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Money Management

6 Reasons Why Investing In Certified Pre-Owned Cars Makes Sense

Buying a car is a huge investment. For this reason, you might be apprehensive about spending on a second-hand car because you are not sure you have a guarantee on quality. It is common to buy a second hand car only to have it quit on you after the first few drives.

However, you should not shy away from buying all second had vehicles. The key to ensuring that your investment in a second hand car will pay off is to buy a certified one.

For a used car to be certified, the manufacturer has to refurbish, inspect and then give certification vouching for its condition and roadworthiness.

Below are some of the benefits you will get from investing in a certified pre-owned car:

  1. Quality Standards for a bargain

For a car to make it to the certification program, it has to be in good shape. Car manufacturers work with specialists to select the best looking and best running used cars that will not present any problems.

After the manufacturer refurbishes the vehicle, it will have restored it to an ‘almost new’ state. To buy an ‘almost new’ car for a fraction of what you will use on a new car is truly a bargain.

  1. Warranty

An ordinary second hand car has no warranty. On the other hand, certified pre-owned cars have a warranty extension that includes a guarantee on the power train (that is, the parts that power the car and allow it to move, such as the engine)

  1. High inspection and reconditioning standards

The manufacturer stakes its brand name on the vehicle. For this reason, before release of the vehicle into the market for resale, it has to be subject to rigorous inspection.

You can therefore have the assurance that by the time the manufacturer allows issuance of a guarantee on a used vehicle, each part has undergone careful inspection and certification.

You can find out more about what constitutes a rigorous inspection by referring to the 150 or 300 point inspection lists.

  1. 24/7 roadside emergency assistance

You will get the added benefit of road side emergency service. As every car is bound to experience technical problems, knowing that you can call the manufacturer for assistance is of great comfort.

  1. Low interest car loans

Even one percent extra on a loan amount can interfere with your ability to repay your loan in the long term. A deal that offers you lower interest is therefore one to jump on.

As the car is almost in new condition, the bank will offer you a loan with better interest rates hence your loan will be significantly lower.

  1. Free servicing and Maintenance

Car maintenance can be quite costly. As your car will come with a warranty, the manufacturer could allow free servicing or free part replacements for a certain period or for a certain mileage limit. This will save you a lot of money.

Based on the above, you can see that investing in a certified pre-owned car is safe and cost-effective decision.

About the author

June Hempi has 10 years’ experience working as a loans officer. She has issued many loans for certified pre-owned cars to many satisfied customers. Read more on her website to see what she has to say.

Money Management

Is there an alternative to using a payday loan?

Very few of us can get through life without getting involved in some kind of loan application process.  Even if we don’t want to borrow money, it is more or less forced upon us if we want to buy a home.  But when it comes to borrowing smaller sums of money, there are several alternatives.  But before you decide which the best one for you is, consider your financial position and your circumstances.  It is not always the traditional ways of borrowing which are the best.

With a payday loan you are not just talking about a lesser period of borrowing but also a much faster processing time.  Long terms loans (mortgages, personal loans) can take weeks to process and intense credit checks.  Because payday loans do not involve the same type of credit checks, they may be easier to obtain if your credit is less than perfect. 

Companies like wonga offer a short term loan which is simple to obtain via a very user friendly website.  These types of loans are also a good alternative to using credit cards or bank overdrafts as the repayment date is set when you take out the cash advance.    Referring to these types of loans as payday loans is actually misleading.  A payday loan implies borrowing against your salary and some companies do this by taking post-dated cheques etc. to guarantee the loan.  A loan from wonga does not work in this way.  They check your details online and within minutes the money can be in your chosen account.  You then just have to pay it back, in full, on the chosen date.

But under what circumstances might a short term loan be useful?  Basically any situation where you have run out of funds and need money in an emergency.  Imagine the nightmare scenario that you are unable to pay the monthly repayment which is due on a long term loan like a mortgage. Missing this payment will not only cost you interest charges and fees but will immediately impact upon your credit file, giving you a black mark going forward.  And once you have a black mark on there, it is not that easy to get rid of.  Using a short term loan in these circumstances enables you to make the repayment, thereby preserving your prising credit history and without costing you a fortune in interest charges.  You simple pay back the money as soon as you have cash available, which has to be within a month or less. 

So there are plenty of alternatives to the unfortunately labelled ‘payday loan’.  A simple search online will give you plenty of options and it is up to you to choose carefully and only deal with the reputable, well known, branded companies.

Borrow in haste, repent at leisure so the old saying goes.  But this does not have to be the case if you research your chosen method carefully and comply fully with the payback terms. 

Money Management

Beware of Online Money Making Scams

There are many legitimate ways of making money online. Everyone needs to choose the type and niche that suits him the best. However, everyone also needs to beware of the tons of online scams that do the rounds. It is because there are so many legitimate ways to make money online that people tend to look for scams and make easy money. You will need to protect yourself from all of these. There are several categories of scams that you will come across in your quest to earn some extra income online.

Outright Scams: There are methods that are outright scams. These should be avoided at all costs. One popular example is the so called High Yield Investment Programs, which states that through some “magical formula” of making money, the person can double your money in a few weeks. These are totally fake and they are simply Ponzi schemes that are meant to swindle unsuspecting people on the internet. An easy way to identify them is to remember that there is no free lunch. If something is too good to be true, it probably isn’t. Never get greedy and jump at opportunities that promise little work and loads of money. Such things never happen in the real life and do not happen online as well. No one is going to pay you thousand dollars for a page of data entry work. Don’t fall for such scams.

Exaggerated Claims: It is not uncommon for highly exaggerated statements on the internet. You will always find such advertisements – learn how a housewife makes $1000/day working 2 hours and similar stories. They are highly exaggerated and you should research and know the truth behind them before deciding whether it join them. It might have been the case that one person out of a million might have made a good deal of money but that doesn’t guarantee anything. You should do your research – use Google effectively and look at real experiences of real people. To know whether a claim is true, an effective way is to Google “XYZ Scam” where XYZ is the program that you want to try out. You should find some reviews. Make up your mind based on facts and not exaggerated claims.

Needing expertise: Some money making methods need expertise in a particular area and if you are not good at it, you are unlikely to make money. They cannot be called scams as such but a lot of people end up unhappy with the experience. For example if you are trying out affiliate marketing, make sure you know your way around attracting a lot of traffic. If you are interested in Forex trading, make sure you know everything about the currency markets. Without specific knowledge and expertise, these methods will simply make you lose money. This happens irrespective of how many successful examples you see of people using this method to make money.

The best way to prevent scams and know which programs and methods to use is to do your research well. Since you are going to invest time and money in the process, it is good to know everything about the method before trying it out to avoid unpleasant experiences.

What do you think about online money making scams?


Money Management

Payday Loans Are Sometimes A Necessary Choice

While nobody wishes for anyone to have a medical emergency, it is not altogether avoidable that we find ourselves in one every now and then. Unfortunately, even the best of us cannot be fully prepared for eventualities like this; we may have an emergency fund stashed somewhere but at the end of the day, we cannot really be prepared to deal with any and all surprises that come our way. 

It is in moments like this that online payday loans become immensely valuable options for us to augment our financial standing. With payday loans, one can always be assured that there’s a way through which one can raise the necessary finances that may be necessary to either purchase medicines, pay for an urgent laboratory test, or raise the necessary hospital discharge fees so the patient can go home. 

To this end, it is always helpful to know that some of the most accessible payday loans provider has automated the process for applying for such loans. No longer does one need to visit the lender’s office. Via the internet, one can now accomplish all the necessary documentary requirements in the comfort of one’s home, or even through an internet café if one is indeed in a bind. Processing takes about a day or two, with the check automatically deposited to a preferred bank account, and payment also accomplished via automatic deductions to one’s next payday as authorized in the application papers. The convenience of payday loans online ensures that one can stay engaged on the problems at hand while still finding a suitable option to raise the necessary short-term financing to address one’s current financial problems. 

One excellent strategy to do this is to be prepared beforehand by already familiarizing yourself with the most reputable payday loans institutions in your area. Even when you are still not in a position of urgent need, it already helps to scout which lenders have excellent reputations for payday loans. This way, one does not have to be in absolute and total chaos when the day comes where one has to choose a payday loans offer out of many. It helps to know beforehand that some banks offer lower interest rates, have very quick turnaround and processing times, and automate everything from application to payment so there is no need to worry about it once the need arises. 

Opening yourself to extra options for raising finances is never a bad thing. Take note of these important considerations for payday loans so when you need it, you already know where to go, what to do, and what to expect.


Money Management

Don’t Set Yourself Up for Financial Devastation

Did you know that high medical bills are one of the top reasons that people file for bankruptcy.  Medical expenses can add up.  They can quickly take you from a decent financial position and send you to the poor house.  If you do not have enough insurance, you are playing fire and could be putting your financial future at risk.

Can’t Afford Insurance?

Insurance is expensive.  If your job doesn’t offer benefits it is easy to think that it is a better financial decision to skip the insurance premiums.  You may not have any problems.  However, make sure you ask yourself what you would do if something bad were to happen.  Sure, you may have enough savings to cover a trip to the doctors but could you cover a broken arm, a burst appendix or something worse?  If you don’t have insurance you are putting your finances at serious risk.

What Are the Options?

If money is already tight, adding an expensive insurance policy may not be an option.  Look into low cost insurance options to try and find a solution you can afford.  Often insurance companies offer more affordable coverage if you are willing to have higher co-pays and deductibles, this is the amounts you are responsible for paying.  While these options will not make going to the doctor inexpensive, they may protect you from having to file for bankruptcy or losing all of your savings to medical bills.

Review and Modify with Time

As your financial situation improves, so should your insurance coverage.  Insurance is a way of protecting your assets.  When you have fewer assets, you don’t need as much insurance.  However, as your wealth begins to grow, it will be important to adjust your insurance coverage.  It is important to regularly review your insurance coverage and needs.  For example the legal minimum for car insurance in some states won’t even cover the cost of replacing a 20,000 dollar car.  Since most cars are worth more than that, you could end up in a bad situation if you only have the minimum coverage.  Personal liability insurance is also a wise choice for those with substantial assets.  This protects you if you are ever sued for more than your insurance will cover.

Protect yourself by making sure you have adequate health, life, auto, home and personal liability insurance.  Since money is always an important factor to consider, weigh your coverage options by your level of risk and choose the best coverage that you can afford.  While it may be miserable to spend hundreds each month on insurance, it is a better choice than losing everything you have worked to achieve.

Do you feel like you’re covered enough?