Is A Seven Year Car Loan A Good Idea?

When it comes to making smart money moves, our family has never been a big fan of buying a new car.   In fact, the last new car that we bought was back in 1993 when we really did the math on how much smarter it is to buy a used car that is somewhere between two to four years old versus getting a new one.   While getting a new car should be a well thought out planned purchase, it often falls into the camp of a spur of the moment purchase depending on when you get in the mood.    In a sound financial plan, you should begin to save for the (new) used car purchase the moment that you pay off the old purchase. Recently, an article came out which sent my financial sensors into outer space. Experian Automotive says that in the first quarter of 2014, 24.9% of all new-car loans were 73 to 84 months long.  Four years ...

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Should I Refinance My Mortgage?

These past couple of years many clients have asked about whether or not they should refinance their mortgage.    Along with people who have never refinanced, those that did even 18 months ago may be licking their chops to do the tango for another refinance in 2012.  For the week that ended December 23rd, the 30-year mortgage rate fell to 4.05% which was the lowest in 60 years according to HSH Associates which is a mortgage data firm.    The rates have gotten better in the jumbo market for those with a mortgage above $417,000 as well, but if you are below that number here are some considerations about whether a refinance is right for you. 1.) How long will you live in the home? –   One of the first questions you need to assess is how long you think you will stay at your current residence.  Or, if you leave the residence will you decide to use it as a rental ...

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