Survival Revealed

Financing a New Car with only 1 hard inquiry

Jan 1, 2020

Unless you are an urban dweller, a vehicle is a necessity.

Buying a vehicle can be a stressful, daunting experience that times seems magical and mysterious. The process doesn't have to be mysterious if you plan?

First, if your credit is less than acceptable, and you can wait to improve your credit, by all means, wait and improve your credit first. You will be better off in the long run.

If you have really terrible credit, not is all lost, just means that you be paying a higher interest rate AND possibly a high down payment. Try to avoid the payday lender dealerships, if possible. Most dealerships have a special financing department that will work with you to get your in a car that you can afford. Keep mind, when you use dealerships to search for financing, your credit score will take a hit from the numerous hard inquiries on your report.

If your FICO Auto score is above 650, you options are improving and you can use tips mentioned here.

You want to determine what you can afford, that is your comfort zone for the extra loan payment plus insurance premium increase payment? Only you know this value and you search for auto financing calculators and play with the numbers.

Once you have identified your targeted puchase price from using the auto financing calculators, you can perform a preliminary search of vehicles. If you know the make, you can visit the manufacturer's website directly, or just perform a web search using the search terms of "car below {purchase price}" as a starting point.

If you have not found any vehicles or dislike the search results, than you may wish to revaluate your comfort zone or wait for a lifestyle improvement?

Once you have identified a make and model (or a few), you then want to perform a preliminary check on your finance options by locating lenders that perform a soft pull on your credit report, as you want to avoid the hard inquiries as this does affect your credit score. You can perform a search using the search terms "auto financing soft pull" or "auto financing prequalification." When you reach each website, check to the validity of the site to ensure it is not a scam before completing any forms or submitting any personal information. You also want to check for the disclaimer on the site stating similar to "prequalifying will not affect your credit score" and take a screen shot. You save the screenshot because, if they misrepresented themselves by saying it does not affect your credit score and they perform a hard pull, you will want to contact an attorney to seek a claim for misrepresentation and provide your attorney with the screenshot and your credit report showing the hard inquiry. I used lendingtree.com, autonavigator.com and my local bank which did not perform a hard inquiry.

If you like the terms the soft inquiries provided, than you can proceed but you may want to check your insurance cost for your new vehicle before beginning the application process. If you dislike the offers, then you may wish to wait for a lifestyle improvement change?

I was looking for a new car loan after two years of improving my credit, and in the end of 2019 started to receive credit card preapproval offers from companies that would not touch me two years ago. My efforts have paid off. I have a few vehicle selections but most were out of my comfort zone. I wanted a new car as only new cars are protected by the lemon law. I perform a search for auto financing prequalifying and soft pulls and found my rates from 9.99% to 15.99% which better than a 24% on previous car loan. Using Capital One Auto Finance autonavigator.com tool, I got prequalified up to $43,000 but my comfort zone was in the $17,000 range. I called the representative and ask them to estimate my APR (interest rate)? They gave me a 5.99% APR on 60 month loan. Much better than the 24% APR two years earlier! My last check was how much insurance cost will increase? I logged into my insurance app and added the vehicle make, model and year that I am interested and got an instant quote. The quote stayed within my comfort zone. I then printed out my Capital One Auto Finance pre-qualification letter and my proof of income and contacted the dealership. When I arrived at the dealership, I asked for the salesman that I have been conversing with through email so I can avoid the other sales staff that circle the front entrance like vultures circling prey? I checked out the vehicle to make sure that I am satisfied with my selection, then proceeded to close the deal. I completed the credit application and added the statement above my signature "For Capital One Auto Finance ONLY," to prevent and not authorize any other credit pulls. I chose a 72 month payment term which increase my APR to 7.99% but at the time the finance manager was completing the online agreement with Capital One Auto Finance, Capital One drop the APR to 6.99%. I took the GAP insurance-ONLY because you are always underwater with a car loan, it's not like real estate that appreciates. I drove the vehicle off the lot later that evening with only two hard credit inquiries. I previously authorized the dealership to perform only one inquiry to get an estimate of their financing. Otherwise, I would have only one hard inquiry.

A very stress-free car buying experience!

Wholesale Tradelines have a very nice collection of helpful videos that help with legitimate credit repair at https://www.youtube.com/channel/UCsPAhAXB8Q2SKIcXg9lVBrg/videos

Capital One Auto Finance autonavigator.com tool is great for prequalification without the hard inquiries until you are ready to buy your new vehicle?

Retirement for Gig Economy Workers

Oct 10, 2019

This could be an oxymoron, but doesn't have to be with help of a tax regulation and the Cash.app.

Using a self-directed IRA, you can invested in your own portfolio (a later topic discussion by itself).

Where does the Cash.app fit in? The Cash.app (provided by Square, a US-based company) has the ability to buy and sell bitcoin. This is a safe method for buying, selling and storing your bitcoin.

Why? Because Square becomes the custodian of your bitcoin. This means they setup the bitcoin wallet and maintain it. Since Square is a US-based company, they are subject to regulations, so if anything happens to your bitcoin wallet, Square is accountable and you have legal recourse (just search for stories of compromised bitcoin wallets)

Setting up your Cash.app bitcoin quick and simple and requires a valid government id with photo. If there are no issues, you will be able to buy bitcoin in about an hour. You can buy as little as 1 penny,.

Once your Cash.app account is established, you can linked your Uber GoBank Debit to the account (if you drive for Uber). Each night that you cash out from Uber through their instant payout to your free Uber GoBank debit card, you can then buy bitcoin from the Cash.app.

To buy bitcoin from the Cash.app, first you add money to your Cash.app account. If you are using your Uber debit card, I would recommend only buying 10% of your daily earnings. Once you have the funds deposited into your Cash.app account. They buy some bitcoin from the bitcoin tab bar option, where you are presented with a Buy and Sell option. The Deposit Bitcoin option is for receiving Bitcoin from other users. My BTC address is 1FjvkiYbcFiNJdM57z7Bj8LJcKRCjUqrM9 if you want to send me some bitcoin. Then press the Buy button and using the slider, set the amount you want to buy, then press the BUY link. You will be asked to confirm your purchased and upon a successful transaction, your bitcoin balance will increased. The activity log (symbolized by the clock shows your transactions plus you will receive an email of the transaction. Print and save this email as this is a record of proof for the financial transaction. A good resource for maintaining your bitcoin transactions is https://docs.google.com/spreadsheets/d/1J7Ois6bVzhIs7UL8kHxvtMa1aoepKxbvUQ1i_Xvmm3g/edit#gid=0.

When you buy your first bitcoin, you may ask why is my bitcoin balance less than then my purchase amount? That is I bought $10 but my bitcoin balance is $9.95? Is there a hidden commission, and Square says there are no commissions with bitcoin transactions. So what gives?

There are no commissions for bitcoin transactions. The difference between the purchase amount and the settled amount is a result of the spread between the buy and sell price. Currency traders have a full understanding of the spread and I recommend that you read Currency Trading for Dummies.

Your investment strategy for Bitcoin should be the Dollar Cost Averaging, don't try to "beat the system" or "get greedy."

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Survival Revealed originally created as a pamplet in 1989 to help a person get back on their feet. Survival Revealed offers real life tips to survive life shortcomings and excel.