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November 2022

Loan

Personal Loan or Used Car Loan: Which Is Better for You?

on by Hazel Calvin

Having a car is an absolute necessity in many parts of India where public transport is not at par with the modern transport facilities. However, it is also a reality that affording the dream car in India does not come easy. With a steep inflation and unstable economy, many people are cutting down on their luxury aspirations and settling for smarter solutions. This has resulted in a high demand for second hand cars in the Indian market. With many authorized dealers stepping into the used car sector, and offering features as good as a new one, there is a boom in the second hand car market. Today, you can easily buy the car of your dreams at a much lower price from a used car dealer and with money loan apps, affording a second hand car has become easier than ever.

You just have to install the best money loan app and apply for an online loan through the app. The loan process is simple, the documentation is minimal and the loan is processed in a matter of hours. But when it comes to buying a second hand car, many people get confused whether to opt for a personal loan or a used car loan.

Personal loan or a used car loan

  • Personal loan gives you full ownership of the car

When you buy a car on a used car loan, you do not get the ownership of the car outright, whereas if you take a personal loan, you will actually buy the car. This is because a used car loan is a secured loan and a personal loan is an unsecured loan. Going for a personal loan gives you the freedom of selling the car at any moment if you are not satisfied or if you want an upgrade.

  • Personal loan is simple and costs less

When you buy a used car with a car loan, there is the whole extra charges and process related to hypothecation in the registration of the new vehicle. Hypothecation by a lender allows them a kind of pseudo-ownership over the vehicle. The same is also mentioned in the vehicle registration certificate by the RTO when it is transferred in your name. When the loan is paid off, you will have to go to the RTO office and apply to get the hypothecation removed from the registration certificate.  You may also need to do the same with other vehicle documentation as well in some cases. However, if you take an online loan and buy the car with the loan money, there is not hypothecation mentioned in the car RC and there is no need to remove the same either.

  • Personal loan is simplified

Third factor you must understand is that getting a used car loan is a complicated process. In fact, the formalities to buy a used car through a used car loan are same as that of a new car. You will have to undergo the same documentation and hassles and what’s more the interest rate on used car loan is also higher than a new car loan. On the other hand, if you are taking a personal loan to buy a used car, you will not be charged as high interest rates and paperwork is much simpler than the used car route.

  • Personal loan is quick

The time taken to apply for a used car loan is much longer than a personal loan. When you apply for an used car loan, the documentation has to be done manually and some lenders may even require car valuation by their authorised valuers. This makes the process slow and vulnerable to human error. Moreover, if the valuer undervalues the used car, they lender will only give you a smaller loan amount which might not be enough to buy the car. Instead, if you take a personal loan, you do not have to deal with the loan hassle. Personal loan can be obtained from a money loan app in a matter of minutes and since there is no valuation involved, you can get a loan of your preferred or required amount.

  • Personal loans are easy to settle

Finally, if for any reason you need to sell off the used car, it can be very complicated with a used car loan. Pay off the loan first and get NOC, only then can you transfer the car ownership. A used car purchased with personal loan can be sold off immediately. Sell the car to a buyer; pay off whatever amount remains of the personal loan and you can use the rest of the money for your own requirements.

Conclusion

With the increased demand for financing, the loan market is ripe with different types of loan products. As such, it becomes your responsibility to research these different loans available in the market and go for the one that best suits your requirements. Though now you know the benefits of a personal loan over a used car loan, make sure to check your eligibility and credit score before applying for the loan.

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Crypto

MbenzGram (MBGRAM) Presents: 5 Types Of Exhausts Systems

on by Hazel Calvin
A picture of an exhaust similar to the ones that MbenzGram (MBGRAM) has on their website

An exhaust system is used to collect exhaust gasses and carry them away. It’s also responsible for reducing noise levels in a car, improving fuel consumption, and enhancing engine performance. The exhaust system affects the overall performance of a car. 

An exhaust manifold collects exhaust gasses from the cylinder head connected to the car engine. Although all exhaust systems work the same, there are different types, and they work differently depending on the type of car or engine. This article will discuss five types of exhaust systems, what each of them does, and their pros and cons. 

Single Exit Pipe

Single exit pipe is the most common type of exhaust system. Just as the name suggests, it uses a single pipe to carry away exhaust gasses from a vehicle. The tailpipe is located on the passenger side of a car.  One of the advantages of a single exit pipe is that it is lightweight. 

Moreover, it’s less costly and cheap to manufacture and install. It is readily available and is easier to replace or modify. On the downside, it’s not fuel efficient compared with others. 

A single exit pipe does not improve car performance. Small cars can work well with single exit pipes.

Dual Rear Exit

The dual rear exit exhaust system has two exit points. Its ability to suck out more exhaust gasses at a faster rate makes a car engine breathe better, thus making combustion more complete. This creates more horsepower, which in turn makes the engine more powerful, thus, giving you better car performance. Furthermore, it makes a car look sporty. 

On the downside, a dual rear exit exhaust system is more expensive than a single exit pipe because it requires an extra pipe. It has a shorter lifespan because some moisture condenses in the exhaust, thus causing it to rust faster. This means that one will need to replace it sooner compared to a single exit pipe. 

The dual rear exit is characterized by a deep throaty sound. While the deep sound may appeal to some people, others may find it disturbing. Vehicles with large or turbocharged engines can use this type of exhaust system. It’s also suitable for those who want their cars to look sporty. 

Dual Side Exhaust

Just as the name suggests, a dual-side exhaust consists of two pipes next to each other on either side. It can expel exhaust gasses faster and more efficiently compared to single-exit pipes. 

As a result, cars with this type of exhaust system perform better. That said, they are more expensive to buy, install or replace. They are more prone to rust than single-exit pipes because they do not get a lot of warmth. 

This makes moisture condense inside them, thus becoming rusty. Dual-side exhausts are suitable for powerful vehicles with a large engine or turbocharged engine. Using this type of exhaust system on small cars may be of little benefit. 

Opposite Dual Exhaust

MbenzGram, also known as MBGRAM, sales specialists note that opposite dual exhausts have two separate pipes exiting out from behind car tires. The pipes are relatively longer and bent around the wheels to improve the filtering process. 

Opposite dual exhausts are suitable for large vehicles such as trucks because they have a lot of weight and need a lot of power. One of the main advantages is that the pipes exit downwards, which makes them not block air intake grilles. However, they can be expensive to purchase, install, and maintain. 

High-Performance Exhausts

High-performance exhausts are usually fitted to a car aftermarket. They are custom-designed to fit a specific vehicle make or model and are offered to people who may want to customize their cars to increase performance. 

These exhausts are more efficient in filtering out gasses, thus maintaining optimal air levels. They can significantly increase the efficiency and performance of a car. It can also be modified to produce different sounds. The aftermarket parts may be of better quality and long-lasting.  

On the downside, it can be more expensive to custom-design.  There are also many things that need to be considered, such as construction and configuration. For instance, there might be little need to upgrade to an aftermarket exhaust system if it is going to rust soon or if there will be a need to tweak it in order to make it fit. 

There might be little need to consider this option if the aftermarket does not add torque and horsepower. Higher-performance exhausts are suitable for small cars or SUV owners who want to add style to their cars. 

How MbenzGram (MBGRAM) Help Their Clients Find the Right Exhaust Systems

A picture of an exhaust system similar to the ones from MbenzGram (MBGRAM)

MbenzGram (MBGRAM) sales team helps their customers make the right choices of exhaust systems. They have been in the industry for a long and understand the nuts and bolts of the automotive industry. MbenzGram will advise on the exhaust system’s suitability depending on the car’s model. 

According to MbenzGram (MBGRAM), many factors must be considered when buying an exhaust system, including sound quality, quality of steel, pipe diameter, configuration, sound level, and crossover. Depending on what the client is looking for, MbenzGram (MBGRAM) will do its best to ensure its clients are satisfied. If a customer wants an aftermarket exhaust system, they know that power, sound, ease of installation, and flexibility are major factors to consider.

How MbenzGram (MBGRAM) Sell their Car Parts

MbenzGram (MBGRAM) has all types of car parts, and customers can shop online. All customers have to do is visit their website and make inquiries online. They have a robust website where customers can specify the car’s make and model, including the year of make and the car parts that will pop up. 

Once a client specifies the car’s make, they are directed to the car parts pages, and customers can place an order online depending on what they are looking for. They also have good customer care services in case you are stuck in the process of placing orders.

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Finance

What Is A Lumpsum Calculator & How To Use Lumpsum Calculator?

on by Hazel Calvin

SIP (Systematic Investment Plan) investments and lump sum investments are the primary categories under which mutual fund investments fall. Although SIPs have gained much popularity over the years, beginning investors might still need to understand lumpsum investing fundamentals fully.

In contrast to a systematic investment plan (SIP), a lumpsum investment is when an investor makes a one-time, independent investment in a specific programme.

What is a lumpsum calculator?

An online tool called a lumpsum calculator can assess the value of your lump sum mutual fund investment. You can quickly use this method to determine the value of your investment. You will usually be prompted to enter an investment amount, the investment length in years, and the estimated annual rate of return when using an online mutual fund lumpsum calculator.

Using the lumpsum investment calculator, you can determine the anticipated value of your mutual fund investments after the investment period. You can use this to determine whether your lumpsum investment will help you reach your financial objectives.

How does Lumpsum Calculator work?

This calculator allows investors to assess the expected returns on their lump sum investments. Thus, a potential investor can determine whether or not their financial goal will be met by the investment option they have chosen at the finish of the investment term.

The following are some advantages of utilising a lump sum calculator:

  • You get the anticipated return for the entire investment time from it. To get a close approximation, you must include information on the investment amount, the estimated rate of return, and duration (1 year, 3 years, etc.).
  • Once investors have a projected concept of the maturity value of their investment, it helps them plan and manages their finances more effectively (s).
  • Using a lumpsum calculator helps you eliminate human error and saves time wasted performing manual calculations.
  • Even inexperienced investors may use a lump sum rate of return calculator with comfort because it is effortless and convenient.
  • It should be noted that as investments in mutual funds are exposed to market risks, the returns cannot be precisely predicted.

Lump-sum The future value principle underlies how calculators operate. The lumpsum calculator provides the investment’s future worth at a specific interest rate. You must apply the following calculation:

FV = PV(r + 1)n

Future Value (FV)

Present Value (PV)

n = Number of years

n = Number of years

For instance, let’s say you made a lump sum investment of Rs. 1,000,000 in a 20-year mutual fund plan. You can anticipate a 10% return on your investment.

The future value of the investment can be calculated as follows: FV = 1,00,000(1+0.1)20

FV = Rs 6,72,750.

Your initial investment of Rs. 100,000 has risen to Rs. 6,72,750.

The increase in wealth is Rs 6,72,750 – Rs 1,00,000 = Rs 5,72,750.

Conclusion

An investor can invest a lump sum in an MF programme. An investor chooses this investment options if they have received a lump sum of money from selling some asset.

Large sums of money invested at once can be dangerous and lock up your funds; an early withdrawal might result in exit load fees and penalties. As a result, an investor needs to reconsider all the factors before investing.

This option was typically chosen by the investor with a lump sum of money and ultimately wishes to invest in mutual funds with an emphasis on equities. When the market is favourable for an investor to invest in equities, the lump sum is systematically transferred from debt mutual funds to equity mutual funds.

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Finance

Various Methods to Look for a Checking Account That Pays Interest

on by Hazel Calvin

Read this post if you are interested in learning how to select the best checking account that offers interest to you and also to know the pros of checking accounts. Finding checking accounts that pay interest may be done through various channels and methods.

Increasing the amount of money you have in the bank by earning a higher interest rate on your checking accounts is one way to do this. After finishing this post, you will better understand how to choose a checking account that offers a high-interest rate, which will enable you to accumulate more interest within your account.

Consider using an online bank, if you haven’t already

When searching for checking accounts that pay interest, the first step you need to do is to select whether you will save your money in a traditional bank or an online bank. You may locate checking accounts that pay interest by going online or to a traditional bank.

Determine the amount of money that is currently in your bank account. After then, think about the choices you have. You will also need to assess whether or not your current balance has met the needed minimum amount for your bank account.

Have you reached a point when your balance is below its minimum? After then, you are obligated to make payments toward the interest.

Consider doing your shopping in the surrounding area

The following step that you need to take is to look for an account of this sort in your immediate area. Doing your banking close to home might help you evaluate each institution. You can also use it to determine if you will create a bank account with a financial institution in your local region or with an online bank.

You may utilize the internet to search for a list of prerequisites and prices online while you are shopping around for the account that is most suited to your needs. As a direct consequence, you will not have any trouble understanding any of the critical information pertaining to your account. Time is saved as a result of completing this step.

Review your new interest-bearing account

Examine all there is to examine in your brand-new account that accrues interest. Check to see if the features you want are included in that account.

If you have an account online, you should look into whether or not it supports direct deposit, paper checks, debit cards, or free service at ATMs. You should most certainly use an account of this sort that the FDIC guarantees. Your account will remain protected and secure as a result of this action.

Also, check to see if pay checks are included with your account or if you have to pay for them separately.

Bottom Line

In conclusion, locating checking accounts that pay interest on deposits is simple. You only need to be aware of what to look for, and you will be able to do whatever you want.

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Finance

B2B Payment Methods in the Modern World

on by Hazel Calvin

The sectors of the modern world are driven by automation and “smart” technology. Whether it be online shopping or artificial intelligence, these advancements and more like them are becoming the new norm.

One area that has been struggling to innovate is business-to-business (B2B) methods of payment. While customer-to-business (C2B) payment methods adapted easily, B2B payments seemed to be lagging behind… until now. Here is a glimpse into how disruptive payment technology is modernizing the B2B world.

What are B2B payments? In short, they are the exchange of currency for goods or services between two business parties. The payments can be recurring or on a one-time basis, depending on the terms the two parties agreed to. These business entities can include manufacturers, distributors, wholesalers, and retailers among others.

In B2B commerce, purchases are often expensive and involve quantities of goods in bulk. This can be a painstaking, time-consuming process compared to typical C2B transactions. What’s more, there are many factors that could impact timeliness, such as purchase volume, payment histories, and the relationship between the buyer and seller.

Due to this, the B2B payment network has relied on manual and paper-based processes. However, there has been a recent shift toward cloud-based, automated payment systems. More than ever, B2B buyers and suppliers are implementing methods of digitization that drastically simplify the transaction process while providing business payments faster and more efficient than ever.

While not the only correlation, the pandemic did play a role in pushing this digital transformation forward. 68% of small businesses reported having to decrease their use of cash and paper checks in favor of newer more efficient methods. It is predicted that by 2025, 80% of B2B transactions will be digital.

Increased efficiency isn’t the only positive. Cost-effectiveness is a main draw to digital and smart payment methods. A report found electronic invoice payment cost 60% less on average than paper-based processes. High processing costs are listed as a major obstacle for 35% of businesses. Typical accounts payable (AP) organizations need to pay around $8 to process a single payment.

One new payout method is cryptocurrency and blockchain technology. In 2019, only 8% of firms used cryptocurrency as a form of payment. While this method hasn’t exactly taken off in the U.S. just yet, international businesses are benefiting from the evolution. For example, fees in global transactions could potentially see a 75% decrease with crypto payments in comparison to wire transfers.

While cash is still king when it comes to B2B payments at 45%, smart and electronic disbursements are the future. For more information on B2B payment methods and the emerging trends, please see the accompanying resource.


Guide created by CardConnect

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Finance

The Benefits Of Dissolving Your LLC With Goodbye Startup

on by Hazel Calvin

Everyone wants to think of themselves as experts, but very few people are genuinely knowledgeable in specific fields. Though you may believe you are an expert in founding a firm, you might not know the proper procedure for closing your LLC.

Using specialists is essential regardless of your industry, but if you still need convincing, consider these justifications for addressing the professionals at Goodbye Startup when you’re about to close your LLC.

Fulfill All The Legal Requirements

You may be sure you’re protecting your legal rights by dissolving an LLC according to the correct procedures. When registering your LLC, you filed paperwork with your local and federal governments. In the same way, you must submit the right paperwork to show that you are closing your business.

They will only know if you inform them that your LLC is no longer operational. Otherwise, they may continue to anticipate annual fees and taxes. The process can be complicated, but the professionals can show you how to close a business correctly. When you properly part ways with your LLC, you won’t need to be concerned about charges and taxes accumulating in the background.

Accelerate The Process

Experts who know the proper procedures to close an LLC are efficient, which is the quality that sets them apart from laypeople. They are competent and knowledgeable in what they do. It can take quite some time to finish many tasks for closing your LLC.

Yes, you could attempt to complete the task yourself, but given your lack of experience, you will likely fail on your first and subsequent attempts. As a result of their knowledge, the team at goodbye startup will assist you in avoiding any mistakes in your paperwork so that your case can be processed as quickly as possible.

Expert Advice

The closure of your limited company need not necessarily spell the end of your business. To enable you to carry on doing business while escaping debt, the professionals can transfer the profitable elements of your firm to another organization.

Sometimes a quick and simple approach will do when it comes to the dissolution of business. Certified insolvency practitioners can assist you with a formal limited business closure like administration or liquidation. They can make every effort to save a portion of your business if possible.

Properly Eliminate Any Lingering Debts And Unpaid Wages

Debt repayment may still be another stage of the required dissolution process, and it can take time to navigate on your own. Paying employees their final paychecks and any additional compensation is necessary as soon as possible. You’ll also need to correctly file your employee taxes when you wind things down, and the professionals can help you with this.

The Bottom Line

Goodbye startup experts have experienced everything, or at the very least, have seen the most of it. As a result, they possess a plethora of expertise and can provide unique viewpoints on how to close a business the right way to avoid problems in the future.

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