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10 Dangers of Getting a Car Loan You Should Avoid

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Car Financing

A car loan can help you pay for the car of your dreams. However, there are many dangers associated with getting a car. You will need to be aware of the following car financing mistakes and take the steps that are necessary to avoid them.

1.) Only Thinking About the Car That You Want

Many people fall in love with a particular car. That is why car finance in Perth is the last thing that they think about. The car of your dreams may not be within your budget. Before you shop for a car, you will need to review your budget.

2.) Shopping for a Car Without Getting Pre-Approved for Financing

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You can get a car loan without getting pre-approved first. However, it is not a good idea for you to do this. If you have a pre-approval, then the lender will feel more confident giving you a loan. A pre-approval shows that you have met the minimum requirements to get a loan.

3.) Only Thinking About the Monthly Payment

You need to have a monthly payment that fits into your budget. However, the monthly payment that you want to take into consideration. Many sales people know how to manipulate the numbers so that they can get the payment as low as possible. They can give you a longer term, but you will end up paying more in interest in the long-term.

4.) Making The Terms of the Loan Too Long

The term of your loan should be six years or less. Lenders are encouraging people to take out a loan for seven or eight years just to get them to pay more in interest. A longer loan term comes with higher interest rates because it is more of a risk to the lender. Those extra payments can cause you to have to spend thousands of dollars unnecessarily.

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5.) Not Shopping Around

You should not just settle for the first dealer that you talk to. Shopping around will allow you to compare rates. You will also be able to get a better deal if you shop around. Keep in mind that banks are not the only places that can give you a car loan. You can get one from a credit union, online dealer and financing company.

6.) Not Making A Down Payment

You will be able to get a much better deal on your car loan if you make a nice down payment. It is less risky for the lender if you make a down payment before you buy the car. This will also allow you to get a loan with a better interest rate.

7.) Applying for a Loan Without Knowing Your Credit Score

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It is not a good idea to apply for any loan without knowing your credit score. If you don’t know your credit score, then you won’t know how much you can get approved for. You will have more buying power if you know your credit score beforehand.

If your credit score is not high as it should be, then you should work on it prior to applying for an auto loan. Pay off any past-due debts. Make sure that you pay all of your bills on time. Additionally, you should try to pay down your debt.

8.) Not Reading the Fine Print

Many people are so excited to get a car loan that they forget to read the fine print. You may end up missing a lot of the important details.

9.) Taking Out a Loan When You Don’t Have to

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Before you take out a car loan, you should think about whether you really need one. If you have a sufficient amount of savings, then you should not take out a loan. Paying cash for a car can help you save a lot of money in the long run. You won’t have to worry about paying an excess amount of interest.

10.) Getting a Bad Deal

You have to be able to recognize a bad deal and walk away from it. Failing to do this can cost you a lot in the long run. You don’t have to give the dealer a reason to walk away. If your gut is telling you it’s a bad deal, then you shouldn’t take it.

By: Raymond James

About the Author:

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Ray is a sought after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals
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People & Lifestyle

Celebrating 25 Years: Otumfuo Osei Tutu II’s Reign

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Celebrating 25 Years: Otumfuo Osei Tutu II's Reign

Today marks the 25th anniversary of Otumfuo Osei Tutu II’s reign as the Asantehene, the King of the Ashanti Kingdom.

The celebrations, which began with spectacular fireworks witnessed by Otumfuo himself, will culminate in the Silver Jubilee anniversary on Akwasidaekese on June 12 at Dwabrem, Manhyia Palace.

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This milestone is a testament to Otumfuo’s impactful leadership, dedication to the Asante people, and contributions to education and research as the Chancellor of KNUST.

The event is being celebrated across Ghana, with well-wishes and congratulations pouring in from various quarters, highlighting the significance of this occasion for Asanteman and Ghana as a whole.

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Mr. Beast in Ghana: Surprising Visit Sparks Excitement

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Mr. Beast

World-renowned YouTuber Mr. Beast, known for his philanthropic acts, has been spotted in Ghana, specifically in Accra and Tema, sparking excitement among locals.

His visit has led to discussions about his choice of Ghana over other African countries, with some suggesting that the country’s popularity as a tourist destination played a role.

Mr. Beast’s presence in Ghana is part of his global outreach, as he recently gifted a Ghanaian $25,000 as part of his X (Twitter) giveaway.

Read Also: Producers of 'Beast of No Nation' return to filming in Ghana, causing upset in parliament

The YouTuber has been seen exploring the country and interacting with locals, with many expressing their desire to meet him and participate in his charitable endeavors.

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Stephen Appiah to contest John Dumelo and Lydia Alhassan in MP race for Ayawaso West Wuogon

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Stephen Appiah to contest John Dumelo and Lydia Alhassan

Former Black Stars captain Stephen Appiah is set to enter the political fray by rubbing shoulders with notable personalities in the upcoming general elections.

The former Juventus midfielder is believed to be lacing his boots to face the likes of John Dumelo and the incumbent member of Parliament for the Ayawaso West Wuogon Constituency Lydia Alhassan.

While Dumelo and Alhassan represents the NDC and NPP respectively, Appiah is expected feature in the elections as an independent candidate.

This was revealed by the Spokesperson of the Ayew family Fiifi Tackie via X on Friday afternoon.

“Stephen Appiah to contest Ayawaso West Wuogon constituency as an independent Parliamentary candidate,” he wrote.

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If Stephen Appiah affirms the reported news, he will be following in the footsteps of other renowned figures in Ghana football who have indulged in politics recently.

Earlier this year, all-time top scorer of the Black Stars Asamoah Gyan was appointed as the sub-committee chair of Youth and Sports in the campaign committee of Dr Bawumia, the flagbearer of the ruling New Patriotic Party.

In acceptance of the appointment, Gyan emphasised the need to share hos ideas garnered through experience in the game.

Anas took $100,000 to stop documentary release – Kwesi Nyantakyi
‘I have enough experience to contribute to sports – Asamoah Gyan reacts to political appointment
“I always ask myself, how do we create change if we don’t want to change? How do we spectate without being on the bench, and how do we score without being on the field?… All I know and will ever know, all I love and will ever love is SPORTS.” he stated.

Another figure in Ghana football who recently announced his intention to engage in partisan politics is Kwesi Nyantakyi, former Ghana Football Association (GFA).

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The former football administrator showed up as one of the candidates to contest in the NPP primaries for the Ejisu constituency following the demise of incumbent John Kumah.

However, it didn’t pan out well for the former Wa All Stars owner as he lost disappointingly.

He garnered a paltry 35 votes after close to 1,081 delegates had cast their votes in the parliamentary primary of the New Patriotic Party (NPP) held in the Ejisu Constituency on April 13.

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Rebecca Osam: A Champion for Women’s Empowerment in Africa

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In a heartfelt social media post, Rebecca Osam, Managing Director of Reflo Company Limited, Reflo’s TV, and Femme Fatale Productions Limited, has pledged her full commitment to empowering young women.

Rebecca expressed her desire to move beyond mere inspiration and instead build a deeper connection with young women, offering guidance and support to help them achieve their goals.

Her passion for women’s empowerment stems from her experiences growing up in Africa, where she witnessed firsthand the oppression and lack of opportunities faced by women. This drove her to co-found The Florence Mensah Foundation with her mother, aiming to empower African women and girls, and encourage them to recognise their worth, strength, and potential.

Through her foundation and personal endeavors, Rebecca seeks to provide a supportive platform for young women to thrive. She aims to be a relatable figure, offering mentorship and encouragement to help them overcome challenges and achieve success on their own terms.

Rebecca’s dedication to empowering young women proves her leadership and commitment to creating positive change in her community. Her efforts serve as an inspiration to others, highlighting the impact one person can have in driving gender equality and women’s empowerment.

As Rebecca continues her work, her message resonates with young women across Africa: “Anything is possible, and I am here to support and cheer you on every step of the way.”

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Caradise Ghana Car Rental Facilitates Transportation for Global Christian Forum held in Accra

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Caradise Ghana Car Rental has once again successfully facilitated the transportation of over 240 participants from 60 countries across the globe for the recently ended Global Christian Forum in Accra, Ghana.

Numerous buses hauled the various participants from the Airport to their designated hotels from the 12th to 15th of April, 2024. Participants were then transported from their hotels to the conference grounds daily for the gathering of devoted Christians from the 16th to the 19th of April, 2024.

The forum began with a vibrant, joyful worship service held at Accra Ridge Church. The Rev. Dr. Casely Essamuah welcomed participants to Ghana and to the Fourth Global Gathering, and participants spent the day sharing their faith stories with one another across the litany of differences represented. 

The forum was climaxed with a dinner and 25th anniversary celebration at the Action Chapel Internation Church hosted by Archbishop Nicholas Duncan-Williams.

After the forum, the participants took the opportunity to visit the Kwame Nkrumah Memorial Park and Mausoleum where they learnt about the great Pan-Africanist, Osagyefo Dr. Kwame Nkrumah and Ghana’s journey to inpendence.

The participants also spent a day in Cape Coast where they learnt about the millions of enslaved, dehumanised African men, women, and children at the Cape Coast Castle. Witnessing first hand how Africans were forcibly taken captive to the Americas, Caribbean, and Europe as objects of lucrative trade.

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DJ Khaled Announces Second Annual We The Best Foundation Golf Classic On June 12 & 13 in Miami Beach !

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GRAMMY® Award-winning, global megastar DJ Khaled proudly announces the return of his annual WE THE BEST FOUNDATION GOLF CLASSIC for the second year in a row.

For 2024, the mega-popular charity event expands to two days on Wednesday June 12 and Thursday June 13 in Miami, FL. Given the demand by countless superstar artists, A-list athletes, and entertainers to participate, he needed to stretch the proceedings over two days!

Once again, the event will be sponsored by Jordan Brand, and all proceeds support the We The Best Foundationand its numerous efforts to bolster education. Stay tuned for the multitude of exciting confirmed guests, and more.

Khaled created a cultural groundswell and personally appeared on ESPN’s SPORTSCENTER to break the news of the second installment of the WE THE BEST FOUNDATION GOLF CLASSIC today. Watch HERE.

Regarding the return of the WE THE BEST FOUNDATION GOLF CLASSIC, he commented, “Last year, the WE THE BEST FOUNDATION GOLF CLASSIC brought out so many friends and family to make a difference, play some great golf, and have an incredible day for a great cause. This year, we’re going even bigger, and we thank everyone for their continued support. TEE UP AND BLESS UP!”

Last year, the inaugural WE THE BEST FOUNDATION GOLF CLASSIC hosted Serena Williams, pro golfers Michael Block and Bubba Watson, Odell Beckham, JR., Shannon Sharpe, Victor Cruz, Jalen Rose, Terrell Owens, Marcus Jordan, Jeezy, Quavo, The-Dream, Swizz Beatz, Timbaland, Fat Joe, Cedric The Entertainer, Joey Fatone, and more. The foundation raised over $500,000 which benefited the enrichment of children and youth through educational programming, scholarships, and extracurricular activities.

More guests and partners for 2024 will be unveiled soon.

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