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It is imperative to mention that the small business owners can leverage from taking loans from the loan brokers. Funding is one of the most predominant problems that are generally faced by the small businesses and thus they are always looking for different sources to arrange for the capital, so taking a 12 month loans can be the best bet for them. When most of the business owners think that they don’t need to take the help of a specialised small business loan broker, the reality is only with the help of a good loan broker you can choose the best-suited loan for your use. But you also have to remember that not all the loan brokers cater the same kind of quality consultation service toothier clients. So before choosing a loan broker, you must ask him a few questions that can help you to know about the loan easily.

Questions to ask a loan broker

In order to know about your loan better, you always should ask your broker a few questions so that there will be no doubt in your mind and you can apply for the same with more confidence.

1. Should I apply to the banks and credit unions?

First, you should ask your broker that to take an open whether you should go to the banks and credit unions or you should visit the private financers. To get the right answer to your query you must first decide what you want to form your loan? If you are looking for a low-interest rate then you must visit the banks and not the private players and on the other hand, if you need the loan faster like within 48 hours time then you must go for the 12-month loans without guarantor as there will be no delaying in processing the loan. Moreover when you want more amounts a moderate Monthly instalment for your loan then you must go for longer-term loans rather than short terms.

2. What will be the total cost of the loan?

In order to curb your cost of taking the loan, you must consider two things first, the interest rate and the annual percentage rate or APR. When you have higher interest rate on the loan then your cost of borrowing will be more and vice versa. So ask your broker about these factors beforehand.

3. Is there any additional cost that I have to pay?

Also asking the broker clearly about any additional costs is also important so that at the time of taking the loan you don’t have to spend more money from your pocket. If there is any commission for the broker then ask him about the same too.

4. Howe many lenders are available for you?

After stating all your requirements and your preference you should ask the loan broker that how many lenders will be available as it can brighten your chances to secure the loan easily.

5. What are the ramifications of the small business loan?

Don’t also forget to ask your loan broker that whether there are any negative ramifications of the loan too that can affect your business’s financial health greatly in future. Like what will happen if you want to foreclose the loan before the repayment period ended or if my credit score will be decreased then how it will affect my APR and so on.

Baltimore faced unseasonal storm and several flooding conditions a couple of months ago. You may think that you have dealt with all the problems associated with flooding and heavy rains. But, there is one aspect of floods that you should not ignore, especially when you are looking to buy a used car in the Charm City.

Rains caused severe flooding in Central parts of Maryland. And, several cars were inundated during the catastrophic act. These cars are now making their way to the used car market.

Is it okay to buy a Flooded Car?

Anyone will tell you to avoid buying a car that was caught in the middle of a flood. Even if the car is completely dry, there must be traces of dirt and debris in the car’s engine. Also, water may have affected the electrical components of the car. It can be dangerous to drive such an unreliable car.

It is only okay to buy a car if it has suffered minimal flood damage during the recent rains in Baltimore. But, if the insurance company has declared it as a total loss or it has a salvaged title, it is best to avoid the purchase. You may argue that repairs are an option. But, if there is an issue of salt-water flooding, it will be difficult to fix the car. Unless you are okay with rebuilding a flooded car from scratch, avoid it.

Tips for Avoiding a Flooded Car in Baltimore

Now, if the car is damaged due to floods, you may avoid buying it. But, what if a dealer or a private seller is not upfront about the car’s history? How to ascertain whether a car is flood-damaged?

1. Flood-damaged cars have a musty smell to them. If you feel that the smell is not obvious, close the doors and windows of the car and check for nasty odors.

2. Are there any water stains on the seat covers? Do the covers seem new in comparison to the car? It is often a tell-tale sign that the dealer is trying to hide something.

3. Also, inspect the undercarriage and the engine compartment for rust.

4. If the engine oil appears muddy, it is a sign that the quality of the car was compromised during rains.

5. Take the car for test-drive to ascertain any type of water damage. Are there any unpleasant odors, unpredicted sounds, or unexpected smoke?

6. Even if you find no problem after thorough inspection, it is wise to seek help from an expert. Hiring a mechanic may seem unnecessary and expensive. But, it is better to pay for inspection than end up with a lemon.

7. Learn the car’s history with the help of VIN or Vehicle Identification Number. Obtain free vehicle history report by submitting the VIN on the National Insurance Crime Bureau’s website.

Better be Safe than Sorry!

It is true that a car is necessity for most individuals living in Baltimore. It is a way of living. And, so you must pay extra attention to the car you choose. Check signs for flood damage, obtain the vehicle history report and find a trusted mechanic to understand the real deal.