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Best Practices for Buying a Used Car

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From car dealerships to online auto auctions, there’s no shortage of options for buying a used car these days. A used car can even get you the most value for your money when due diligence is put in, even in rising economies where new car purchases are more common. There is, of course, no way to avoid the fact that a used car will inherently have some wear on it and be significantly depreciated in value, but that doesn’t mean you should just dismiss the idea altogether. If you shop smart, you can get many years of use out of a used car at a fraction of the cost.

Control your budget

If you’re actively shopping for a used car, it’s probably safe to say that you’re on a budget of sorts already. The single most important piece of advice any prospective used car buyer can adhere to is to stay within your original set parameters, no matter how good a salesman can make a deal sound. Generally speaking, your monthly car payment should never exceed 20 percent of your total income, especially considering the unexpected costs that could be attached to buying a used car, such as replacing tires or other unforeseen maintenance. You may even want to line up financing in advance of a used car purchase to avoid the premiums of dealership rates.

Always prepare to negotiate

Sellers are generally going to be more willing to negotiate the price of a used car as opposed to a new one, and it’s always worthwhile to take advantage of this. Research a few models that best suit your needs and what they’re worth before going to a dealership. If you know the average market value for each model you’re interested in, you’ll be in a much stronger position to bring the price down when the time comes. A good general strategy is to make an offer slightly below the average and then haggle with the seller until you reach a suitable price.

Take the test drive

Even when buying a new car, there are plenty of reasons to take a test drive, and this is doubly true with a used car. No reputable seller should show any resistance to this, and there should be no appointment necessary.

If at all possible, you’ll want to check how the vehicle performs on both the highway and on side roads. Put it through its paces a bit, and thoroughly check the brakes and turning for responsiveness. You’ll also want to pay attention to any sounds that could indicate problems with tires or suspension.

The test drive is also a great opportunity to try features like the sound system and to learn about any unfamiliar technology, especially if you’re testing a model significantly newer than your current vehicle. Don’t be afraid to test drive multiple vehicles. Many people only test drive the car they end up buying, but it generally makes more sense to try a few models to get the best idea of what’s right for you.

Verify a history report

Once you’ve found a model you like, it may be tempting to believe every positive thing you hear about it, but you should always protect yourself from potential fraud. With so many free options available to perform history checks and accident reports, there’s really no reason not to do this.

It’s also a good idea to get any used car checked by a mechanic. As with the test drive, a reputable seller should have no issue with this, and used car inspections are readily available. Problems that can be easily spotted during this process include frame damage, hidden rust, and poor previous repairs just to name a few. Even if you have to cover this inspection yourself, it can save you from a much more costly mistake or from bigger problems down the road.

 

Is It Possible to Terminate a Car Lease Before the Contract is Over?

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When you lease a car, you do not know if you will like it. You research the car model, and you also compare it with other options. You also do not know if your needs will change and if the same vehicle will be okay for you in the future.

As you start driving, you will find out if there are recurring repair issues. Along the way, you will know if you are going to continue the lease once it is over, or if you need to look for other options. You need to observe the performance of the vehicle and how you feel about it. When you reach a point that you are unhappy with it and you are still months or even years away from the end of the lease, you might have to consider ending the contract.

The good thing is that some companies offer a termination clause in the lease. It means that you can return the vehicle before the contract is over, provided that you pay the termination fee. The amount is not as high as the remaining accumulated monthly fees, but it could still be a substantial amount. Therefore, you need to be cautious in determining if you are going to return the car.

Determine the issue

Before you decide that it is time to return the vehicle, you need to know first why you want to do it. If you have recurring repair issues, you do not wish to continue driving it as you will end up with more repair expenses. If your reason is that you like a newly released model, you might have to think again. You can purchase that model at a later date. If the end of the lease is only a few months away, you do not need to terminate the lease. Your preferred model will still be available. It might even be cheaper.

Absence of the termination clause

As you check the contract, you might realise that there is no termination clause. It is a terrible idea to pursue the transaction without this clause. However, if you are okay with it, you can use it as leverage to ask for a lower monthly fee. You will keep the same vehicle until the end of the contract. Therefore, asking for a cheaper lease is reasonable enough.

Take your time to decide

To avoid issues regarding termination, you need to take your time to determine if you will pursue the transaction. You can look for other models if the options on the table are not satisfying. Once you sign the lease, you have no choice but to keep paying your monthly payments until it is over.

The good thing is that there are top dealers out there who will offer reasonable lease agreements. For instance, you can check out www.genusleasing.com since they have some of the best car models and lowest monthly rates.

To read more on topics like this, check out the money category

An Interview with the CEO of Radium2 Capital, Troy Caruso

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Getting money to start or grow a business can be difficult. Radium2 Capital is one company that has focused on simplifying the process. Troy Caruso, the CEO of Radium2 Capital, understands the struggle people go through at times. That is why his focus has been on helping many different types of businesses reach their goals.

How exactly does Radium2 Capital work? Can any business benefit from their services? We get into that and more in the interview below.

What led to you being the CEO of Radium2 Capital?

As a businessman myself, I saw firsthand exactly how tough it was to get working capital at times. It was definitely rough, especially when I was first starting out. Getting a loan from a bank or other financial institution was very difficult, and they didn’t seem to be that willing to work with me.

More people than ever are starting businesses these days, and it is simply impossible to wait weeks and weeks for money to be finally sent over. Radium2 Capital focuses on speed, customer service and overall care.

Do you face any struggles being mostly an online company?

It seems like it really depends on the type of client applying for assistance. Some of the younger business owners out there are used to doing a lot of things online anyway, so this is not a big deal at all. Those who did not grow up in the Internet age might be hesitant at first, but we do focus on answering all their questions before hand. Transparency is the key, especially since some people can be worried about potentially getting scammed online.

What type of businesses benefit most from your services?

We really have no specialization when it comes to working with different types of companies. As long as the person has a good business plan put together, there is an opportunity to have success in any field.

In the last decade, we have basically worked with every type of business imaginable. The one common theme in business is that it usually takes money to make money.

What advice do you give people who do end up using your services?

Try to put together a realistic budget before contacting us if at all possible. Some people can get themselves in trouble by applying for too much money. Since a person gets approved for that much money, they will end up over spending on things that they really do not need.

As long as the person has a set budget, the money can go a long way. The good news is that more often than not, people are pretty responsible.

What do you do with businesses that struggle early on?

We operate by purchasing a small amount of future sales, advancing money based on that. Since that is the case, we completely understand that it can take some time for a business to take off.

The payment plan is totally dependent on how much money a business is bringing in. If the business underperforms early on, the monthly payment is going to be low. This is to make sure that no business owner we work with falls behind.

 

How to Spend Less Each Month

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Given that it’s January, most of us have spent the last few weeks pondering what we want from the year ahead. There are some common themes that define the aspirations of 90 percent of the population, and most of these center around finances, our careers, and our personal relationships.

‘Spending more time with friends and family’ is a big one, as are ‘getting on the property ladder’ and ‘securing a promotion’. Perhaps the most prevalent, however, is ‘saving more and spending less’.

Luckily for you, the latter is one we can most definitely help you with. Here’s how to do it in three simple steps.

Create a budget

It may sound as dull as dishwater, but it’s time to sit down and plan out a budget. In order to reduce your expenditure, you first need to know where your money is going, and how much you have left over to spend once the necessities are out of the way. Thankfully, it’s a whole lot simpler than it sounds. You’re going to start with two columns: your income on the left, and your essential outlay on the right. The latter should include only what you have to pay out to live – for example, your rent, your monthly fuel costs, and so on. Subtract this from the money coming in each month, plus the amount you want to save, and you’ll be left with an important figure: the amount you can safely spend on luxuries and non-essential items. Exceed it at your peril!

Shop around

So you’ve had your eye on a new mobile for the past two months and now you’re ready to buy. Before you go any further, stop. We want you to ask yourself an important question: can I get a better deal elsewhere? If the answer is ‘yes’, you know what to do. If the answer is ‘I don’t know’, do some research. This is the same process you ought to be following any time you’re planning a purchase, no matter how large or small. See how far your money can stretch and you’ll definitely have more left over come the end of the month.

Look around for special offers and promotions

We understand budgeting can be challenging. It sometimes feels like it’s sucking all of the fun out of your life, so we fully recognise that there are times when it’s going to go out of the window. On these occasions especially, be sure to look around for special offers and promotions. This is just one more way to cut your costs, so whether it’s a gym membership you’re hungering after or a quick flutter online, it’s important to see who can offer you the best deal. Let’s use the latter as an example. Sites like RealMoney.ca are a great resource, because they list lots of different casino providers and plenty of special offers for you to compare. Right now, one of the options is Party Casino Canada, which has a welcome bonus for those looking to keep costs to a minimum. Shop smart like this to save yourself some money.

When it comes to scaling back your expenditure, it really is small and seemingly minor steps that can make all the difference. Be clever, approach your objective logically, and you should have much more money left over come the end of the month.

Talk on Finance

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If you’re always interested in learning more valuable information about managing your finances and investments, continue reading.

Talk on finance:

  1. Make sure to keep up to date with the latest finance news

As the world of finance moves extremely quickly and interest rates and stock prices can vary greatly within just 24 hours, it’s a great idea to read the latest finance news when you wake up in the morning. Which will give you enough time to make any quick changes to your financial accounts or investments before the financial markets are further affected.

It’s also well worth checking the latest financial news during your lunch break and before you go to sleep. To take advantage of any opportunities which you may become aware of. As an example, you may find at lunchtime that it’s the perfect time to purchase shares at a great price before they skyrocket again.

2. If you are interested in hiring a stock broker, don’t place all of your savings into the funds which they select for you

If you don’t have the necessary time to select all of the stocks and investments which you purchase yourself, you may be interested in hiring a stockbroker. However, while it can be tempting to place all of your long-term savings in funds which are selected for you by your chosen stock broker, stock brokers are human and often make mistakes.

So it’s well worth keeping a large proportion of your savings in a high-interest bank account and in stocks and investment opportunities which you select yourself. As every few years news articles make major headlines when well-respected brokerage firms lose their clients capital.

3. When it comes to investing plan to create highly diversified portfolio

One way to significantly decrease your portfolio’s risk level is to aim to put together a diversified portfolio which features shares in a wide variety of companies and industries. You may also be interested in accumulating ETF shares, which are shares in funds which are made up of dozens of different companies. Most ETF funds have a theme.

As an example, some ETF funds are only comprised of businesses which operate in Asia, while other ETF funds are comprised of US companies.

4. Start saving for your retirement today

One of the worst mistakes which you can make is to wait till your 10 years out from retirement to start saving for your retirement. Instead start putting aside money and investing money for your retirement, to ensure that you’ll be able to enjoy a luxurious retirement and will be able to travel the world in your twilight years. As if you rely on government pensions, you may well struggle to make ends meet when you finally retire.

5. Talk about investments and saving with your friends and family members

In order to learn new tricks, it’s well worth openly talking about investment opportunities, strategies and saving tips with your trusted friends and family members.

Hopefully, after reading the five excellent saving and investing related financial tips listed above, you now feel more confident about managing your finances!