Home Improvement With Hard Money Loans – Tips For Lighting

One of the easiest ways to spruce up your home is through adding quality lighting to your home. In fact, the design of your home is only as good as the lighting, because high-end design is hardly impressive if it can’t be seen properly. But if you have a hard time getting a loan from a bank for a suitable amount, it can be challenging to undertake a home improvement project like this. But anyone can make their home look brighter, so long as they have sufficient equity in their home and understand that not all loans come from banks.

No matter where in live in the U.S., you are bound to be in close proximity to private money lenders who can give you a private party loan for your home lighting project. These hard money loans are based upon your assets, usually your home itself, so they can be given even to people who have had credit issues. Many homeowners use private party lending to do all sorts of home improvement projects, including lighting.

If you acquire a hard money loan and want to make the most of your home improvement project, just follow these simple tips.

Consider Natural Light Sources – When installing light fixtures, you should also consider how much natural light your rooms receive during the day. It would be a waste of your hard money loan to place extensive lighting in an area or room that is typically very bright even without artificial lights. Make sure you examine how your rooms look at varies points throughout the day and at night before you make any final decisions about where you are going to place your light fixtures and what kind of lights you believe are needed.

Don’t Forget Outdoor Lighting – When people improve their lighting with private party loans, they tend to focus all of their effort and money into improving the indoors. But the fact of the matter is that outdoor lighting can be incredibly effective if done right. You might, for example, run lights up a long driveway to make it safer to drive. Or you could have lights alongside a walkway that leads up to your front door. Many homeowners use lights to highlight your landscaping. The possibilities for outdoor lighting easily match those of indoor lighting.

Think Energy Efficiency – While it is of course important that your rooms, you should also consider ways that you can make your lights more energy efficient. Having lighting that consumes a lot less energy is good for the power grid in your area, the environment, and your pocketbook.

For example, in some rooms where you don’t typically spend a lot of time, like a pantry or garage, you connect your lights to a motion sensor device. These items are surprisingly affordable and can save you a lot of money in the long run. Because there is no chance that anyone in your family will leave the lights on needlessly. They simply turn on automatically when you enter the room and then turn off when there is no motion detected for a set period of time.

Another popular way to save money on lighting is by using energy efficient light bulbs, such as compact fluorescent models. These bulbs work just as well as traditional light bulbs, but consume a lot less energy.

Install Dimmer Switches – Dimmer switches are an extremely good investment of your hard money loans for a few reasons. Firstly, they allow you to control how much energy is going to your lights, which can save you energy. Secondly, by controlling how much light goes to your rooms, you control just how your lights affect the room. You won’t have to worry about lights over saturating a room and overwhelming your design choices.

Your Salary Is Not Enough: Get a Used Car Loan

When you first started earning your own cash, you had the power to buy anything you wanted. You probably shopped for gadgets or clothes, or even bought a new pair of shoes you have been eyeing for a month. Sooner or later, you would probably start thinking of buying something more useful, yet expensive, like a car. Buying a car, however, would not be possible only through your salary. Applying for a loan, such as a used car loan, would be your best option.

It is a fact that not everyone has enough money to buy a car with their salary alone. To buy one, it is either they have another source of income or have saved up all their lives. There is another way though, through a new or used car loan. People would likely prefer to buy a brand new car than a used one; however, because of the current situation, selecting a used car is a wise and practical decision.

Used auto loans in a nutshell

Availing used car loans gives people a chance to purchase a car without being harassed of high interest rates and installment fees compared to applying for a new car loan. It is suitable for people who are on a tight budget but are responsible enough to pay their debts. When buying a car, you have to be realistic about what you can afford or not. Used auto loans are secure ways of purchasing a car you need despite the low salary or budget.

Auto loan process online

Go online and you will find many auto loan dealerships which offer new and used auto loans, auto loans for people with bad credit, or refinance car loan. Finding a lender online is convenient and fast because you can compare rates from various lenders by asking for free quotes on their rates. This will help you find great terms and deals you can work with. Once you have found a reliable company, fill out their secured application form with your details to assess your request.

These online companies usually take a few hours to a few days to assess your application. This method is rather fast compared to traditional process of car loans you get from banks and credit unions. Some companies can even get you approved of a loan within minutes. After getting approved, you can choose the car you want depending on the limitations set for you and soon enough, you will be driving your own car.

Refinancing your loan

Some people do not know the purpose of refinancing your auto loan. Whether it is a new or used automobile loan, people can have their loans refinanced after a few months to get even lower interest rates. A refinance auto loan can help you proactively make efforts to lower your monthly payments and save more money during the life of your loan.

Used car loans can help you save the car you want and need without fasting every day saving up for it. You can conveniently manage your money without neglecting your own needs. Find a company which offers auto loans online where the loan process is easier, faster, and more convenient.

Terms Used With Car Finance and Bad Credit Car Loans

The terms used with car finance and bad credit car loans can be confusing, so here are some of these and an explanation of what they mean. After reading this, terms such as balloons, auto equity and debt to income ratio will never confuse you again. Learn their language so you can speak to them on equal terms.

APR

The Annual Percentage Rate, or the true interest rate charged for a loan over a year – whether regular car finance or a bad credit loan.

Auto Equity Loan

When you purchase a car you normally get the papers or title to the vehicle. However, with many bad credit car loans, the lender gets the title in return for the cash to enable you to pay for it. You get the title once you have repaid the loan. This way, if you default on your payments, the lender keeps the car and can sell it to use the equity on the car to repay the loan. If there is any cash left after the sale, then you might be given this.

Balloon Payment

If you believe that you will have more money available close to the end of the loan period, you can arrange a balloon payment. Your monthly repayments will be less, and you make the final lump sum payment when it is due. Balloon payments are useful when you have an insurance maturing at the end of the period, or expect to have been able to save up a lump sum to make the final payment.

Debt to Income Ratio (DTI)

This is the ratio of a borrower’s total debt as a percentage of their total income. Some lenders set a maximum DTI above which you cannot borrow any more money – 36% is an average figure. Include all other debts you have, not just your car loan.

Depreciation

The depreciation is the amount by which your vehicle loses value with age, wear and tear. The same term applies to the value of money, and while the value of your car depreciates, the value of your dollar can also depreciate. Fundamentally, the resale value of your car will depreciate every calendar year, most depreciation taking place between being completely new and having been used.

Equal Credit Opportunity Act (ECOA)

This is a federal act by which all creditors must make credit equally available to all buyers irrespective of race, color, religion, national origin, gender or age. However, lenders are not obliged to offer credit if they believe it may not be repaid, so not everybody is entitled to bad credit car loans – or even to car finance of any kind if the lender has valid reasons not to offer it.

Equity

Equity is the difference between the resale value of a property (e.g. your car) and what you still owe on it. So if your car has a resale value of $5,000 and you still owe $3,000 to the lender, your equity is $2,000. This is known as positive equity. Negative equity is as this example but you still owe $5,001!

Gross Monthly Income

Your total monthly income before any deductions. Deductions include tax, child support, insurance, etc. Net monthly income is your income left after such deductions.

Lease

An alternative to buying a vehicle. If you lease a car, you fundamentally rent it, while the owner retains title to it. A lease is generally taken over a much longer period than a rental – many leases run for years.

Loan-To-Value Ratio

Also known as LTV, this ratio is the percentage of difference between a loan amount and a vehicles value. If your car finance is for $5,000 and the value of the car is $10,000, then the LTV is 50%. The loan is 50% of the value of the vehicle.

Monroney Sticker

This is a price sticker required on all new vehicles by federal law. The sticker lists all the options connected with the car together with the manufacturer’s suggested retail price (MRSP.) The MRSP can change if options are different between models or offers.

Payment to Income Ratio

The PTI is a figure stated by a lender that defines the maximum car loan the lender is prepared to offer based on the applicant’s income. This helps to avoid borrowers overextending themselves and being unable to make the monthly repayments. Current averages range from 10% to 15%.

Pink Slip

The Pink Slip is the title for the vehicle, and should be provided to each buyer of that vehicle down the line – just like the title deed for real estate property.

Term

This is the period of the loan from beginning to end, from the time the loan has been granted until it is due to be paid off in full.

Title Loan

Like the Auto Equity Loan, the car is the security for the loan, and the lender keeps the title for the vehicle until the loan has been repaid. This is a common arrangement for bad credit car loans.

Truth-in-Lending

This is a federal law that requires every lender to state the correct annual percentage rate (APR) to borrowers when purchasing a vehicle, whether this is a regular or bad credit car loan.

There are others, although these are the more important of the common terms you will come across when seeking car finance – whether regular car finance or bad credit car loans.