Car ownership can become extremely interesting, especially when it comes to big repair bills. When shopping for a new car, or even a used car, it is a good idea to take the potential for repairs into consideration. As you shop you might hear a lot of different terms including “manufacturer warranty,” “Extended Warranty”, “Gap Insurance,” and “Breakdown insurance.” Oh, and let’s not forget, “roadside assistance.”  By the time you visit a few dealerships, it is enough to make your head spin. Here are some definitions and ideas about what these terms can mean to you.

Breakdown Insurance

This insurance covers major repairs to your vehicle. It can be paid yearly, biannually or monthly, just like your auto accident insurance. If your transmission goes out, your motor needs replaced, or you need a drivetrain overhaul, this is the insurance for you. The only catch is that your vehicle is only eligible early in its life. You need to sign up for breakdown insurance before your warranty runs out and it only lasts for the first 100,000 miles on your vehicle. The good news is that it comes with a deductible, and any repair over that is covered.

Extended Warranty

If you purchase a new car, it usually comes with a one- or two-year warranty. An extended warranty adds a year or two onto that warranty. The catch? You need to pay for the extended warranty upfront or get it rolled into your purchase price.

Manufacturer Warranty

A warranty that applies to certain parts, including parts that are purchased new and installed in an older car. However, most such warranties are “limited” meaning that certain conditions must be met.

Gap Insurance

This is insurance that is intended to cover all the stuff that your ordinary insurance doesn’t handle. Just as the name implies, it takes care of the “gaps” that aren’t covered. Its conditions will vary. Sometimes it is worthwhile, sometimes not. Read the fine print carefully.

Roadside Assistance

This is the one you want for things like towing, flat tires, rundown battery or small roadside repairs – the kind that will get you to the next outpost of civilization.  Unlike the warranties and the breakdown insurance, this is not limited by the age of your vehicle. With that said, it might become expensive. For example, changing a tire might be free; but replacing it might require the purchase of the tire. One well-known company advertises that it will change out a battery if your battery tests dead, but it doesn’t state whether the battery is extra.

Service Plan

A service plan is just what it sounds like: a plan to keep up with the regular maintenance such as oil changes, brake pads, and some of that routine “wear and tear” stuff. It can include rotating tires and checking all that little stuff that can wear out just from normal day to day operations. A service plan often goes with an extended warranty because failure to keep up with things like oil changes or just keeping enough oil in the engine can void your warranty.

It is possible that when you purchase your car, you might want to look at a combination of all these insurance or warranty options. They might add a month or two to your car insurance payments or force you to dig a little deeper into your pockets for a bigger down payment, but they can all increase your peace of mind. In a time when the peace of mind is harder to gain every day, that can mean a lot to anyone.

All the more people are utilizing payday loans to cover their urgent expenses. In circumstances when you need money and time is a concern, payday loans are the most viable solution. However these quick and easy loans come with their share of pitfalls.

Payday loans are offered through two mediums:

  • Retail Payday Loans
  • Online Payday Loans

Retail Payday Loans

Payday loans are generally associated with payday loan lenders who have a retail location. To secure a payday loan, a customer has to visit these lending locations along with their identity and salary proof. The concerned loan amount is approved on the basis of the borrower’s next paycheck. The borrower then writes a post dated check to the lender in the full loan amount plus the fees. The loan charges range from 15 to 30% for a 14 day period.

The loan repayment is mad either by cash payment from the borrower or by electronic withdrawal from the bank account of the borrower. The lender can also process the post dated check to recover his money.

Online Payday Loans

Online payday loans are UK no credit check payday loans which are processed online. However, online payday loans have several advantages. In an online payday loan, a borrower needs to fill an application form provided at the lender’s website. This application generally requests information concerning the borrower’s details and account information.

As is the case with retail payday loans, it is essential to have a regular salary and a checking account to qualify for an online payday loan. After the loan approval, the funds are electronically transferred into the borrower’s bank account for immediate use. This online process is much faster than the one at a retail lending location.

Listing the Benefits

Online payday loans have the following advantages over retail payday loans:

  • The whole loan process can be completed in the comfort of your home.
  • Online payday loans websites offer a 24 hour service.
  • The amount is transferred within a few hours time.
  • The entire process is quick and easy.
  • You can access the loan services throughout the country.
  • There is no paperwork involved.
  • The loan amount is transferred electronically, making it completely safe and secure.

Although online cash advance loans have a definite advantage of retail payday loans, they share the same drawbacks. Online pay day loans generally have very high interest rates and fees. People tend to get caught in a loan cycle in case they fail to repay the loan.It is always advisable to consider payday advance loans as the last option for covering expenses.

Private student loans can provide the remaining money you may need to pay for your college education year to year.

After you’ve completed your FAFSA on the web, which is a free government form that helps determine financial eligibility for grants and federal loans, you’ll need to wait and see what your financial aid package from your university will be.

You should use up all offered grants and federal loans before even considering private student loans. After you’ve received your financial aid package from your college or university, go over it and see how much more you’ll need to cover tuition, room and board, and even books. Some students choose to only use financial aid for tuition, paying for the other needs with parental help or part time work.

Once you have the amount that you still need to cover additional tuition and costs, you should look into private loans. Many companies offer private student loans such as AES, SallieMae,Citibank, and Chase. Many students go with the first two if only because the main business for them is student loan lending.

Why should you use private student loans only as a last resort for extra funds?

Higher interest: Federal student loans have a far lower interest rate in general then private student loans. Also some federal student loans such as subsidized student loans accrue no interest until your schooling is finished. You may get interest rates more then double those of federal loans with a private loan.

Fees: Many federal loans have little or no fees associated with them. Private student loans are a big business and part of that big business is charging fees for everything from disbursement (sending you or the school the check), to online account access, to processing fees.

Less repayment options: While most student loan issuers will be more then happy to work with students struggling to pay back their student loan debt, most private loans lack a key repayment feature. Federal student loans fall under federal loan consolidation regulations and can in some cases be forgiven, reduced, or consolidated with other federal loans to save money on interest payments.

All this considered, always fill out your FAFSA form at www.fafsa.ed.gov each and every year you plan to attend school. You have to reapply each year.

Wait until you know how much federal loan money you are eligible for. Also keep in mind that both federal and private university grants depend on filling out and submitting a FAFSA for each academic year. You may miss out on grants (that you don’t have to pay back) and be ineligible for lower interest federal loans if you don’t fill out your FAFSA yearly.

Private student loans are a great option for students who after they receive their yearly financial aid package still come up short and need money for college. They are still usually a far better option then using a bank loan or a credit card to pay off the remaining tuition and fees.

Those with good to excellent credit or a credit worthy co-signer are often eligible for lower interest rates and fees when applying for private student loans.

Paying for college may seem daunting but with your FAFSA filled out and private student loans to fill in the gaps, paying for college is doable.