If you have a business that relies on a variety of heavy-duty equipment to carry out day-to-day activities, then you will not want to have them break down. Purchasing most of the business equipment is not cheap and many businesses usually end up folding when they find themselves in this predicament. You should however, be aware that there is hope in form of equipment financing options that exist in the world today. It is necessary for you to make sure that you access an equipment finance option that is right for your needs if you are to avoid making mistakes that may cost you your livelihood.
Below are some of the factors that you should consider before selecting equipment financing option for your business:
Affordability
Each equipment finance company that you contact will give you a quote that is unique depending on the products and services you are going to get. Business equipment is never cheap but with research, you can access a company that will provide you with competitively priced financing options. Getting great value for your money in the long term should be your ultimate goal. As long as you will have access to the equipment your business needs to make money, paying it off should not be a problem if the prices are fair.
Types of Equipment Provided
The service provider you select should provide you with the type of equipment you will need. Different industries have different equipment requirements and getting a leading service provider will assure you of the best deals available. The education, medical, construction, energy, and mining industries are just an example of the sectors that require heavy equipment and having a company that provides for a wide range of these options should be your aim. This way you can purchase all the products you need from one supplier, which may end up being cheaper in the long term.
Range of Financing Options Available
It is important for you to ensure you have some wiggle room as far as the equipment finance options are concerned. Leading financing companies allow for flexibility when it comes to financial payment arrangements to ensure that majority of their clients can pay for their equipment they obtain from them. Some of these include lease purchases, fixed loans, floating term loans, lease lines of credit and so on. Having flexible financing options ensures that you will not default on payments and lose your business.
Terms of Payments
When it comes to doing business, never work with an equipment finance company that does not have transparent dealings. Ensure that you select a service provider who gives you clear terms regarding your expected payment period, interest rates, monthly payments, sell and lease conditions etc. At the end of the day, it is your business on the line, so you must practice caution.
When you want to grow your money or just keep it safe, probably your first impulse is to look for a bank account that offers good interest rates and put it in there. This is how most of us will keep our money safe and amass a little interest over time, but are you really making the most of your cash when you put it away like that and forget about it? Could you be doing more with your cash or enjoying more benefits? Here we will look at how to get more from your money and how to choose the right account or service for you and your money.
Understanding Bank Accounts
Before you put your money into any account, you should make sure that you understand precisely what a bank account is and what it does. What you might not be aware of for instance, is that when you put your money into an account that money gets invested into properties, projects and businesses as though you were playing the stock market with it. The interest you accumulate is the customers’ cut of the profit the bank makes by making those investments.
Now generally this interest is pretty low in a current account, but you can make more interest by putting it into a range of savings accounts which generally make accessing your money more difficult. Because you take your money out of a savings account less frequently, the banks can make more profit from investing it and thus they can offer you higher APR (annual percentage rate). If you pay into an ISA that doesn’t allow regular access, then this will provide you with even higher interest.
Choosing the right bank account then should mean choosing the bank that you most trust, choosing the deal with the highest APR (make sure it’s cumulative interest) and choosing the one that offers the easiest access. In general you should also make sure that you have multiple bank accounts with different organizations. This will keep your money safer because it won’t all be in one ‘pot’ should anything happen to that bank, and it will also help you to keep track of your own money and to budget more wisely.
Other Options
The problem is though that with any bank account you will still only be taking a cut of the profit they get from investing your money – and a very small cut at that. There are ways you can increase this amount further though, which include investing yourself in stocks and shares (or bonds) or alternatively using something like a self-managed super fund which means essentially teaming up with some other people to invest your cash jointly and choose which investments you want to make.
There are also other ways you can keep your money safe which provide other benefits or which are more suitable for particular groups. For instance if you run a large business and are worried about potential bankruptcy you might be interested in asset protection in which case you may be interest in a Swiss Annuity which pays you back your own money with interest over a set duration. If you need to take out life insurance to protect your family meanwhile, then life assurance policies can help you to invest your cash while at the same time protecting your family and could be a great way to protect your family.
Tags: banks, budgeting, cash flow, economy, expenses, investments, money, savings
Budgeting, Investment, Money, Savings
Babies are expensive but quite often people don’t realise quite how expensive they are. There’s no way that you can prepare for the added expenses that your family will have to deal with other than save from the moment you find out you’re pregnant. However, when your little bundle of joy is born there are loads of ways you can save yourself money so that you’ve got a little bit left over.
When it comes to having your baby you might find yourself in hospital for a few days so there are a few things you should remember when you’re there.
- Firstly, don’t use the TV; some hospitals charge as much as £6 per day to watch the TV so why not save that money and use the time to bond with your little one and recuperate as you won’t have time for recuperation and relaxation when you get home.
- There’s quite often a selection of toiletries in the cupboard including nappies, lotion, wipes and a thermometer, you should ask to take these things home – usually you’re allowed – to save yourself having to go out and buy loads as soon as you get home.
- Maternity wards in hospitals are always being plied with free samples and coupons too but generally nurses are too busy to give them out. If you ask they’ll be more than happy to give you whatever you have; a lot of the time there will be samples of baby lotions and creams as well as coupons for nappies and milk formula – you could save yourself loads.
Breast is best and it sure is cheapest. If you can’t breast feed then you obviously have no choice but to shell out on formula but if you can you’ll definitely notice the difference in your bank balance. A lot of people think that you have to have your own breast pump to express milk in advance but this isn’t the case, you can share them so if a friend or family member has one, as if you can borrow. The only thing you can’t share are the plastic attachments but you can buy those cheaply enough from chemists and even supermarkets. Borrowing a breast pump will help save you at least £100 if not more.
You should never buy too many baby clothes in advance; if you buy a winter coat in September it definitely won’t fit them by the time the cold weather hits so that’s quite a bit of money lost. Also, stick to neutral coloured baby clothes, that way you can use them again if you ever have another.
There are many questions that you are assuredly going to be confronted with when applying for a credit card. These questions are important to answer, and answer honestly because of the credit card companies need for accurate information. The information that you provide will help them to determine what credit card is right for you and what financial offerings they can provide you through their institution. Lying about this information is not only problematic but also fraudulent. Whether you are applying for credit through a large institution, such as would be the case if you were applying for a Lloyds TSB or Barclays credit card for example, or are just looking for more data for a future application, the following is some of the common information that you will most likely be asked during this process.
Income
Though personal, a credit card will assuredly be asking you what your income level is. They will want to know what your annual take home is and may want to know what the monthly is as well. This information is important to a credit card company for many different reasons. First, it will help to determine how much financing and credit they can provide you with. They do not want you to be at risk of being unable to pay so knowing how much disposable income you have can allow them to provide you with an appropriate amount of financing. They will also want to know what income bracket you fall within to better help determine the type of credit card that is right for you. An individual with a high level of income may be eligible for a bonus or rewards card, while those with less monthly income or annual revenue may not. This serves as a protection to both the credit account holder and the lending institution.
History
Before issuing a line of credit to an individual, the financial history of that individual will be assessed. This is done by doing a credit report. The individual applying will have to provide information on application that agrees to this assessment. If not, they may not be able to move forward in the application process. A bank or credit card company wants to know that their risks are worth it. If an individual does not have an established credit history or has one that is highly flawed, this can reduce the chances of them issuing a card. If the individual has a stellar report, they may be more inclined to accept the application and even to increase the amount of credit that is issued. Either way, it will be unlikely when applying for a credit card that you will be able to move forward without answering questions regarding your credit history.
Employment
Another way in which a bank or financial institution will seek information on an application for a credit card is to ask for your employment history. This is important because it shows whether an applicant has a consistent source of annual income as well as how stable their career is. This section may or may not be included on the main application, but you should be prepared to answer it just in case.
Laura was getting ready to apply for a Lloyds TSB credit card. To prepare, she wanted to gather all the information that she may have needed before beginning the process. Then she created the above list to help others.
If you are feeling a bit overwhelmed these days, you are not alone. Many families are finding that they do not have the same quality of life as they had just a few years ago. With everything costing more than ever before living within your means can present quite a challenge for even the most organised individual. It is getting harder than ever to pay your monthly bills without dipping into your emergency funds. So what do you do when you have depleted your emergency fund and there is nowhere else to go for a bill that is due?
To Cover Unexpected Expenses
Unfortunately, there are no easy answers or quick fixes here. You simply have to reduce your debt and change your life style. While this may sound easy it takes time. There are some things that you can do for the future to ensure that you are better prepared but this takes time. If you have an unexpected expense or a bill that must be paid and you do not have the funds to pay it there is a place to go for a temporary fix to the problem. A payday loan will give you the funds you need so that your payment is made.
The loans are short term and the requirements for the loan are simple. You must have a steady job and a bank account. The repayment is short term so you will not have the loan over an extended period creating yet another monthly payment. There is also no penalty if you are able to pay the loan off sooner than is required. In fact, you will actually save interest by doing so.
Helps to Bridge the Gaps
Ultimately your goal should be to get yourself back on track and establish a budget that works for you. Refraining from wanted items until you reduce your debt to a comfortable level will help you to achieve peace of mind. Now more than ever before you want to ensure a brighter future. While these are difficult times in front of us you can still enjoy life by revamping your old habits. In the meantime, a payday loan will help you to stay on track by not reducing your income for that unforeseen expense. The short term loan will allow you to live as you have while reworking your budget to fit the times. Since these loans are short term you will only have the payment for a few months instead of a bank loan that generally require a two year term. Unlike the bank loan there is no penalty for early repayment allowing you to pay the loan off sooner rather than later.
Designed for Hardworking Folks
Payday loans are designed to help a person who otherwise would not need them. These are hardworking people who have a steady job and find themselves in need for the first time. With nearly everyone you know going through the same crisis it is not easy to turn to a family member as you once might have. Your friends and family are experiencing the same restrictions on abundant spending. With that in mind payday loans are the one place you can go to in order to get the help you need in an emergency.
Most people are not looking for a hand out and there is no shame in asking for help if you truly need it. So long as you understand that you need to prepare for the future. Times being what they are you need to get serious about your spending habits and create a budget that works for you. A payday loan should never be abused or used as a way of gaining cash to spend care-free. If used properly these short term loans can actually be the temporary solution to your problem. They can get you over the hurdle and provide you with a means to recover. You must however have the means to repay the loan. If you are already seriously behind in all your bills you may need to seek help elsewhere. The loans are not a way out of trouble they are a way to avoid trouble. For the person who otherwise would not need one.
Paula Whately is a debt counsellor who advises on the best ways to get you out of debt. Short term loans may be an option if you are in a pinch.
0 Comments 
