Arizona Title Loan Laws

There are a few laws and regulations to go by when taking out an Arizona title loan that may vary from other states, so it’s important to know the requirements so that you are able to efficiently meet them when obtaining your own loan. In this article, a few of the guideline requirements regarding title loan laws will be mentioned in order to help you remain within the guidelines of the law should you ever need to obtain a loan on your vehicle, when you are in need of fast cash for emergencies!

    • The Arizona Laws are regulated by the state of Arizona, and normally fall under what’s called the Arizona Revised Status, or ARS. Companies that offer loans are not allowed to impose or accept an interest rate that exceeds 17% for loans under $500 according to the ARS 44-291.

    • In Arizona, sliding scale curriculum is implemented, and allows loan amounts that range from as low as $500 to a high of $2500 to have limited finance fees of 15% or less. Any loan amounts ranging from $2500 to $5000 are capped at 13% interest, and any loan over $5,000 have 10% interest.

    • There are no specific rules, regulations or laws specific to many of the cities in Arizona, but they for fall under state laws and federal regulation, making them impossible to legislate around.

    • It is also required by Arizona State Law to present a valid identification and an Arizona vehicle title belonging to the owner of the vehicle you wish to take a loan out on, as well as being at least 18 years of age.

  • Car title loans in Arizona allow you to make affordable monthly payments will be made in order to pay off the debt, and in the meantime, once you’ve obtained the loan, though you may maintain your vehicle, a lien is put on the title. Once you’ve paid the loan off in full, the lien is removed from the car title, and full ownership is returned to you.
Auto Loans

Car Loans and Your Taxes

Tax season is upon us, and many people are anxious to find ways to catch a tax break while they work on their income tax returns. There are so many deductions available to claim, but unfortunately, many of these do not apply to the common tax payer. While doing taxes can be a daunting task, and searching for deductions can make it even more difficult, you should definitely look into any deductions that may apply to you. Looking for tax deductible items is complicated, but if you want to save some money this tax season, search for any and all that have to do with your situation, and you will feel much better about dealing with Uncle Sam this year.

One question that may come up when working on your taxes is about the interest on your car loan. Is car loan interest available for tax deduction? Unfortunately, there is no easy answer to that question because when dealing with the Internal Revenue Service, you rarely get a straight answer to any tax related question. However, there are two ways that you might be able to get some money back when it comes to your auto loan. As long as you do not falsify any items on your tax return, or claim a deduction falsely, you should be able to carry these out without a problem.

Your Car as a Business Expense
One way you can deduct your car loan interest is by claiming your car as a business expense. In order to do this, you must keep very detailed records on the use of your car, in case the IRS gets suspicious and decides to audit you this year. In order to avoid an audit by the IRS, you should have a legitimate reason to claim your loan interest as a deduction, like owning a real business. Owning a small business and driving your car frequently while doing business related tasks will give you an airtight reason to use your car loan interest as a tax deduction on your income tax return this year. You would also be able to deduct expenses incurred for maintaining your car, such as oil changes and repairs.

Your Car Financed by Your Home Equity Loan
If you used your home equity line of credit to pay for your car, you should be able to claim your car loan interest on your tax return. However, you should definitely be aware of the risks that come with using your home equity line of credit to finance your vehicle. If you have issues with paying your car payment on time, you could risk losing your house. This is why, if you do choose to use your home equity line of credit in this manner, you must be very prompt and even early with your payments, so you do not wind up losing your home.

Be very careful when you decide to attempt using your car loan interest as a tax deduction. If you go into this not knowing every detail about how to handle a deduction like this, you could end up in major trouble with the IRS, a company that you would rather never hear from.

Auto Loans

4 Tips For Self-Help Debt Reduction For Living Debt Free

Are you suffering from carrying too much debt? You are not alone as we are living in the world that promotes credit. Many people have the similar debt problem like you. Debt won’t go away by simply ignoring it, you have to find a solution to resolve it. There are various options for you to restore your finance and live in debt free, either you do it yourself or get a professional service to help you.

If you are not at the worst situation where bankruptcy is the only way out, you can perform a self-help debt reduction to get your finance back to order and for living debt free. Here are the 4 tips to get you started:

1. Debt reduction via cutting expenses

There are two types of expenses, the fixed and on-demand expenses. You may not be able to cut the fixed monthly expenses like electricity, gas, rental, loan installment, etc. But, expenses like movies, entertainment, disco, dinner at hotel, etc. can be reduced to save some money. The money saved can be used to pay toward the debt. The more you pay on the debt you owed, the faster it will be paid off and let you get a debt free life as soon as possible. In fact, the first rule of debt reduction is to eliminate optional expenses and you should take the action to cut whatever expenses you can to minimum the spend of money and maximum the payment toward the debt.

2. Stop buying on credit

It is too easy to get out of control if you buy things with credit cards. People tend to never think twice if they don’t use cash to buy things as swiping the credit card is so easy and convenient. That’s why credit card debt is the key factor that causes the problem to many people. Therefore, the plastic cards should be eliminated in any self-help debt reduction program. Keep one or two credit cards at home for emergency uses, don’t keep in your wallet or any place that can be reached easily. If other cards have balances, transfer them to the cards that you plan to keep on, the rest of cards should be terminated since they put you at risk of create more debt into your existing balance.

3. Eliminate the high interest rate debt

In any debt reduction program, balances with the biggest amount and at the highest interest rate should be in the priority list to be eliminated. There are various ways to eliminate these high interest rate balances. Among the popular options are: balance transfer to credit cards that have low interest rate; and you can also get a personal loan at low interest rate to clear off the debts that charge high interest rate. The bottom line is, the accounts with big balances and high interest rates will snowball the debt fast, so they must be eliminated first. This is one of the fastest methods for you to work the way toward living debt free.

4. Find second source of income

If you can earn more, then you can pay more toward the debt and get rid of it fast. There are many ways to increase your monthly income. You may find a part-time job make extra dollars for debt payment. Besides the part-time job, you may want to consider on making money from internet. Internet is full of money as many businesses are online nowadays and they are looking for agents, better known as affiliates to promote their products and services. You will earn commission on every sale you make via the link that identify you as the affiliate. It can be a good source of money for you to work the way for living debt free. In fact, many online entrepreneurs are making their living solely from internet. So, it is a proven source of income.

Summary

If you want to live in debt free, you have to find a solution to resolve the debt problem. You can always start a self-help debt reduction program with the 4 tips above.

Debt Management
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