Getting the Best Finance Deal for Your Car

Getting the Best Finance Deal for Your Car

Getting a new car is very exciting but arranging the finance deal for it is much less fun. In fact, it can be downright baffling with all the different options that can be thrown at you. So how do you go about getting the best deal for your car financing?

Should you pay cash or go with hire purchase?

Whether you are buying a big executive car or are searching for a little hot hatchback, the general payment options are the same – you either pay for the car in full or put it on credit, called hire purchase.

Paying for a car in full, in cash is great if you have the facility but if you are considering using your savings, pause for a moment. Review your finances and look at the worst case scenario – have you got enough savings left to deal with a number of emergencies if you pay for the car all at once? If the answer is no, then paying in cash might not be the best idea.

Some people choose to pay for the car by their credit card and then pay interest on this. Check your interest rate versus the APR on the hire purchase agreement to see if this is the best idea. Also avoid maxing out your credit cards as this isn’t good for your credit score or for emergencies than a credit card might be required for.

Understanding hire purchase

If the last option, hire purchase, looks to be the right one for you, there are still options available. Hire purchase is where you secure the money against the car itself so if you don’t pay back the loan, the car can be repossessed to pay off the debt. Normally, you pay a deposit and the rest is spread over a period of time. At the end of this period, when the loan is paid off, you own the car outright.

Another option can be to take a personal loan to buy the car. In this case, the car isn’t secured against the loan and if you don’t pay it, the company may not try to repossess the car. Usually, these loans are only available for those with good credit ratings but may offer a lower APR than hire purchase, meaning you pay less interest over the term.

Getting the best deal

Shop around for your HP deal rather than simply accepting the first one you are offered. A car dealer may try to persuade you to go with their own finance deal but you should ensure it is the right one before agreeing to this. Look at the APR or annual percentage rate to see how much you are going to pay for the money you are lending.

Look into the future a little and consider what might happen. If the payments are low but there is a high cost for paying off the loan early, this might not be ideal if you have savings you want to use against the loan at some stage. Also lower payments often mean more interest so consider how much you can afford to pay monthly versus the savings made long term.

Time to Change Jobs?

Time to Change Jobs?

We’ve all done it – told our spouse, partner, friend or even a trusted co-worker that the time has come and we want a change. We need a new job, a new challenge or to work in an industry we enjoy. We want to be passionate about our job and feel we are respected and valued. So is this the time to change jobs and what are the key points to remember when you start looking?

Knowing it’s time

There are lots of indicators that it may be time to change your job and these are different for each of us. One of the big ones is a sense of dread at the start of the day or even the night before. You don’t want to go to work, you lack passion and motivation.

Disliking your boss is perhaps one of the top reasons to leave a job but should always be approached with a little care – the grass isn’t always greener, remember. If you are stressed, feel unhappy in your job or undervalued then this might be a good indicator. Or if you know the business is in trouble – loyalty is great but you still need a wage coming in if the worst happens so sometimes you have to look out for yourself.

Finding your dream job

Finding your dream job is great but you also have to be a little practical about it. Sure, you might want to work with the elephants at Chester Zoo or dream of being a producer for a stage show in London. But if you aren’t qualified for these jobs, then this might be a dream too far (unless you are going in for retraining, in which case – go for it!).

The best job search advice can often be not to look at jobs at all. Instead, talk to recruitment experts and see what kind of jobs you might get considered for based on your experience, qualifications and your personality. Before you approach them, make sure you update your CV – you can change it again later when you decide what kind of job you want to aim for so don’t worry too much about all those tactics for getting your CV noticed at this stage.

Getting the job

Once you have some ideas about what kinds of jobs are open to you, you can start to look at them in more detail. Look at the job, what it entails, what the employers’ recruitment process entails and a little peep at the pay and benefits. Don’t let the latter sway you though – happiness is worth more than just money.

Once you have some jobs you want to start applying for, you can redesign your CV to be relevant to the job. There’s lots of tips out there how to maximise it and help you head to the top of the queue as well as to deal with Applicant Tracking Systems that many companies now use.

Conclusion

Don’t get despondent if you don’t get the first job you apply for – very few people do. If possible, ask why you didn’t get the job and look at areas you can improve for the next time. That way you will get the job of your dreams and find yourself to be a valued employee who is passionate about their role.