Month: January 2018

If your credit is so bad that you can’t get a car loan on your own, then a co-applicant may be the way to go. A co-applicant on a loan shares just as much responsibility as the applicant. If the applicant doesn’t make the payments then the co-applicant is responsible for paying back the loan. They share the legal responsibility to pay the loan back and also share the benefits of the property.

The co-applicant must have good credit to get the loan approved. He or she can make the difference of getting the loan approved or not. The co-signer shares ownership of the vehicle and shares the responsibility of paying the loan back.

Co-applicant and Co-signer

The difference between a co-applicant and a co-signer can usually be found in the small print on a contract. Each State has their own laws on how a contract must be worded. They are both liable and responsible for paying the loan back. Both are closely inspected for their credit worthiness and ability to pay back the loan. Both parties of the loan should carry insurance in the event of death or the inability to repay the loan.

Faulty Thinking

Since the terms co-applicant and co-signer are often interchanged, it is easy for an applicant to believe that a co-signer who acts as a co-applicant will help improve the applicants credit score. It normally does not help, because the co-applicant is responsible for the loan if the applicant doesn’t make the payments. The co-applicant puts their credit on the line in the event the applicant defaults on the loan. The loan and payment history goes on record for the co-applicate with the better credit history.

Your co-signer will want to know your personal financial situation before he or she signs the loan for you. They will want to know what your intentions are if something happens and you can’t make the payments. Most people know that the majority of people who have co-signed car loans, have ended having to pay for the loan, therefore they will want to make sure they protect their interest.

Picking someone to co-sign a car loan for you should not be taken lightly. You are asking your friend or family member to take a big risk by co-signing for your car. If you go this route make sure that you can make the payments, and not leave your co-signer ending up having to pay for your car. The lender can and will go after your co-signer in the event you stop making the payments as agreed upon.

Small, efficient, smart and bright colored cars are the trend for 2010 in the automotive market. Automakers are focusing on small cars and as new models surge into the market, bright colors will blossom. Since car manufacturers are focusing on the small car line up, therefore to given them a jazzy and fiery appeal, bright colors are the order of the day. The experts also feel that if bright colors are put in large cars, it will be a little too much for the consumers; hence these colors are best suited for the small cars. When it comes to cars, colors matter a lot because it represents the personality of the person driving that car.

When the buyer visits any showroom, the first thing that attracts him is the color of the car and this is one of the main selling points of the car. The car aficionado feel that colors can bring the customers out of their recession-dull mood, therefore colors carry a lot of weight when it comes to make a purchase decision. People are now tried of black and grey and look for more vibrant colors in small cars like Chevrolet, A-Star, Hyundai i10 and many such names. The automotive color spectrum has been monotonous for many decades with only few colors hitting the car market including black, white and grey. Now even the eyes need a breather and for that vibrancy in looks can play a crucial role.

Jazzy and peppy colors are in these days as small cars represent the same. The new entrant in the small car segment, Maruti Suzuki A- Star is available in vibrant and peppy colors like bright red, paradise blue, sunlight copper, healing green, silky silver, desert brown, azure great, midnight black and arctic white. Why get a grey or white car when you can cruise in sunlight copper or electric blue instead? Dull and monotonous colors will not suit the small and zippy cars which are targeted at the youth. Let black, grey and white enhance the elegance, sophistication and exclusivity of the large or big cars. Small and vibrant is what people look for in todays time because of prices touching sky everywhere.

Reds, lime greens, orange, electric blue are in vogue in small car segment and this has increased the demand of thee cars among the youth. The color one chooses foe his small car is dictated by career choice, personality and popularity. For most of the people, car is more than just a utility item; therefore a lot of stress is there on the colors like yellow, green, red, blue, beige and white.

As a driver there comes a time in your driving life that through no fault of your own or sometimes perhaps even by an oversight, you will have an accident with your car. The question is, what do you do if you have an accident with a car that you have insured with an insurance company? There is a lot of information that you should equip yourself with about claiming when you have an accident with your car. Some of these are:

You should first check the severity of the damage to your car to see whether it will be better not to claim as this may affect your no claim bonus, because if you lose part or all of your car insurance no claim bonus, this may cost you more. In such a case, it would be better to fix the car with your own money.

If you are sure that you need to make a car accident claim after your car is damaged, you will need to phone your insurance company to let them know about the accident as soon as you can. You should remember to ask the company to send you a claim form, and do not forget to note the name of the insurance company staff member you speak to.

If you have an accident in which the other persons car, but not your car, is damaged you will have to report the accident to your insurance company, because the damaged cars owner might want to make a claim against you. So it is important that your insurance company knows about this information at the earliest opportunity.

After an accident with your car, you should try to have about two estimates for the car repairs. Be aware that the insurance company may want to come around to inspect the extent of the car damage, therefore wait to see what the company intends to do before you start the repairs on your car.

Fill in the insurance claim form when it arrives and return it together with the car repair estimates. You should do this even when you are not so sure if you want to make a claim. You can even attach a written note stating that it is only for information purpose and that you may change your mind later and make a claim if the need arises. Make sure whatever format of information you send to the insurance company that you have a copy of your own.

The company should be able to get back to you with a confirmation letter within a week of receiving your claim form. If you have not heard from them within this time period, phone them to know what you should do next. If you are told to go ahead with the repairs, make sure you get the name of the person from the insurance company you speak to.