Thomas Holgate | Source | Vice President, Auto Refinance at Way.com
Thomas Holgate
As Vice President of Auto Refinance for the auto app Way.com, Tom is an experienced and enthusiastic fintech leader with expertise in personal finance, personal loans, credit card debt, auto loans, and refinance. Before this, he served as CEO of iLending for 4+ years.
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Way.com (https://www.way.com)
Vice President, Auto Refinance
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What is an auto equity loan, and who is it best for?
Learn about auto equity loans, their benefits, drawbacks and alternatives. Get reliable insights to make informed financial decisions.
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What Is An Auto Loan Hardship Program And How Do You Qualify | Bankrate
If you're having trouble making your car payments, you might want to see if you qualify for an auto loan hardship program.
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Debt Settlement vs. Consolidation: Expert Insights from Way.com
Tom advises that debt settlement suits long-term income changes or privately held debts. He warns against companies demanding upfront fees. A misconception is that settlements don't affect credit scores. Tom suggests lifestyle adjustments, like a second job or downsizing, as alternatives. "Debt settlement can negatively impact your credit score," he notes. -
Avoiding Payday Loan Garnishments: Expert Tips from Thomas Holgate
Tom advises that wage garnishment occurs only after a lender obtains a judgment. He suggests contacting lenders immediately if a payment is missed to arrange a repayment plan or settlement. Payday lenders prefer avoiding court, making proactive communication key to resolving debt issues. -
Expert Tips for Managing Personal Loans Effectively
Thomas advises keeping loan terms brief to avoid high interest costs. He notes, "Interest rates are generally better than credit cards." When choosing a loan term, balance low payments with shorter durations to minimize overall repayment without straining your budget.
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Many homeowners are sitting at interest rates far lower than what they could get today if they were to refinance. The cost of tapping into equity for home improvement has significantly increased due to the higher interest rates, and option of refinancing to get a lower payment has virtually disappeared. Even in scenarios where a homeowner could refinance and lower their payment by stretching the term out, the cost of that transaction could run into tens of thousands if not more in additional interest. Meaning of course, the homeowner would not be building equity but merely paying interest.
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Affordability of buying a home has gotten out of reach for many. While inflation has come down in recent months, the higher prices that were established when inflation was at 9% will never come back down. Add to that the increase in monthly payments on a home loan with an interest rate close to 7% versus 3% from a couple of years ago, and many Americans simply cannot make the math work. To put it in perspective, the increase in monthly payment on a $400K loan for 30 years is about $900 per month, and the average family is spending $709 more per month on other expenses according to CNN Business. That’s $1,609 per month, or the equivalent of an additional $24,000 in annual pretax income.
