Saturday, March 14, 2009 

Car Donation - Quick Tips To Help You Donate A Car

Cars and other vehicles can be donated at any time of the year, from anywhere in the United States. You can donate to a local charity or a national charity with a local branch or to a national charity and its car donation program.

If you're planning on taking a tax deduction from your vehicle donation make sure to allow plenty of time to gather together all of the documents you'll need and for the transfer of the vehicle to take place.

You want to make sure the entire process takes place in the tax year that you want the write-off on your income tax return. After you complete the application form, the charity can collect your vehicle, usually within 14 days, or if agreed, you can deliver the vehicle yourself and save the charity any towing costs.

All major charitable organizations have local sources that will pick up your vehicle.

Make sure you allow enough time to find the title to your car, truck or other vehicle or to replace it if you can't find it. Your DMV could take up to a month to get you a new title. Make sure to find out how long it will take in your first inquiry. If you think your vehicle is worth more than $500, find out if you will need a new appraisal before you transfer titles. When you donate your vehicle, the charity will probably sell it or in some cases give it to a needy individual or family.

If your car is valued at more than $500 and the charity sells your car you'll need to ask for a confirmation of the sale in writing. The car donation charity is required to send you confirmation of the sale within 30 days after it sells your car.

You may want to donate your vehicle through a national car donation program that represents several charitable organizations. Many of these are available online. Some national car donation programs will collect just about any vehicle and some will collect only vehicles that are in running condition. If the vehicle is not running and cannot be repaired cheaply enough, they will 'part it out' and sell the parts for the best possible price.

Some of the charities have high overhead costs for their car donation programs which means less money goes to their programs and services. If you want to find out how much money from your car donation sale is going to the charity for its program and how much is going to administrative costs, then check with your state's Secretary of State's office or Attorney General's office for their state registration and financial filings.

Before you donate your car, make sure you check with your CPA or other financial advisor to make sure you're getting the tax deduction you want or if there is anything else you will need to know for your tax return.

Check with the Better Business Bureau for the city the charity is located in to make sure there are no complaints on file that haven't been taken care of. Make sure to check with your Attorney General's office to make sure the charity is registered as a 501(c) 3.

Following these tips should help make your car donation go much smoother.

For more info on choosing the best charity car donation, car donation program, used car donation or charitable car donation online and offline go to http://www.Car-Donation-Info.com for charity and tax deduction tips, help, facts, reviews, including information on all types of car donation

 

Choosing HELOC Over Equity Loans

Owning a house is great with respect to personal finance. One can easily obtain secured loans by using the house as collateral. Moreover, secured loans are a lot more affordable than the unsecured variety. Those who have no mortgages to pay can easily avail of the regular secured loans. Those who are still paying off the mortgage installments can make use of the equity on their home to avail of various kinds of other loans. More importantly, these days, there is no need to rely entirely on home equity loans. There are other lines of credit that one can make use of.

HELOC or Home Equity Line of Credit is one mode that can be availed of instead of the home equity loan. In the case of HELOC, the bank provides a number of equity checks that can be used at various points to take a loan depending on one's equity balance. These equity checks, typically allow us to draw on a certain approved balance. The great thing about HELOC is that we are not required to take a lump sum all at one go. The checks give us the freedom to draw only as much as is required at the time.

This also means that the interest amount that we pay every month varies depending on how much we have drawn. Moreover, the rates of interest for home equity lines of credit are variable. They differ according to market situations. Thus, you might find yourself paying a higher interest rate one month, and a considerably lower one in the next. However, when selecting a loan, make sure that you go with the one that charges a lower APR overall. Also, make sure that you find out what the cap is on the interest that you will have to pay. This rate cap is different across states and lenders.

Thus, a HELOC is very different from the traditional home equity loan. Whereas HELOC allows one to advance oneself varying loan amounts over a period of time, a home equity loan amount is advanced at one time. Just as HELOC has variable rates, a home equity loan will charge a fixed rate of interest. This rate will not be subject to ups and downs depending on market conditions. As far as repayment terms are concerned, a home equity loan involves fixed monthly payments made over a fixed period of time. In HELOC, there is more flexibility. Overall, the two are very different, and picking one over the other would be a matter of personal choice.

Everyone needs loans. Which is why we help everyone! Come to us for the best deals in a home refinance loan or a home equity loan. Visit today.