tasks getting done?

Some tasks will happen every day like taking out the trash or doing the dishes and other tasks work well on a weekly basis. Next to each chore task, list how often the task is done. A few examples of timelines:

  • Daily: Empty out the garbage every morning, pick up clutter from shared spaces and load the dishwasher. Pick up as you go is a great way to stay on top of dirty counter spaces, clutter and dishes. Use a dish, put it in the dishwasher immediately after rinsing.
  • Weekly: Take the garbage to the curb, wipe all counters including kitchen and bathroom, sweep and vacuum the floors, clean the toilet and shower and make any lists for the grocery store. Rooms like the living room and bathrooms should be cleaned on a weekly basis to avoid any pile-up of dirt, food or clutter.
  • Monthly: Wash all kitchen towels and couch blankets, replenish any household items that are old and clean out the fridge. The kitchen should be deep cleaned on a monthly basis and it’s best for a team project.

Shell out the assignments

Split chore assignments evenly, so everyone is doing the same or similar amount of work and add their name next to the assignment with a deadline, if applicable. Designate specific tasks to the same person over time, like emptying the garbage daily, to avoid confusion. The roommate should complete this task at the end of each day.

Other tasks like loading the dishwasher need to be completed by the person who didn’t cook dinner or, if you don’t cook dinner together, by the person who made the mess. This way, some of the tasks rotate, especially those that are generally not wanted. Roommates assigned weekly completion tasks can pick a specific weekday, so they don’t all pile up on the weekends.

Before finalizing the assignments, make sure everyone agrees and airs out their grievances to ensure all compromises were met.

Print out the roommate chore chart

Here’s a quick template to use for your roommate chore chart — download the chore chart so you can print it, laminate it and stick it on the fridge for everyone to see your roommate cleaning schedule.

roommate chore chart to create a roommate cleaning schedule

Check-in as time goes on

Once you’ve settled with the roommate cleaning schedule for a few weeks, review it again during your next roommate meeting. If it’s better for you to do the dishes at night and maybe your roommate can take the trash out in the morning, make sure to communicate that. You have a higher probability of sticking with it if it fits your schedule a little more.

Keep the (cleaning) harmony at home

Finding the perfect roommate is genuinely a feat. It’s so hard to get to know a perfect stranger over a short meet-up. But if you communicate your expectations initially, like what cleaning mistakes set you off, you’ll find a better fit for your home.

Refer back to this roommate chore chart when discussing your cleaning schedule and check in with each other as time passes for any needed changes.

The post How to Create a Roommate Cleaning Schedule appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

What Is Cash Back?

What Is Cash Back?

Cash back is a rewards benefit that many credit cards offer to cardholders. By taking advantage of it, you’ll receive back a prespecified percentage of certain purchases you make. Many credit card companies will provide higher cash back rates on certain types of purchases, such as airfare, gas, food and more. Cash back is just one way that credit cards offer rewards, as mileage and points are some alternatives.

Before you spend too much money with your credit cards, make sure you have a financial plan in place. Speak with a financial advisor today.

What Is Cash Back?

The most commonly recognized style of cash back is what you have likely seen advertised as cash back credit cards. This specifically refers to earning a certain percentage of your credit card purchases back as cash rewards. However, cash back rates vary widely, as do the categories that they apply to.

You usually won’t see credit card cash back rates higher than 5%, while 1% is the typically minimum you will earn. Cash back categorization is significantly more complex though, with a merchant category code (MCC) system being the main organizing force.

MCCs run the entire cash back industry, as they ultimately decide how each purchase you make is classified. These designations coincide with cash back rates set by the issuer of your card. For example, you could use your card for a $50 dinner at a steakhouse, which has a “restaurant” code. If your card offers a 2% cash back rate on all spending at restaurants, you’d earn $1 cash back.

Familiar alternatives to cash back include point- and mile-based programs, though many cardholders are partial to cash back. Cash back affords cardholders an independence that is ideal, since you can redeem it for nearly anything.

Popular Cash Back Credit Cards

What Is Cash Back?

Discover, American Express, Mastercard and Visa all have cash back rewards credit cards available for prospective cardholders. Each abide by their own set of regulations, though card issuers decide on cash back rates, promotions and bonuses. Chase, Wells Fargo, Citi and Capital One represent some of the most active card issuers on the market today.

Below are a few examples of what you can expect to earn when looking for a cash back credit card:

Cash Back Credit Cards Card Name Cash Back Rates Cash Back Bonus Costco Anywhere Visa Card by Citi 4% cash back on eligible gas up to $7,000 per year, 3% cash back on eligible travel and restaurants, 2% cash back in-store and online with Costco and 1% cash back elsewhere None Bank of America® Cash Rewards credit card 3% cash back in a category of your choosing, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases (up to a quarterly cap of $2,500 in combined grocery/wholesale club/choice category purchases) $200 bonus cash back for spending at least $1,000 over your first 90 days Capital One® Quicksilver® Cash Rewards Credit Card Unlimited 1.5% cash back everywhere $150 cash back bonus when you spend $500 during your first three months Citi Double Cash Card 1% cash back on your purchases and another 1% cash back when you pay your bill None Capital One® Savor® Cash Rewards Credit Card Unlimited 4% cash back on dining and entertainment, 2% cash back on groceries and 1% cash back elsewhere $300 cash back bonus for $3,000 spent over your first three months TD Cash Visa® Credit Card 3% cash back on dining, 2% cash back at supermarkets and 1% cash back on everything else Earn $150 cash back when spending $500 within the first 90 days (See Terms) USAA Preferred Cash Rewards Visa Signature Unlimited 1.5% cash back on everything None Blue Cash Everyday Card from American Express 3% cash back on up to $6,000/year at U.S. supermarkets (then 1%), 2% cash back at U.S. gas stations and select U.S. department stores and 1% cash back on other purchases $150 bonus cash back for spending $1,000 over your first six months Getting Cash Back at Retailers

What Is Cash Back?

Picture this: you’re buying some groceries on a Sunday morning, but know you’ll need $40 cash to fill up your car with some gas later. You could swipe your debit card at the supermarket and then head over to the ATM. Or you could ask for cash back right from the cashier, eliminating the extra errand.

The above situation represents the alternative definition of cash back. It’s ultimately the use of a cash register as if you were swiping your debit card at the ATM. When you request cash back from a cashier, your bank account will be charged the amount you asked for. This enables the funds to be pulled from your account so the cash can be placed in your hand.

Although this generally only applies to debit cards, there are a few exceptions for credit cards. Discover® allows cardholders to ask for cash back at more than 50 large retail stores without a transaction fee.

Bottom Line

There are many benefits to utilizing credit card rewards programs. But spending money that technically isn’t yours will always involve some level of risk. If you’re in good financial shape, though, cash back and other types of credit card rewards can help you take more vacations, save money on purchases and more.

Credit Card Tips

  • Managing your credit cards and any debt you accumulate using them is a major part of your long-term financial outlook. Consider working with a financial advisor to make sure you’re managing your money with your goals for the future in mind. SmartAsset’s free matching tool can connect you with up to three advisors in your area. Get started now.
  • If you’re someone who wants freedom when spending credit card rewards, you may prefer cash back to a points- or mileage-based reward system. However, keep in mind that cash back rates are sometimes less than those in point-centric programs.

Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the issuer.

Advertiser Disclosure: The card offers that appear on this site are from companies from which SmartAsset.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). SmartAsset.com does not include all card companies or all card offers available in the marketplace.

Photo credit: ©iStock.com/SIphotography, ©iStock.com/MJ_Prototype, Â©iStock.com/Juanmonino

The post What Is Cash Back? appeared first on SmartAsset Blog.

Source: smartasset.com

6 Ways I Saved Money On College Costs

Check out this list of ways to save money on college costs. This is a great list!How much does college cost? This is a question many wonder. There’s rarely a week that goes by where I don’t receive an email from a student or parents of a student who are looking for ways to cut college costs. That’s why today I want to talk about college costs and how you can create a college budget that works so that you can save money in college.

College is very expensive – there is no doubt about that.

However, I want you to know that it IS possible to get a valuable college degree on a budget!

The average public university is over $20,000 per year and the average private university totals over $45,000 once you account for tuition, room and board, fees, textbooks, living expenses and more.

Even with how expensive college can possibly be, there are many ways to cut college expenses and create a college budget so that you can control rising college costs.

Continue reading below to read about the many different ways I cut college costs. While I was not perfect and still racked up student loan debt, I did earn three college degrees on a reasonable budget.

Related articles:

  • How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500
  • How I Paid Off $38,000 In Student Loan Debt In 7 Months
  • The Benefits of Paying Off Student Loan Debt Early
  • Should I Ruin My Retirement By Helping My Child Through College?
  • How To Save Money – My Best Money Saving Tips

 

1. Take classes at a community college to cut college costs.

Whether you are in college already or you haven’t started yet, taking classes at a community college can be a great way to save money.

Earning credits at a community college usually costs just a small fraction of what it would cost at a 4-year college, so you may find yourself being able to save thousands of dollars each semester.

There is a myth out there that your degree is worth less if you go to a community college. That is NOT TRUE at all. When you finally earn your 4-year degree, your degree will only say where you graduated from and it won’t even mention the community college credits at all. So this myth makes no sense because your degree looks the exact same as everyone else’s’ who you went to college with. You might as well save money because it won’t make much of a difference.

I only took classes at a community college during one summer semester where I earned 12 credits, and I still regret not taking more. I probably could have saved around $20,000 by taking more classes at my local community college.

Also, you are most likely just taking general credits at the community college, so it’s not like you would be missing much by taking classes there instead of a college that has a better reputation for the major you are seeking.

If you do decide to go to a community college, always make sure that the 4-year college you plan on attending afterwards will transfer all of the credits. It’s an easy step to take so do not forget! You should do this before you sign up and pay for any classes as well as to make sure that ALL of the classes will transfer succesfully.

 

2. Take advantage of high school classes to lower your college budget.

Many high schools allow you to take college classes to earn both college and high school credits at the same time.

This is something I highly recommend you look into if you are still in high school, as it saves time and is one of the best ways to save money on college costs.

When I was in my senior year in high school, nearly all of my classes were dual enrollment courses where I was earning college and high school credit at the same time. I took AP classes and classes that earned me direct college credit from nearby private universities. I left high school with around 14-18 credit hours (I can’t remember the exact amount). This way I knocked out a whole semester of college. I could’ve taken more, but I decided to take early release from high school and worked 30-40 hours a week as well.

 

3. Take all the credits you can to stay within your college budget.

At many universities, you pay a flat fee. So whether you take 12 credit hours or 18 credit hours, you are paying nearly the exact same price.

For this reason, I always recommend that a student take as many classes as they can if they are going to a college that charges a flat fee tuition.

If you think you can still earn good grades and do whatever else you do on the side, definitely get full use of the college tuition you are paying for!

 

4. Apply for scholarships to lower your college costs.

Before you start your semester, you should always look into scholarships, grants, FAFSA, and more. You usually have to turn in any paperwork around spring time for the following semester, so I highly recommend doing this right now if you are going to college in the fall.

Another myth will be busted right now. Many believe that all scholarships are impossible to have or it means you have to win a contest. That is just a myth.

I received around $16,000 a year in scholarships to the private university I attended. That helped pay for a majority of my college tuition. The scholarships were easy for me to get as they were all just because I earned good grades in high school and scored well on tests. I received scholarships to all of the other colleges I applied for as well just for good grades, so I know they can be found as long as you do well in high school!

There are other ways to find scholarships as well. You can receive scholarships from private organizations, companies in your town, and more. Do a simple Google search and I am sure you will find many free websites that list out possible scholarships for you to apply to.

Tip: Many forget that you usually have to turn in a separate financial aid form directly to your college. Don’t forget to do this by the deadline each year!

 

5. Search for cheaper textbooks to lower your college budget.

Students usually spend anywhere from around $300 to $1,000 on textbooks each semester, depending on the amount of classes they are taking and their major.

For me, many of my classes required more than one book and each book was usually around $200 brand new. This means if I were to buy all of my college textbooks brand new, I probably would have had to spend over $1,000 each semester.

I saved a decent amount of money on college textbooks by renting them and finding them used. Renting them was nice because I just had to pay one fee and didn’t ever have to worry about what to do with the textbook after the class was done, as I only had to return them. There was no worrying about the book being worthless if a new edition came out, which was nice! Buying books used was nice occasionally as well just because sometimes I could make my money back.

I recommend Campus Book Rentals if you are looking for textbook rentals. Their rentals are affordable and they make getting the textbooks you need easy.

Read: How To Save Money On Textbooks + Campus Book Rentals Review

 

6. Skip the high price of living on campus to cut your college budget.

To save more money, I decided to live on my own. I didn’t have the option of living at home after high school and living on campus would have cost me a ton of money.

Instead, I found a very cheap rental house (the house was VERY small and probably could have been considered a tiny home) and was able to somewhat easily commute to work and college from it. I probably saved around $500 a month by living on my own instead of on campus, and I learned a lot by living on my own at a young age as well.

If you can live at home though and want to save money, I highly recommend it if it’s an option for you. You can save thousands of dollars a semester by doing this!

I understand that some are against this because it may impact your “college experience,” but I think most people would be fine not living on campus, especially if it’s not in the budget. You could probably save around $40,000 over the years on your degree by living at home.

How did you cut college costs and control your college budget? How much student loan debt did you have when you graduated?

 

The post 6 Ways I Saved Money On College Costs appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

Why Does My Mortgage Keep Getting Sold?

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A letter arrives in the mail and tells you your mortgage has been sold. It also informs you to send your monthly payments to a new address. Don’t panic! This happens all the time, and you shouldn’t see many (if any) changes.

“I would say probably 30% to 50% of the time [borrowers are] going to eventually end up mailing their payments somewhere else different from when they first originated it,” says Rocke Andrews, president of the National Association of Mortgage Brokers.

So why does your mortgage get sold—and why can it happen multiple times? Banks and mortgage servicers constantly check the numbers to find a way to make a buck on your big loan. It all takes place behind the scenes, and you find out the result only when you get that aforementioned letter in the mail.

What does a mortgage being sold mean for homeowners?

The short version: When a loan is sold, the terms of that loan don’t change. But where a mortgage-holder submits payment and receives customer service may change as the loan gets sold. And that could affect a few things.

“The level of service that you receive may vary depending upon who the servicer is,” Andrews says. “Certain servicers might offshore a lot of that [work]. So when you would call into servicing you could get a call center in India or over in Asia somewhere and people were less than knowledgeable about the product.”

But service issues that lead to frustration are the exception, not the rule, says Andrews. “Most [consumers] don’t deal with the servicers that much, they just send in a payment and things are happy.”

The new servicer might offer different payment options and may have different fees associated with payment types, so be sure to check any auto payment or bill pay functions you’ve set up.

The basics of mortgage servicing

To understand why mortgages are sold, it’s important to understand some basics.

First, when you take out a mortgage to buy a home, a lender approves your loan and you make payments to a loan servicer. Sometimes, the servicer and the lender are one and the same. More often, they’re not.

The servicer “collects the payment and disburses it out,” Andrews says. “They distribute the payment to the investors, [send] property taxes to the local taxing entity, and [pay] homeowners insurance. They are taking care of all the payments coming in and getting them distributed to the people they belong to.”

Andrews says a small portion of the interest you pay on a loan—often a quarter of a percent—goes to the servicer.

“Typically servicing is a labor-intensive business—there are only five or six servicers [nationwide] that probably handle 75% to 80% of all the mortgages in the United States,” Andrews explains. Major players include Chase, Wells Fargo, Citibank, Freedom, and Mr. Cooper. Some of these companies service the loans they originate.

Servicers can sell your mortgage

Lenders can enter agreements with servicers to purchase batches of loan servicing. Or lenders may shop around for a servicer if they’re carrying too many loans on their books.

Servicers are interested in buying loans in order to sell other products to their new-found customers. Andrews uses an example of a big bank that can then attempt to sell retirement funds, credit cards, or other profitable financial product to customers they had no prior relationship with.

Many lenders originate loans, and then proceed to sell off the servicing or the loan itself. If the servicer changes, the customer must receive a notification. There will be a grace period in case a borrower accidentally sends payment to the wrong place.

Lenders often sell the loans to financiers as a mortgage-backed security for investors or to government-sponsored entities like Fannie Mae, Freddie Mac, and Ginnie Mae.

So why does my mortgage get sold?

Loan servicers are businesses in search of a profit. Andrews says the value of the servicing depends on two main factors:

  • Whether a borrower pays on time or not
  • How long the borrower will be paying

If a servicer receives a quarter percent for servicing a 30-year mortgage, a consumer who pays steadily for the life of the loan is more valuable  than a borrower who opts for a refinance within a few years.

Keep in mind: During a refinance, the new loan pays off the old loan, and new terms are set. So if a servicer was expecting to earn a quarter of a percent over 30 years and the borrower refinances after only five years, the servicer gets the share for five years as opposed to 30.

For example, if you have a $100,000 loan at 4% for 30 years, you’d pay about $70,000 in interest over the life of the loan. However, the lender would need to wait a full 30 years to make that full $70,000. In hopes of a quicker profit, lenders will often sell the loan.

If servicing a loan costs more than the money it brings in, lenders may attempt to sell the servicing of it to lower their costs. The lender may also sell the loan itself to free up money in order to make more loans.

Loan servicers have another consideration in play. They need to pay investors who buy mortgage-backed securities—even if a consumer with a mortgage can’t make payments or is in forbearance.

“The downside to forbearance is the servicing company has to make your payment for you,” Andrews says. “That’s why we’re running into problems.”

With millions of homeowners asking for forbearance, Andrews predicts more mortgages will be sold.

Can I state that I don’t want my mortgage sold?

Somewhere in the terms and conditions of your mortgage paperwork, it likely says your mortgage can be sold. Andrews says there is really no way to keep it from happening.

The trade-off for the odd behind-the-scenes shuffling of your mortgage is a lower interest rate for you—the all-important borrower.

“It’s just part of making the entire mortgage industry safer, more liquid,” Andrews says. “Back in the old days you would go to the bank and make your payment at the bank.” The rates depended on how much money the bank had and the area economy.

But instead of the bygone days of interacting with the local banker, nationwide competition for your borrowing needs has been unlocked.

“By nationalizing the mortgage market, you provide lower rates and better options to the consumer,” says Andrews.

The post Why Does My Mortgage Keep Getting Sold? appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

The Pros and Cons of Building vs. Buying as a First-time Homeowner

If you’re torn between buying or building a home, understanding what each option entails will help you make a more informed decision. Here are the pros and cons of each journey.

The post The Pros and Cons of Building vs. Buying as a First-time Homeowner appeared first on Homes.com.

Source: homes.com

8 Tips to Save Money on Meat

TipstoSaveMoneyonMeat

Buy It in the Morning

Looking for deals on meat? Hit up the supermarket in the early morning. That’s when they’ll be restocking the meat case, and you’ll have the best bet at finding a deal.

Buy in Bulk

Ask at the deli counter of your supermarket for “bulk ends,” and ask if there’s a discount! These end bits of sliced meats are too small to slice in the machine, but can be sliced or cubed at home. They’re often offered at half off!

Befriend the Butcher

When does your supermarket mark-down meat? It’s as easy as asking the butcher. Especially if you’re friendly, he or she will usually be happy to let you know this valuable savings secret.

Market Watch

Supermarkets have started using their own wording on meat packages to make you think that the product you are buying is a better grade than it really is. Most of the major chains are buying more select-grade beef, but may call it by any number of fancy names such as “top premium beef,” “prime quality cut,” “select choice,” “market choice,” or “premium cut.” Be aware that these titles don’t actually mean anything!

Ask for Discounted Cuts

Grocery stores make a lot of money on meat, so it’s not surprising that they display the priciest cuts in the case! Experience dramatic savings by instead asking the butcher to slice different cuts for you from the same primal (or section) of the cow or pig. These cuts can be as little as one-fifth the cost of the expensive, pre-packaged cuts, and they’ll be just as tender and tasty. Here are a few discounted (yet delicious) cuts you can ask for: Instead of buying ground beef, ask the butcher to grind up a bottom round roast for you. If you’re looking for rib eye steak, request chuck eye. (You may need to ask the butcher to cut a 4-inch roast off the front of the boneless chuck, then to peel out the chuck eye and cut it into steaks.) Instead of pork tenderloin, buy an entire loin roast and ask the butcher to cut it up for you.

Buy Bigger Hams

If you’re going to buy a canned ham, purchase the largest one you can afford. Most smaller canned hams are made from bits and pieces glued together with gelatin. Cured hams are injected with a solution of brine salts, sugar, and nitrites. The weight of the ham will increase with the injection, and if the total weight goes up by 8 percent, the label will usually say “ham with natural juices.” If the weight of the ham increases by more than 10 percent, the label must read “water added.”

Make Your Own Patties

Never buy meat that’s already been shaped into patties (unless it’s on sale). Instead, buy your own and shape into patties yourself. Place a sheet of waxed paper between each, then place the entire stack in a resealable plastic bag and put in the freezer.

Leaner Isn’t Always Better

Even if you want to prepare low-fat meals, you don’t always need to buy the leanest (and most expensive) ground beef. If you’re preparing hamburgers on a grill or on a broiler rack, most of the fat will be lost during the cooking process, so stick with the moderately lean varieties.

For more ways to save money from all over the internet, check out our Saving Money board on Pinterest. And don’t forget to sign up for our newsletter and follow us on Facebook for daily tips!

Photo courtesy of Shutterstock.

Source: quickanddirtytips.com

Everything You Need to Know About Budgeting As a Freelancer

Could logging in to your computer from a deluxe treehouse off the coast of Belize be the future of work? Maybe. For many, the word freelance means flexibility, meaningful tasks and better work-life balance. Who doesn’t want to create their own hours, love what they do and work from wherever they want? Freelancing can provide all of that—but that freedom can vanish quickly if you don’t handle your expenses correctly.

“A lot of the time, you don’t know about these expenses until you are in the trenches,” says freelance copywriter Alyssa Goulet, “and that can wreak havoc on your financial situation.”

Nearly 57 million people in the U.S. freelanced, or were self-employed, in 2019, according to Upwork, a global freelancing platform. Freelancing is also increasingly becoming a long-term career choice, with the percentage of freelancers who freelance full-time increasing from 17 percent in 2014 to 28 percent in 2019, according to Upwork. But for all its virtues, the cost of being freelance can carry some serious sticker shock.

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“There are many hats you have to wear and expenses you have to take on, but for that you’re gaining a lot of opportunity and flexibility in your life.”

– Alyssa Goulet, freelance copywriter

Most people who freelance for the first time don’t realize that everything—from taxes to office supplies to setting up retirement plans—is on them. So, before you can sustain yourself through self-employment, you need to answer a very important question: “Are you financially ready to freelance?”

What you’ll find is that budgeting as a freelancer can be entirely manageable if you plan for the following key costs. Let’s start with one of the most perplexing—taxes:

1. Taxes: New rules when working on your own

First things first: Don’t try to be a hero. When determining how to budget as a freelancer and how to manage your taxes as a freelancer, you’ll want to consult with a financial adviser or tax professional for guidance. A tax expert can help you figure out what makes sense for your personal and business situation.

For instance, just like a regular employee, you will owe federal income taxes, as well as Social Security and Medicare taxes. When you’re employed at a regular job, you and your employer each pay half of these taxes from your income, according to the IRS. But when you’re self-employed (earning more than $400 a year in net income), you’re expected to file and pay these expenses yourself, the IRS says. And if you think you will owe more than $1,000 in taxes for a given year, you may need to file estimated quarterly taxes, the IRS also says.

That can feel like a heavy hit when you’re not used to planning for these costs. “If you’ve been on a salary, you don’t think about taxes really. You think about the take-home pay. With freelance, everything is take-home pay,” says Susan Lee, CFP®, tax preparer and founder of FreelanceTaxation.com.

When learning how to budget as a freelancer it’s necessary to estimate your income and expenses before setting aside savings for tax payments.

When you’re starting to budget as a freelancer and determining how often you will need to file, Lee recommends doing a “dummy return,” which is an estimation of your self-employment income and expenses for the year. You can come up with this number by looking at past assignments, industry standards and future projections for your work, which freelancer Goulet finds valuable.

“Since I don’t have a salary or a fixed number of hours worked per month, I determine the tax bracket I’m most likely to fall into by taking my projected monthly income and multiplying it by 12,” Goulet says. “If I experience a big income jump because of a new contract, I redo that calculation.”

After you estimate your income, learning how to budget as a freelancer means working to determine how much to set aside for your tax payments. Lee, for example, recommends saving about 25 percent of your income for paying your income tax and self-employment tax (which funds your Medicare and Social Security). But once you subtract your business expenses from your freelance income, you may not have to pay that entire amount, according to Lee. Deductible expenses can include the mileage you use to get from one appointment to another, office supplies and maintenance and fees for a coworking space, according to Lee. The income left over will be your taxable income.

Pro Tip:

To set aside the taxes you will need to pay, adjust your estimates often and always round up. “Let’s say in one month a freelancer determines she would owe $1,400 in tax. I’d put away $1,500,” Goulet says.

2. Business expenses: Get a handle on two big areas

The truth is, the cost of being freelance varies from person to person. Some freelancers are happy to work from their kitchen tables, while others need a dedicated workspace. Your freelance costs also change as you add new tools to your business arsenal. Here are two categories you’ll always need to account for when budgeting as a freelancer:

Your workspace

Joining a coworking space gets you out of the house and allows you to establish the camaraderie you may miss when you work alone. When you’re calculating the cost of being freelance, note that coworking spaces may charge membership dues ranging from $20 for a day pass to hundreds of dollars a month for a dedicated desk or private office. While coworking spaces are all the rage, you can still rent a traditional office for several hundred dollars a month or more, but this fee usually doesn’t include community aspects or other membership perks.

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If you want to avoid office rent or dues as costs of being freelance but don’t want the kitchen table to pull double-duty as your workspace, you might convert another room in your home into an office. But you’ll still need to outfit the space with all of your work essentials. Freelance copywriter and content strategist Amy Hardison retrofitted part of her house into a simple office. “I got a standing desk, a keyboard, one of those adjustable stands for my computer and a squishy mat to stand on so my feet don’t hurt,” Hardison says.

Pro Tip:

Start with the absolute necessities. When Hardison first launched her freelance career, she purchased a laptop for $299. She worked out of a coworking space and used its office supplies before creating her own workspace at home.

Digital tools

There are a range of digital tools, including business and accounting software, that can help with the majority of your business functions. A big benefit is the time they can save you that is better spent marketing to clients or producing great work.

The software can also help you avoid financial lapses as you’re managing the costs of being freelance. Hardison’s freelance business had ramped up to a point where a manual process was costing her money, so using an invoicing software became a no-brainer. “I was sending people attached document invoices for a while and keeping track of them in a spreadsheet,” Hardison says. “And then I lost a few of them and I just thought, ‘Oh, my God, I can’t be losing things. This is my income!’”

As you manage the cost of being freelance, consider digital tools and accounting services to keep track of invoices, payments and income.

Digital business and software tools can help manage scheduling, web hosting, accounting, audio/video conference and other functions. When you’re determining how to budget as a freelancer, note that the costs for these services depend largely on your needs. For instance, several invoicing platforms offer options for as low as $9 per month, though the cost increases the more clients you add to your account. Accounting services also scale up based on the features you want and how many clients you’re tracking, but you can find reputable platforms for as little as $5 a month.

Pro Tip:

When you sign up for a service, start with the “freemium” version, in which the first tier of service is always free, Hardison says. Once you have enough clients to warrant the expense, upgrade to the paid level with the lowest cost. Gradually adding services will keep your expenses proportionate to your income.

3. Health insurance: Harnessing an inevitable cost

Budgeting for healthcare costs can be one of the biggest hurdles to self-employment and successfully learning how to budget as a freelancer. In the first half of the 2020 open enrollment period, the average monthly premium under the Affordable Care Act (ACA) for those who do not receive federal subsidies—or a reduced premium based on income—was $456 for individuals and $1,134 for families, according to eHealth, a private online marketplace for health insurance.

“Buying insurance is really protecting against that catastrophic event that is not likely to happen. But if it does, it could throw everything else in your plan into a complete tailspin,” says Stephen Gunter, CFP®, at Bridgeworth Financial.

Budgeting as a freelancer allows you to select a healthcare plan that best suits your employment status, income and relationship status.

A good place to start when budgeting as a freelancer is knowing what healthcare costs you should budget for. Your premium—which is how much you pay each month to have your insurance—is a key cost. Note that the plans with the lowest premiums aren’t always the most affordable. For instance, if you choose a high-deductible policy you may pay less in premiums, but if you have a claim, you may pay more at the time you or your covered family member’s health situation arises.

When you are budgeting as a freelancer, the ACA healthcare marketplace is one place to look for a plan. Here are a few other options:

  • Spouse or domestic partner’s plan: If your spouse or domestic partner has health insurance through his/her employer, you may be able to get coverage under their plan.
  • COBRA: If you recently left your full-time job for self-employment, you may be able to convert your employer’s group plan into an individual COBRA plan. Note that this type of plan comes with a high expense and coverage limit of 18 months.
  • Organizations for freelancers: Search online for organizations that promote the interests of independent workers. Depending on your specific situation, you may find options for health insurance plans that fit your needs.

Pro Tip:

Speak with an insurance adviser who can help you figure out which plans are best for your health needs and your budget. An adviser may be willing to do a free consultation, allowing you to gather important information before making a financial commitment.

4. Retirement savings: Learn to “set it and forget it”

Part of learning how to budget as a freelancer is thinking long term, which includes saving for retirement. That may seem daunting when you’re wrangling new business expenses, but Gunter says saving for the future is a big part of budgeting as a freelancer.

“It’s kind of the miracle of compound interest. The sooner we can get it invested, the sooner we can get it saving,” Gunter says.

He suggests going into autopilot and setting aside whatever you would have contributed to an employer’s 401(k) plan. One way to do this might be setting up an automatic transfer to your savings or retirement account. “So, if you would have put in 3 percent [of your income] each month, commit to saving that 3 percent on your own,” Gunter says. The Discover IRA Certificate of Deposit (IRA CD) could be a good fit for helping you enjoy guaranteed returns in retirement by contributing after-tax (Roth IRA CD) or pre-tax (traditional IRA CD) dollars from your income now.

Pro Tip:

Prioritize retirement savings every month, not just when you feel flush. “Saying, ‘I’ll save whatever is left over’ isn’t a savings plan, because whatever is left over at the end of the month is usually zero,” Gunter says.

5. Continually update your rates

One of the best things you can do for yourself in learning how to budget as a freelancer is build your costs into what you charge. “As I’ve discovered more business expenses, I definitely take those into account as I’m determining what my rates are,” Goulet says. She notes that freelancers sometimes feel guilty for building business costs into their rates, especially when they’re worried about the fees they charge to begin with. But working the costs of being freelance into your rates is essential to building a thriving freelance career. You should annually evaluate the rates you charge.

Because your expenses will change over time, it’s wise to do quarterly and yearly check-ins to assess your income and costs and see if there are processes you can automate to save time and money.

.block-quote_1back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/1back-730×500.jpg); } @media (min-width: 730px) { .block-quote_1back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/1back-1600×600.jpg); } }

“A lot of the time, you don’t know about these expenses until you are in the trenches, and that can wreak havoc on your financial situation.”

– Alyssa Goulet, freelance copywriter

Have confidence in your freelance career

Accounting for the various costs of being freelance makes for a more successful and sustainable freelance career. It also helps ensure that those who are self-employed achieve financial stability in their personal lives and their businesses.

“There are many hats you have to wear and expenses you have to take on,” Goulet says. “But for that, you’re gaining a lot of opportunity and flexibility in your life.”

The post Everything You Need to Know About Budgeting As a Freelancer appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

What Is the Average Used Car Loan Rate?

average-used-car-loan-rate

Article originally published July 13th, 2016. Updated October 30th, 2018.

More people are opting to lease their new set of wheels instead of purchasing them, according to Q2 2018 data from Experian.

The number of auto loans grew to an all-time high, with leasing surpassed 30% of all new consumer vehicle sales. But the interest rates consumers are getting on these loans has stayed low, especially for used cars. In fact, Experian reported that average loan rates saw some increases, but still remain historically low.

Loan rates for a new car in Q2 of 2018 were 5.76%, up from 5.20% a year prior. Franchise used rates are 8.28% (down from 7.88% in Q2 2017), while independently used rates are 11.87% (down only 0.17% from Q2 2018).

The Experian Automotive scoring deems prime consumers as those with scores of 661 to 850, nonprime users with scores of 601 to 660, and subprime users as those with scores of 300 to 600. Consumers on all risk tiers are increasingly choosing to lease over purchasing cars, according to the report.

The number of prime consumers choosing used vehicles increased from 55.61% in Q2 2016 to 55.79% in Q2 2018. The number of nonprime and subprime consumers also saw increases, from 21.75% to 22.05% and decreases of 25.71% to 25.05%, respectively.

Experian reported that the increased number of prime consumers choosing used vehicles resulted in “score increases, greater percentages of used financing in the prime risk tier and lower average used rates.”

Getting a Car Loan

If you’re thinking about buying a used car and taking out an auto loan to do it, it’s a good idea to review your credit first. Having a good credit score can help you qualify for better terms and conditions on your financing. (To find out where your credit stands, you can see two of your credit scores for free, updated every 14 days, on Credit.com.)

And when you’re figuring out how much you can afford, remember to consider not only how much your monthly car payment will be but also how much the loan will cost you in the end, by considering the interest rate and length of the loan term. (The longer the loan term, the more interest you will pay.)

If you aren’t happy with what you see, don’t worry — you may be able to improve your credit scores by paying down any big credit card balances, disputing errors and limiting credit inquiries until your score has had time to rebound.

Gather All Documentation

When attempting to get a used car loan, you will want to gather all the necessary documentation including the following:

  • Your Driver’s License
  • Proof of all of your income- this can be a paycheck stub or even a tax return
  • A utility or phone bill to prove your residency
  • Your social security number so they can run your credit check

These days, you can often apply for the used car loan right online or even by phone which makes it the process that much easier and accessible.

Start With Your Own Banking Institution

It is always a good idea to start with your own bank or credit union for financing because you have already established history and relationship with them. Typically, you will be able to find the absolute best rates and more favorable terms if you go through your own bank.

They will also be able to advise you on all the options that are available to you as you begin the journey toward car ownership.

Shop for the Best Rates

You never want to settle on the first rate you are given; don’t be afraid to shop around to see if you can find something better than the typical auto loan rates. You will find the best auto loan rates if you have good credit. Additionally, if you apply for multiple loans within a 14 day period, it will only count as one hard inquiry so that you can find the best rate possible.

What is the Average Used Car Loan Rate?

Typically, you will find that the car loan rate on a used car is going to be a bit higher than the rates you would find with a newer car. For example, good credit car loans can see an interest rate as low as 3.9% for a newer model and a little more than 5% for its older version.

Average Auto Loan Rates by Credit Score

The following are the average rates you may find for a used car loan that carries a 60-month repayment term based on a range of different FICO Scores.

With a credit score between 500 and 589, you may be looking at interest rates on the loan as high as 16%. A bad credit score also makes it a lot harder to get approved for the car loan initially as well.

A credit score in between 590 and 619 will typically see the 15% mark, and the percentages get lower from here with the lowest coming in at 4.39% with a credit score between a 720 and 850.

A longer loan term will usually mean you will have a lower monthly payment, but you will also accrue more in interest with a longer loan term.

Bottom Line

When determining the average used car loan rate and the amount of interest you may have to pay on a loan, you will want to check all three of your credit reports, examine your credit score and credit history and determine what steps you can take to improve your credit, so you can qualify for a lower interest rate.

Again, if you bank with a credit union, always start there first because the lender will already be able to see if you are high risk or not. Car buyers should always take their time, do their research, and tackle the work of fixing their credit prior to obtaining a loan for a car. It is always best to shop smarter and save money in the long run.

The post What Is the Average Used Car Loan Rate? appeared first on Credit.com.

Source: credit.com