Car Loans – Otago Rally http://otagorally.net/ Wed, 29 Jun 2022 15:52:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://otagorally.net/wp-content/uploads/2021/06/icon-1-150x150.png Car Loans – Otago Rally http://otagorally.net/ 32 32 See the average auto loan balance per capita in Virginia https://otagorally.net/see-the-average-auto-loan-balance-per-capita-in-virginia/ Wed, 29 Jun 2022 15:52:15 +0000 https://otagorally.net/see-the-average-auto-loan-balance-per-capita-in-virginia/

(STACKER) – With supply chain issues during the pandemic driving vehicle prices to record highs, car buyers are taking out bigger loans in order to afford the vehicles they need for everyday life.

Since 2003, the national average total auto loan balance per capita has increased from $2,960 to $5,210, an increase of approximately 76%. Some consumers have found this difficult to manage: in the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days past due.

sound dollar compiled statistics from the Federal Reserve Bank of New York’s “State Level Household Debt Statistics 2003-2021” report to see which states have the highest auto debt balances. The report was released in February 2022 and contains data from 2021. Data in the report comes from the New York Fed Consumer Credit Panel and Equifax. If more than one state had the same balance, they tied for the same rank.

Keep reading to see the status of auto loan balances in Virginia, or view the national list here.

Virginia in numbers

– Average auto debt per capita: $5,210
– Total debt per capita: $69,870

A perfect storm of trouble helped create today’s situation. For new cars, the initial lockdowns in 2020 halted production for nearly three months, reducing the supply of new cars on sale lots. In 2021, a shortage of microchips made matters worse as manufacturers couldn’t get the parts they needed to build new cars. Car supply collapsed just as consumers started spending again, driving prices up with increased demand.

When consumers couldn’t get their hands on new cars, they turned to the used car market. Supply couldn’t keep up with demand, so prices there have also soared, jumping 42% since the start of the pandemic. average of $28,205.

As car buyers take out bigger loans to finance their purchases, they are also lengthening their payments. The most common auto loan term was 60 months, but now borrowers are looking Loan terms of 72 months and even 84 months. This contributes to growing auto debt balances, costs consumers more in interest payments over the life of the loan, and leaves them with less money to spend elsewhere.

Read below to see which states have the highest auto loan balances.

States with the highest auto loan balances

#1. Texas: $7,270 average car debt per capita
#2. Louisiana: $6,510 average car debt per capita
#3. Georgia: $6,080 average car debt per capita
#4. Arkansas: $5,990 average auto debt per capita
#5. Florida: $5,980 average car debt per capita

This story originally appeared on Sound Dollar and was produced and distributed in partnership with Stacker Studio.

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Cash on Your Mobile looks at flexible ways to get loans https://otagorally.net/cash-on-your-mobile-looks-at-flexible-ways-to-get-loans/ Mon, 27 Jun 2022 23:33:33 +0000 https://otagorally.net/cash-on-your-mobile-looks-at-flexible-ways-to-get-loans/

Cash on your mobile is a reliable and trustworthy company offering a wide range of comprehensive loan services. In a recent update, the team looked at several flexible ways to get loans.

Milton, Queensland – June 27, 2022 – In a recent post on the website, the company highlighted the terms and conditions that a customer should consider when looking for the best cash loans Brisbane offers.

That’s why they do everything to encourage customers to have better scores. They can help a client obtain a loan, helping them resolve their financial situation. So whether a client is looking for extra dollars to pay for rent or groceries, the team knows the proper steps to get a great result.

The Cash on Your mobile team knows how intimidating applying for a loan from the bank can be. So they developed payday loans in brisbane to relieve customers of stress and phone calls to accept loan applications. The gain can be up to one year.

In addition, the team offers high-end services Brisbane car loans. They know the ins and outs of money lending services and will give the customer the best option. So this team trusts if a customer’s car has exploded.

About Cash on your mobile

Cash on your mobile is a certified and most trusted lender in Brisbane. The company offers top-notch loan services to all of its customers. Moreover, the team is friendly and affectionate, answering the concerns and questions of the customers as well as possible so that they can understand.

Media Contact
Company Name: Cash on your mobile
Contact person: James Clark
E-mail: Send an email
Call: (173) 554-1338
Address:Level 1/16 McDougall Street, Suite 437
Town: Milton
Country: Australia
Website: https://cashonyourmobile.net.au/

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Linda Leitz: Putting economic trends into perspective | Company https://otagorally.net/linda-leitz-putting-economic-trends-into-perspective-company/ Sun, 26 Jun 2022 06:00:00 +0000 https://otagorally.net/linda-leitz-putting-economic-trends-into-perspective-company/

The economy has an impact on everyone’s life.

Whether it’s the higher cost of filling up your vehicle at the gas pump or watching the value of your 401k, we can all feel the effect. Dealing with it can be a little more palatable if we understand its history and how it works in our larger financial lives.

Consumers of the 1980s will remember that inflation was quite high. Interest rates on car loans and mortgages were in the teens and even in their twenties.

The prime rate, which is the rate banks charge their best customers, was in the teens. Inflation followed this trend and was also in the teens – over 13%.

Inflation has generally hovered around the 2.5% to 4% range for long periods. Prior to the recent rally in the US stock market over nearly a decade, our stock market averaged returns in the 8% to 10% range.

So the fact that we’ve had almost no inflation for a while, interest rates in the same range and a hot stock market indicates that it’s no surprise that things are balancing out to closer to historical trends.

One of the constants of the financial markets is that with each change, a large number of experts will say: “this time it is different”.

To some extent, that’s true.

Every situation is different. We are now in the information age and steam locomotives are not a driving force in our economy.

In the recession of the last decade, we didn’t have a superpower invading another sovereign nation, and there was no global pandemic.

But there are still fundamentals we might expect to play out, and we can be calm and proactive in reacting to economic conditions.

Low unemployment has led some consumers to complain about customer service in several areas.

While low unemployment rates are great for people who struggled to find work and make ends meet during the early stages of the pandemic, now is not the time to be part of the job performance problem. employee work.

Those who needed a break from entering the workforce now have a wonderful opportunity to prove themselves as conscientious employees. When the job market tightens, employees who have not been diligent in their work will be the first to go.

Much of what is needed to weather economic changes is not to make short-term moves that impact long-term conditions.

Two of these movements involve investments.

If the money is invested for the long term, taking that money out of the stock market could be a reckless move with long term impacts.

The same goes for making money available for emergencies in the stock market. Keep emergency money safe and liquid, which can seem boring.

And don’t let fear and uncertainty lead you to make decisions that will negatively impact your long-term nest egg.

Linda Leitz is a Certified Financial Planner. She can be contacted at linda@peaceofmindfin.com.

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Report shows rising business prices amid soaring US inflation https://otagorally.net/report-shows-rising-business-prices-amid-soaring-us-inflation/ Fri, 24 Jun 2022 04:13:21 +0000 https://otagorally.net/report-shows-rising-business-prices-amid-soaring-us-inflation/

As household budgets reel under the impact of soaring prices for fuel, food, rent and other necessities, oil companies and other sections of big business reap massive profits, in part thanks to consumer scams.

Gasoline prices in downtown Los Angeles, Calif., Monday, March 7, 2022. (AP Photo/Damian Dovarganes)

According to a new report by the liberal think tank Roosevelt Institute, a review of data from 3,698 U.S. companies found that profit margins and profits have risen to their highest level since the 1950s.

In 2021, the average markup reached 1.72, meaning that the typical price charged by a business was 72% above its costs. This is up from a 1.56 mark-up throughout the 2010s. Last year saw the largest rise in margins since the 1950s and two and a half times higher than the next largest annual margin . Among the sectors that the study found to have the largest profit margins are oil and gas, real estate, quarrying and mining. The study found that the financial sector had the largest overall profit margin, indicating massive profits from Wall Street banks.

The report also looked at net profit margins, net income divided by net sales. “Here we see a more consistent range, with net profit margins dropping from an annual average of 5.5% from 1960 to 1980 to an average of 6% during the 2010s. In 2021, it has increased to 9 .5%, again its highest value on record. Profits grew steadily across all definitions.”

Oil companies, in particular, made massive profits in the first quarter of 2022, buoyed by price increases triggered by the war in Ukraine. Oil giant ExxonMobil alone made $5.5 billion in profit, double its results in the first quarter of 2021. Shell raked in $9 billion in the first quarter, its best quarterly result ever. BP reported $6.2 billion for the quarter, not including a loss for offloading its holdings in a Russian-controlled oil company. It was BP’s best quarter in 10 years and Shell also reported a significant rise. Chevron has surged and Conoco’s profits have increased more than fivefold since 2020. In total, the five oil giants raked in $35 billion in the first quarter. The top 25 oil companies made $205 billion in profits in 2021.

According to a recent New York Times article, S&P 500 earnings were up 70% in 2021 from 2020 and 33% more than in 2019 before the pandemic. The same report notes that, overall, the companies earned “an estimated $200 billion in incremental operating profit last year as a result of this increased margins.”