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4 Easy Ways to Keep Your Auto Insurance Cover Valid

man in suit drivingAfter buying auto insurance, it’s your responsibility to ensure that you stick to the terms and conditions and keep your insurance cover valid at all times. While reading the fine print can tell you exactly what to avoid, it always pays to know the basics at a glance.

Most vehicle auto insurance agencies in Cicero, IL will subscribe to these standard auto insurance rules. Keeping on their good side will ensure that they legally got your back when things go south.

Always Disclose All Information Accurately

Telling half-truths or keeping some information from your insurance provider to keep your premiums low could be catastrophic. Tell them even the slightest information, like:

  • “I use my car to deliver pizza.”
  • “I am part of a ride-sharing network.”
  • “My wife and son also drive this car.”

Report Any Car Modification

Everyone wants to improve their car at one point. Improvements can make your car an increased risk from an insurer’s point of view. Some aesthetic modifications might make it more susceptible to theft while performance upgrades could push the car into a different insurance group. Your insurer can legally argue that the car is different from what it was at the date of insurance if you don’t report adjustments as they happen.

Don’t Use Your Vehicle as a Taxi

Downloading the Uber app or other taxi-hailing apps and using your car to make money on the side without alerting your insurer could land you in trouble.

Report All Accidents

Report all accidents, even the smallest encounters you believe you can take care of on your own. You wouldn’t want the other party pushing for compensation if you didn’t alert your insurer within the agreed upon time.

These are the basic yet easy to break regulations that apply across the board. Learning the details of these clauses and the rest of the fine print will ensure that you keep your cover valid at all times.

August 10, 2018 at 7:29 amStudy Section

How Pros Grow Their Business, Explained In 3 Ways

Businessmen Shaking HandsIt’s an achievement for every business to be able to afford opening another branch. It shows that they’ve been successful in acquiring profits, and the customers keep coming — even if they need a business loan to finance their operations.

Still, a new branch doesn’t mean the old one won’t get prioritized anymore — business owners need to attend to all branches, in case they need some repairs or new equipment. Here’s a closer look at how to manage a business and its branches.

1. Constructing a New Site

In constructing a new site or branch, business owners would need to spend on a team of engineers, architects, interior designers, and construction workers.

The cost of such a project would normally reach hundreds of thousands to a million, depending on the size of the building or its location. For example, a two-story restaurant would be a significant investment, especially if they’re in a prime commercial location.

2. Getting New Supplies

Business leaders normally have to purchase new supplies and equipment whenever there’s a new branch, or if the equipment in the current branch isn’t functioning anymore.

A lending company could help in these aspects through granting loans to restaurateurs or store owners who lack funds to buy new supplies.

3. Doing Repairs and Maintenance

Lastly, having repairs and maintenance checks on all branches or sites of the business ensures that hidden faults are detected and corrected. For example, a malfunctioning AC in a spa or salon needs to be dealt with right away.

A large-scale repair project would require significant funds, which could be solved by business loans. Doing this would ensure that everything is working fine, and any malfunctions don’t hinder the business.

There are steps that entrepreneurs have to take if they want to run their businesses successfully. For example, you should know what to do about getting a new site constructed, purchasing new supplies, and doing repairs. This is where lending groups come in, which could provide loans to business owners.

August 3, 2018 at 1:00 amStudy Section

What You Need to Know Before You Apply for a Home Loan

Loan Application FormIt is great to have your own home while you are still young. You don’t need to wait until after you get married to have your residence. Having a home means a lot to most people, and it gives a person credibility and good standing in the community.

However, there are things you have to do first before applying for a home loan in Lake Oswego. These include computing for your finances, and paying off some of your existing loans.

How to Qualify

A mortgage is a loan on the house. As such, it has to be repaid within the term of the mortgage. The monthly mortgage payment can be computed beforehand and this amount is compared with how much a person can afford to pay. The clincher in this equation is computing for the affordable monthly payment.

Typically, this is 25% of the monthly take-home pay, less any monthly payment on existing loans. This is an essential factor which lenders would look at to determine how much of a mortgage you can afford, hence how much of a house you can afford.

Other Requirements

Aside from the monthly income and the total monthly debt payments for auto loans, student loans and credit card payments, it is also essential to know the person’s credit score. On top of that, it would also help if the person has cash which can be used as a downpayment for the house. All of the above data is used to calculate how much house is affordable.

All mortgage lenders rely heavily on the credit score. Having a good credit score gives a person a bigger chance of getting a loan. The downpayment amount is free cash available to the borrower, which could be cash savings of some form, or an asset which can be disposed of on short notice. Buying a home requires a down payment which is considered as participation by the borrower on the house and loan.

The price of the house, less the down payment is the amount of mortgage required. The monthly mortgage payment depends on the total loan taken out. A smaller house equates to a smaller loan and more affordable monthly payments.

Buying a home requires a taking out a mortgage, and for borrowers, they have to take stock of their cash for a down payment, and how much they can afford in monthly mortgage payments.

July 25, 2018 at 11:11 amStudy Section