Breakdown Insurance and the College Student

Breakdown insurance could be one of the best gifts possible for your college student. In the fall of 2018, an estimated 19.9 college freshmen will begin study at colleges and universities. About 11.2 million will be women, 12.3 million will be under the age of 25 – and many will be under the age of 20. College is a heady environment where youngsters of all ages from all sorts of families meet, mingle, and are minimally supervised. Many of the older colleges and universities that have campus residence programs prohibit vehicles on campus for college freshman. However, there are exceptions to this regulation, such as disability, medical needs, family medical needs or employment. Furthermore, 6.7 million of these students will attend two-year colleges that do not have dormitories and will be commuting to college.

Driving for Ages 18 through 25

Although teens comprise a small part of the driving population, the risk of being in a fatal accident is increased during the first two years of driving. This means that many college students will have passed that nervous first year or two of driving, but not all of them. Some will have only had their license a short while before attending college full time. College often presents new temptations, including alcohol, drug use, and new dating partners. Even if your child is stable, well-adjusted and well-behaved at home, college presents an arena where his or her behavioral compass will be tested. Having a car makes it just that much easier to explore new events and ideas.

The Commuting Student

In 2018 many college students will live at home and commute to a community, junior or trade college. While many of them are sensible, responsible drivers even though they are not yet twenty years old, campus driving often creates exposure to other drivers, including congested parking lot situations and crowded, peak traffic driving as students arrive for class and hurry away to part-time jobs or other obligations. In addition, your college student is simply not as experienced at maintaining a vehicle as an older person might be. Lack of simple maintenance, such as forgetting to check the oil, can become the cause of mechanical failure.

Campus Vehicle Safety

Colleges and universities that do allow personal vehicles on campus recommend the following safety precautions:

  • Always lock your vehicle even if you will only be away from it for a few minutes.
  • Never leave valuables in your car or truck.
    • Remove music disks and other portable items when leaving the vehicle.
    • Do not leave your purse, wallet, or backpack in your vehicle.
  • Park in a well-lighted, high traffic area.
  • Register your vehicle with the college to receive an official parking pass.

Benefits of a Breakdown Insurance Policy

If your college student has a breakdown insurance policy, he or she can receive help for those vehicle failures. Although an insurance agent would need to approve any repairs, towing to the nearest appropriate repair facility should be part of the package. If your youngster’s college is more than 100 miles away from your hometown, you will have the comfort of knowing that in the event of mechanical failure, help will be on hand.

Benefits of Roadside Assistance

For an inexperienced vehicle owner, there is something hugely comforting about having a number to call – especially in a busy intersection, with people honking at you. Furthermore, as the parent of that inexperienced driver, you know that official, responsible assistance is as close as your kid’s cell phone – to which he or she has been attached by the thumbs since elementary school.

Repayment Mortgage Loans

Repayment Mortgages are alternatives to Interest Only Mortgages, and are sometimes called Capital Repayment Mortgages. They are the most common type of mortgage in most countries with Anglo-Saxon property laws such as the US and UK.

Mortgage Loan

The principle of repayment mortgages is that each month a little bit of both the capital (or principal) and the interest is paid. The aim is that all the principal is paid off at the end of the term of the loan. Usually the term is set at something between 20 and 30 years. Many people take out mortgages when young, and their aim is to pay it off by retirement.

The monthly payment is determine using a complicated formula which is established to ensure that no capital is owed at the end of the term. Consider a property costing $250,000 which is mortgaged for $200,000, the remaining $50,000 being a deposit. A 20 year loan has the aim that the full $200,000 is paid off after this period. This differs from interest only loans where no capital is paid during the period of the loan, only the interest on the capital or principal.

The monthly repayment for a mortgage is calculated using:

  • the interest rate
  • the original amount of the loan
  • the term of the loan

Mortgage Rate Calculator

A $200,000 loan typically involves paying:

  • $955 per month at 4% annual interest over 30 years
  • $1212 per month at 4% annual interest over 20 years
  • $2025 per month at 4% annual interest over 10 years
  • $1199 per month at 6% annual interest over 30 years
  • $1433 per month at 6% annual interest over 20 years
  • $2220 per month at 6% annual interest over 10years

If your loan is $100,000 then the amount payable is exactly half that above, for a $500,000 loan it will be two and a half times.

You will notice several things.

  • The first is that the amount payable is not proportional to interest rates, otherwise the monthly payment for a 6% loan will be one and a half times that of a 4% loan.
  • The second is that the amount payable is not proportional to the term of the loan, otherwise the monthly rate of a 20 year loan would be half that of a 10 year loan.

This is because part of the monthly payment is capital and part is interest. For a $200,000 loan at an annual interest rate of 4% over 20 years:

  • at the beginning of the loan you owe $200,000
  • after the first month you pay $1,212
  • however the interest on the first month is $200,000 x (0.04/12) or $667 : that is because at the beginning you owe $200,000 so the monthly interest on this is a twelfth of 4%
  • therefore the amount of capital you owe is $200,000 (the original loan) – $1,212 (the monthly payment) + $667 (the interest) or $199,455
  • hence in month 1 in addition to $667 interest you pay $545 capital
  • in month 2, you still pay $1,212 but the amount of interest is slightly less because you owe $199,455 instead of $200,000: it is in fact $665 and so the amount of capital you repay that month is $547
  • If the term of the loan is shorter, e.g. 10 years compared to 20, the relative amount of capital paid is greater each month compared to interest, and so the amount owed reduces faster each month. Hence overall the total of interest over the term of the loan is less, as the amount owed reduces faster.
  • If the interest rate is higher, this only influences part and not all the amount paid each month.

As time goes on the monthly payments consist more of capital and less of interest. Therefore in the first few years of a loan, the payments are primarily interest, and towards the end they are primarily capital.

Decisions About Repayment Mortgages

There are several decisions that need to be made.

  • Should a mortgage be redeemed or paid off before it finishes, by paying the remaining capital you owe so it is finished early? If this is in the early years this saves a lot of interest, but if later, the amount of interest saved can be small and it may be beneficial to save up or invest the money elsewhere. Often people say they are relieved if they get a lump sum and use it to pay off their mortgage. However, if you have a 20 year loan for $200,000 at 6% interest and pay the remaining capital off after 5 years, you will be saving $88,116 interest in total, but after 15 years, you save only $11,856. Perhaps the $11,856 (or $2,371 per year) could be better invested or spent on family holidays and so there is not much point at that stage.
  • The term of the mortgage needs considering. A short term mortgage is less costly overall than a long term mortgage. For example a 10 year mortgage on $200,000 at 4% per annum costs a total of $242,988 whereas a 20 year mortgage costs $290,871 over its lifetime. If you can afford the monthly payments go for the shorter term mortgage, however once you have fixed the term, most lenders do not allow you to change the term unless you refinance your property, often at significant costs.
  • Flexibility. A few lenders do allow you to increase or decrease the rate of capital repayment over time. This flexibility often comes at a cost, in that the mortgage is more expensive.

The calculations above are quite straightforward to generate using standard online mortgage calculators, but there can be hidden complexities that vary between lenders.

  • For example, interest rates may change. The way lenders handle this can be quite complex.
  • A few lenders calculate interest annually rather than monthly. This can lead to higher actual repayments for the same apparent interest rates.
  • The calculations do not take inflation into account. Today’s dollar or pound does not hold the same real value to tomorrow’s dollar or pound as inflation eats away – this makes mortgages in practice cheaper in the long term than a calculation may suggest.

All You Need To Know About Quick No Fax Payday Loans

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With the unbooked time of fast cash loans no credit check, it is quite feasible for you to gain access to quick funds varying from $100 to $1500 us dollars. In this cash advance, you could have to use the sanctioned involving money only for few one month. The availing cash could be useful to ready unexpected fiscal worries that include medical bills, home renovation, credit card dues, wedding expenses, telephone bills as well as other utilities.

If you bad credit and fight get loans easily, you can apply on the internet. Lenders provide these loans to borrowers with little difficulty. These loans are in order to meet the requirements people which in demand for small cash and shouldn’t have enough time for wait for the loan percentage. The repayments are usually built in installments in line with the convenience on the borrower.

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Bad credit is created by an associated with things. Main website cause of bad credit is bankruptcy. Typical bankruptcy is an eleventh hour sort of deal for many people. It will be the final solution to serious debt problems. However, a bankruptcy, whether it clears everything or simply reorganizes the debt for you so may refine manage it, lasts for seven years on credit rating record. Moment has come a major signal to lenders that you are currently not end up being trusted with loans. To be a result, could possibly cause an awfully poor credit score. Another primary associated with poor credit is making late payments on a regular basis. It signals to many financiers that tend to be simply untrustworthy of making your payments on your time. That makes you a significant risk consumer’s. The later you are with your payments, the more reduced your credit ratings will continually be.

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However, discovering to spread your payments out correct into a few months, then It is suggested that you are and look for a different kind of loan instead because effective be horrendously expensive.

Quick Payday Loans No Credit Assessment Cash Help With Few Checks

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Be aware of all expenses associated with your fast cash loans. You do not want to be surprised at the high interest quotes. Don’t be afraid just ask a lot more claims about a persons vision rates.

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These loans are unsecured and in the near future in nature because of which neither you have to pledge your valuable assets as collateral against mortgage loan that you take nor you’ll have a long payment term i.e. typically set up period over these loans possibly be within a couple weeks to thirty day period. The non-repayment of mortgage amount on the inside prescribed time might caused penalties. Significantly that can perform take from all of these loans varies in between $100 and $1500.

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