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What Documents Are Required For Financing and Buying A Car In Chicago?
By Rock Watson
There were times when horse carriages made a statement. Today, cars are in style. And by the look of it, cars are going to be here forever. Chicagoans are car- crazy like everyone else in America. Driving a car provides a great adrenaline rush. The City with Big Shoulders is best explored in a comfortable car.
Wouldn't you want to cruise the streets of Windy City in your dream car? When it comes to buying your favorite car, do you suffer from a perfect case of ambivalence? Do you love car but abhor the car buying process? If yes, you are not alone, many Chicagoans feel the same. There are so many things to do. You need to arrange for finance, and then you have to scout for that perfect car. It doesn't get over here. There is the car registration, car title and process for getting parking permit sticker. All these processes have made you sit on the fence for long but, not anymore. Here is an article that will make you ready for the grueling task ahead. Buckle up for we are going through the fast lane understanding what all documents are required in Chicago to buy your dream car.
Several documents are required to get your favorite car home. When you live in the City That Works, you are constantly on the go. So, you need to be prepared all the time. Here's your checklist for purchasing a car in Chicago.
Lenders Are Loan-Ready, Let's Get You Document-Ready
No car dream is fulfilled without a car loan. With the rising cost of cars, auto financing has become inevitable. You can get a car loan in Chicago for almost all situations, bad or worse. Chicago is a big city and it offers many options for getting affordable auto loans.
Bad credit and no credit auto loans are easier when you have got what lenders require. You can also avail no money down auto loans or the difficult no co-signer loans. Yes, any and every loan is possible when you have all the documents ready.
1. Proof of Income
A minimum income of $1,000 is required by almost all lenders of Chicago. They want to ensure your capability of making regular monthly payments. And, so you need to submit your pay-stubs as a proof of income. If you have your own business, provide your IT Returns.
You must also mention other additional income like rental property income, alimony, child support, social security income, etc.
2. Credit/Banking History
Lenders will ask for personal information like your full name and SSN. This will enable them to get your credit report. Your credit history will determine your credit worthiness.
Also, lenders will require banking history to understand your banking transactions and to calculate your debt to income ratio. They don't want to lend money to someone who is risky. So, get ready with copies of your bank statements, lease agreements and mortgage contracts.
3. Residence Proof
Your lender must know where you live so that he knows where to contact you. Your residence proof can be anything from a driver's license to a utility bill or even your monthly rent.
4. Vehicle Information
Lenders want to be sure that you are buying a car and nothing else. So, they will require Bill of Sale/ Sales Agreement. Also, the purchase price should be clearly mentioned with the VIN, make, the model, the condition of the vehicle and the mileage.
Also, lender will ask for a copy of car title just to make sure of any outstanding liens. If you are buying a used car, then he will need a copy of Odometer Disclosure.
5. Proof of Insurance
Lenders use car as collateral and want to be insured all the time. So, they will ask for a comprehensive insurance coverage. But, you can negotiate and only buy the insurance as required by Illinois' mandatory insurance law.
No Driving Before Registering
Documents and paperwork won't leave you even after availing auto loan. Instead, the real work starts now. You will have to register your car at the Secretary of State's office. Now, you can mail all the documents to the main office in Springfield or go to your local SOS office and get your work done. Here are the addresses of your local offices:
Chicago office
17 N. State St.
Room 1100
Chicago, IL 60602
(312) 793-1010.
Chicago Central (0.4 miles)
100 W. Randolph
Chicago, IL 60601
Chicago West (6.5 miles)
5301 W. Lexington St.
Chicago, IL 60644
Chicago North (9.5 miles)
5401 N. Elston Ave.
Chicago, IL 60630
Chicago South (11.3 miles)
9901 S. Dr. Martin Luther King Jr. Dr
Chicago, IL 60628
Lombard (18.7 miles)
837 S. Westmore B27
Lombard, IL 60148
Naperville (29 miles)
931 W. 75th St., Ste. 161
Naperville, IL 60565
Documents for Registering Your Dream Car
Here is the list of documents required for registering your dream car in the City That Works.
Application for Vehicle Transaction(s) (VSD 190) - This is the application for transferring title and registering the car to your name.
Car Title - Keep the car title ready and make sure that there no outstanding liens on it.
Form RUT-50 - Fill this form if you bought your car from a private party (it doesn't matter if it is an in-state or out-of-state purchase).
Tax Form RUT-25 - Use this form in case of an out- of- state car purchase.
ST-556 - This form is most common because it is used when you purchase your car from an Illinois dealer.
Also, as Chicago comes under Cook and DuPage counties, you will have to compulsorily undergo the smog test. Also, pay the required Use Tax.
Stickers for Your Car
City of Chicago requires you to get a vehicle sticker within 30 days from the date of vehicle. You need to have a valid Bill of Sale/Title of the car for getting the sticker.
If you park your car in the residential parking permit zone, you will also have to purchase an annual residential parking permit. For this, you need to provide your photo ID and residential proof.
Once you are done with all the legal documents, you can freely drive your perfect car. All this paperwork may be a bit cumbersome, but they do guarantee a safe and penalty-free driving.
So, now that you are document- ready, get ready to drive your car on the streets of Chicago.
All the best!
Buying a car is trouble when you have to complete the lengthy documentation process. We, at RapidCarLoans.net have simplified our car loan process so that it gets over quickly. Our application is very easy to fill and gets over within seconds. Apply for car loans online on our website to take the advantage of our simple process and affordable auto loan options.
Article Source: https://EzineArticles.com/expert/Rock_Watson/171256
http://EzineArticles.com/?What-Documents-Are-Required-For-Financing-and-Buying-A-Car-In-Chicago?&id=6962682
Financing a New Home in Chicago
By Dave Badger
Chicago is the largest city in the state of Illinois and also the third most populated city in the United States of America, with almost 3 million people. Chicago is located along the southwestern shore of Lake Michigan and when combined with its suburbs and the nine surrounding counties in Illinois, the metropolitan area known as Chicagoland encompasses a population of 9.4 million. Nowadays Chicago is known as a major transportation, business, and architectural center of the US and it is the economic, business, financial and cultural capital of the Midwest. The Chicago area is moderately expensive; the home price median here is nearer the national median than homes in spots such as New York City. Buyers can probably spend about three times their incomes, depending on the part of the area where they're house-hunting.
Chicago's suburban real estate market is as vibrant as the city itself. The suburbs have developed both commercial as well as residential real estate at a tremendous pace. A large number of properties are always available for purchase in Chicago's suburban areas such as Lake County, Kane and DeKalb counties and DuPage and Will counties. There are real estate firms that specialize in one of the suburbs, while others deal with all of them. When financing a new home in Chicago, have in mind that the real estate prices are high. Northern suburbs are considered "elite".
There are many ways to finance a new home in Chicago. It all depends on your credit history, the price of the property and your income. The next paragraphs give brief explanations on some of the methods for financing a new home in the city of Chicago.
The first thing to understand is the difference between a variable, or adjustable interest rate mortgage and a fixed rate mortgage. With a fixed rate mortgage, the monthly payments remain the same over the period of the loan. The adjustable rate mortgage has a lower introductory interest rate, but it may vary over the duration of your loan. So depending on the interest rates, whether they are lowered or raised each month, your monthly mortgage payments will also change accordingly.
When financing your new Chicago home through a loan, no matter if it is adjustable or fixed rate, you have to consider the length of the loan, in terms of how long you finance your home. The most common terms are 15, 25, 30, 40 and now even 50 year mortgages in some areas. Of course, the longer the period the more you will pay in interest over the duration of the loan.
With a FHA home loan you can purchase a single family home, condo, house, or apartment in one of the neighborhoods in Chicago. This FHA home loan is mostly used by first time home buyers because it allows the purchase of a home with a lower down payment, in some cases as low as 3%. This form of new home financing requires you to have a good credit history and enough income to cover the loan and your other financial obligations.
The Chicago City Mortgage program offers qualified first-time homebuyers 30-year, fixed-interest mortgages at competitive interest rates and a gift of 4 percent of the mortgage amount to cover down payment and closing costs.
One of the most important things to do when searching for a way to finance the purchase of a new home is to do the math and find out how much money you can spend on it each month. The rule is that all of your housing costs each month, including house note, property taxes and insurance cannot exceed 29% of your gross monthly income. In addition to that, your housing costs plus your other monthly long-term debt should not exceed 41% of your gross monthly income. Furthermore, you must get a copy of your credit report and check your credit score. Having a bad credit score, or one lower than 580, means that you will have problems with obtaining the loan in the first place, not to mention that you will be forced into paying higher interest rates.
For more Chicago home financing information, as well as great resources for buying or selling a home, see Best Chicago Condos.
Article Source: https://EzineArticles.com/expert/Dave_Badger/52011
http://EzineArticles.com/?Financing-a-New-Home-in-Chicago&id=299259
Consolidating Debt Loans in Chicago - Can You Gain Financial Freedom?
By Jon Kirklin
Everyone wants to be financially independent - stand financially on their feet and at the same time acquire and own material possessions. Such motivations and needs sometimes drive us to borrow indiscriminately. People borrow to buy a house in a more expensive neighborhood, or get a pool in a nice upscale neighborhood. People borrow to decorate with antique furniture. People borrow to become a member of a few upscale country clubs and so forth. The point here is the needs and desires keep on growing and people keep on borrowing to pay for the excesses on top of their original income. What happens when you have all these debts to pay? Is there no hope? Well, there are methods to consolidate loan debts: accumulate all your debts, consolidate your loan debts and pay them off with a single loan. Ah, relief is in sight.
Psychological Perspective: Well, social psychologists have come up with the easy solution. The answer is self control. Simply curb your desires and your spending sprees will melt away. But easier said than done; controlling such desires, especially in a fast- paced competitive society, is not simple. After all, we 'must' keep up with the trend in our neighborhoods - roof decks, bigger homes, more toys, etc...
Consolidate Debt Loans
Debt consolidation is the latest 'buzz' word, especially for individuals earning fixed income, who have already borrowed beyond their income levels. This has been a trend for several years now in the Chicago area and consequently such families are unable to manage the payments on these often high levels of debt.
The atypical structure of a Chicago household (both Chicago and surrounding suburbs have been included in the analysis) is to have a mortgage loan for the house, a car loan, ATM card to spend for daily needs, a credit card for the impulse purchases which usually carry heavy interest rates. And this is just the beginning. All these debts add up and eventually lead to a bad credit report card. To meet these debts, people are succumbing to borrowing even more and paying high interest rates across several outstanding debts. From using credit cards at the supermarket to the purchase of furniture one year out, to the latest electronic gadgets, the debt seem to mount, little by little, even unintentional. But one day there is a pile of debt bigger than is manageable.
When the reality of the high debt finally hits home, it becomes impossible to satisfy all of the payments and pay off even the interest on the debt. This is when a loan consolidation becomes a wise choice and solution.
Consolidating loans - getting back financial freedom:
When people who have passed their limit of manageable debt begin to realize they need help with a solution, they quickly discover the possibility of getting a consolidation loan. The process is usually painless but does involve evaluating the assets you have and loans outstanding to determine one new loan amount that is both manageable for your situation and satisfies all of your outstanding creditors. The consolidated loan repayment period is fixed, according to the repayment ability of the party. With this structure, the party comes out of all his existing debts, while only the new loan needs to be serviced. The loan is backed by credit insurance, so that in the event of the death of the borrower, the debt is cleared by the insurance company.
After consolidation of loan
Once you have your new consolidation loan, it is important to now exercise discipline to maintain only this level of debt and NOT incur more debt! This should provide relief and enable your monthly maintenance of the debt to be manageable with cash flow to allow for more options in your life.
Thus consolidation of debts provides freedom from the accumulated various small debts that cause constant worry to the individual, and simultaneously preserves your credit, makes day-to-day financial management of your cash flow easier and is a good vehicle provided by the lending institutions.
On the macro level
Debt loan consolidation is also for the economy as a whole. Individual debts get eliminated and this effectively increases consumer spending and demand cycle. Additionally, primary lending institutions are able to increase and improve loan portfolios. Some even consider the option of loan consolidation as a part of mortgage refinance where, a loan is offered to the individual to pay existent loan.
The development and success of the debt loan consolidation strategy is good for both the financial and consumer sectors. Inflation is controlled but at the same time such strategies preserve individual credit.
To learn more about loan consolidation in Chicago and surrounding suburbs or when you are ready to get a new mortgage refinance loan, visit http://www.southsideloans.com The experts you will meet through SouthSideLoans.com will direct you to the best mortgage broker in your area. Sign up and you even get a FREE mini-couse on preparing yourself to get the best mortgage loan for you.
Article Source: https://EzineArticles.com/expert/Jon_Kirklin/94153
http://EzineArticles.com/?Consolidating-Debt-Loans-in-Chicago---Can-You-Gain-Financial-Freedom?&id=1060424
Refinancing Your Home Loan in Chicago
By Dave Badger
Known as the "Windy City", Chicago is the largest city in the state of Illinois. The greater metropolitan area, known as Chicagoland, encompasses a population of 9.4 million, making it the third largest in the United States. Chicago also has several dozen distinct neighborhoods to match its ethnic diversity and it is divided into 77 community areas. Right now, the real estate market in Chicago is booming.
Refinancing your home loan is quite an effective method to save money, and here is how it works. The idea behind home loan refinance is basically getting a new loan to pay for the already existing home loan, because the new loan has a lower interest rate. Lets say for example that you have a home loan with a 10% APR, but you have just found that another lender is offering you a home loan that has 8% APR. So what you do is you sign with the second lender, use the borrowed money to pay off entirely the first loan, and you are left with just one loan that has a lower interest rate compared to your first one. This is what refinancing your home loan is all about. This method is applicable for all real estate properties, no matter if it is a condo, home, townhouse or an apartment.
The advantages of refinancing your home loan are obvious. You can get better terms, lower rates, and other benefits that will essentially allow you to pay off your loan much faster.
The statistics have also proven the advantages of loan refinancing as a record number of Americans used it in 2001 and 2002. Nowadays, more and more home owners are understanding that this idea can help them save a lot of money. Home loan refinance is an option for people with bad credit as well.
As it was already mentioned, refinancing a home loan is getting a second loan with a better rate than the first one. But you may ask, why not choose the second lender in the first place? Well, there could be many reasons for that. One is you could not have spent enough time to look around for the best financing deals. Or, you could have availed of an indirect financing where your lender charges a higher interest rate compared to those you availed of directly from banks and other lending institutions. Either way, refinancing a home loan will save you cash.
Refinancing your home loan starts by knowing your current interest rate. This information you can get from your lender or you can find it in the loan documentation. Then you have to start searching for a provider that is offering a lower rate. You'll find that many lenders are offering a very low rate, and then you end up finding out that this rate does not apply for you, because of your particular situation. To avoid that, get a copy of your credit report and find out your credit score.
Once you are ready to refinance your Chicago home loan, research mortgage lenders and their rates. Online mortgage websites allow easy comparison shopping. Look at both interest rates and fees of refinancing quotes. Usually a slightly higher rate with low fees is the best deal. Once you have decided on your terms, you can finish your loan application online or through the mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved.
For help or information regarding refinancing, or other Chicago real estate related resources, check out www.chicagorealestatereport.com.
Article Source: https://EzineArticles.com/expert/Dave_Badger/52011
http://EzineArticles.com/?Refinancing-Your-Home-Loan-in-Chicago&id=299262
Commercial Loans: Need to Start a Business
By Troy Burton
Is it possible to start your small business even without cash on hand? The answer is yes! There are agencies, firms or banks where their sole mission is to help entrepreneurs to start a business. This system is what we call, commercial loan.
Commercial Loan is very common in the world of business. The lender allows investor to apply a loan and granted it to use for to start a business. Other existing establishment also avail this type of loan by lending funds for basic operational purposes like purchasing materials or machineries, supplies, goods or even funds for employment payrolls. This loan is design for a shorter term basis, renewable so the investor secures funds needed and repay it within the agreed terms.
This kind of loan takes a longer time to process. After the submission of the investor application, it will be screened and under meticulous reviews on your credit reports and clearing procedure. This process of prequalification is done to determine if the debtors is capable of repaying the lenders. In some cases, to cite some opportunities or specific loan plan that is suitable for the debtor capability.
After the submission of requirements, it is reviewed and checked by the loan personnel for an additional requirements needed such as your financial statement or bank statement and collateral. If everything is completed; the process is move to the next step where the decision-making occurs. Where the lender determine the specified amount granted. The lenders provide the designated contract, inclusive of the terms and conditions of both parties (debtor and lender). The term should be discussed properly, let the debtors understand the conditions like the amount granted, interest rates, mode of payments, types of security (assets) as well as the penalties if late payments happen plus the other key terms. If your loan is approved after two to five days the granted amount will be given to you in the form of check, bank to bank or wiring transaction.
This is only if you passed after reviewing your credit history. How about if you had bad credit history? Can you still avail any loans so that you can use as starting capital to your business? The answer is still yes, because bad credit consolidation loan is available nationwide.
Seek debt consolidation services near you. If you are living in Chicago, then try the Chicago debt consolidation directories. These groups will provide your some plans that might help change your credit history, paid off your debts and encourage you to increase your savings. They will grant you a loan with lowest interest rates, in order to solve your problem and at the same time, help you start your own business. Yet, not all debt consolidation companies are best option. Provide extra cautions in seeking this kind of services. Make sure that the debt consolidation companies you are working with, is a legitimate, have good reputation and a long-standing company.
In conclusion, even if you are engaging to the debt consolidation services it is still best that you understand the agreed terms, to avoid trouble in the future.
Troy Burton is a financial analyst who enjoys writing about bad credit debt consolidation loans and Chicago debt consolidation as well as other financial services.
Article Source: https://EzineArticles.com/expert/Troy_Burton/778848
http://EzineArticles.com/?Commercial-Loans:-Need-to-Start-a-Business&id=5877681