7 Ways To Make Car Repairs More Affordable

Car repairs can be very expensive. When faced with big repair costs, many people resort to an emergency loan or cut their losses and scrap their vehicle. However, these aren’t the only ways of dealing with high car repair bills. Here are just a few ways to make a trip to the mechanics more affordable.

Have a rainy day fund

Everyone should have a rainy day fund. This is a savings account that can help to pay for expensive disasters, whether it’s a car repair, expensive medical treatment or property maintenance. They key is to only use this money in an emergency and to not dip into for general spending. These accounts can be great for paying for high deductibles, allowing you to lower your insurance rates.

Make an insurance claim

If the damage was not your fault, you may be eligible for an insurance claim that can help to cover repair costs. Don’t try and protect your no claims bonus – you’ll likely save more money by making a claim than you would from any bonus in the future. Always notify your insurer within 48 hours of an accident and only seek repairs once your insurer has paid you your compensation. You don’t want to get repairs only to find out that your insurer wants extra photos of the damage, which you then can’t supply.

Make a legal claim

It may also be possible to make a legal claim is the damage wasn’t your fault, particularly if you were injured. Personal injury lawyers may be able to win you compensation to help pay for any medical bills and vehicle repair bills. Search for experienced lawyer and look out for ‘no win no fee’ deals that could save you money if your claim is unsuccessful.

Shop around for car repair quotes

Different repair centres all charge different rates when it comes to repairs. Try to get multiple quotes from repair centres so that you can then compare prices and choose the cheapest rate. Be wary of some repair centres that may charge suspiciously low rates. It’s possible these repair centres may be making up for a bad reputation – check online to see if there are any reviews of the company. You don’t want to end up with a botch job that results in more future costs.

Buy your own parts

You can often deduct costs by ordering your own parts. Car repair centres make a profit on any parts they have to order in. There are lots of sites online that sell car parts, the cheapest of which are likely to be second-hand. These second-hand parts are worth considering, although you don’t want to buy anything too worn that may need to be replaced again in a few months. Always use trusted parts dealers that have a good online reputation.

Try some DIY repairs

Major repairs are best left to a mechanic, however there may be some small repairs that you feel confident enough to take on yourself. There may be instructions in your car’s driving manual when it comes to various small repairs like changing a headlight bulb or changing a brake pad. If not, you can find instructions for these tasks online through the likes of Youtube. Make sure that you have the right tools for the job. Some tools may be costly – in such cases, it’s best seeking a professional rather than investing in a specialist tool you may never use again.

Consider preventative maintenance

Most people getting their vehicle fixed will focus on the necessary repairs. However, in some cases it could be worth paying extra for a few preventative repairs in order to save money in the long run. A mechanic might recommend getting your cam belt replaced even if it is not mandatory. Replacing it early could prevent other parts getting worn as a knock on effect.

Your Company Needs A Car, And Here’s Why

Businesses have lots of expenses to contemplate. From tech to new machinery, the list is endless. But, one purchase which doesn’t get the same amount of time is a company car. To most firms, it is a luxury, and indulgence they can’t afford. So, you leave it to the big boys to swan around in their motors and show off. However, prestige and reputation are not the only reasons businesses have company cars. In truth, there are plenty of reasons to consider kitting out the organization with a car. These are the main ones. 

Employee Satisfaction

From a worker’s point of view, a company car is a great addition. Why? It’s because they get a free car essentially. Because the company can claim back the tax, they don’t have to pay for gas. And, they are not going to fork out tens of thousands for the initial purchase because that is madness. Then, there is the cheap insurance to consider, as well as a multi purpose vehicle they can use outside of work. Simply put, a car is an excellent incentive for employees who are high enough up in the firm. If you don’t have the budget to compete with your rivals, this is a fantastic option.

Tax Deduction

“Wait there a minute. Why would you buy a fleet of cars if you don’t have a big budget?” Good question because vehicles are not cheap, especially if there is more than one. However, when a business buys or rents a car, they don’t go through the same process. Because it is for commercial purposes, there are tax deductions which can save the firm money. For example, it is possible to claim the overall cost as a business expense. If a vehicle's price is $15,000, it is $15,000 off the bill at the end of the tax year.

Brand Awareness

Everyone has seen the cars which are full of logos and advertising materials. Gaudy they may be, but they are also effective. People see the cars on the roads and can’t help but notice the brand. Of course, awareness of the company increases as a result. If this is too ostentatious, there is the firm’s reputation within the industry to consider. When you go to a meeting, you can’t turn up in an old banger which chugs and sputters. Instead, a sleek and professional car, like a Range Rover, is necessary to reflect the business. The good new is that Cars & Co Range Rover dealers have the price covered. You just need to make sure you choose wisely for the sake of the company. 

Helping Around The Factory

It is rare to find a business which doesn’t make deliveries in 2017. You probably have a contract in place with a shipping company, but a company car is an alternative. With a vehicle, it is easy to make shipments and deliveries to fulfill customer orders. And, there is the added extra of rolling up in a new whip and impressing your base.

Ultimately, a company car can help everything from the firm’s finances to employee turnover. Therefore, it’s a no-brainer.

Beat The Rising Costs Of Driving With These Useful Tips

Each year the cost that comes with running a car goes up, which is why more and more people are having to use public transport instead of their own cars to get around. It’s a shame that so many people are now no longer able to afford to drive just because of the rising cost of running a car. However, the good news is that although car running costs are on the rise, that doesn’t mean that owning a car is unaffordable, it’s just a case of being smart about your spending and knowing how to cut costs. To make this easier, below are some tips and suggestions to take note of.

Find ways to reduce the cost of your insurance

One of the biggest costs that most drivers face is the price of their car insurance, which is a legal requirement if you want to be out on the road. The good news is that when it comes to cutting car insurance costs, it’s actually relatively easy to do. You see, car insurance premiums show how safe a driver you are, so the safer you become on the roads, the lower the cost of your car insurance will be. One way to reduce the premium that your insurance company is charging you is to undergoing a defensive driving traffic school online course or a course that is completed in person. By completing a defensive driving course, your insurance company may reduce your premium based on the assumption that you are a safer driver.

Make car maintenance a priority

Another reason for the high costs that come with driving is because cars have a tendency to breakdown and can often need replacing, which can be costly. However, if you are willing to make car maintenance a priority, you can reduce the likelihood that your car will break down and need to undergo costly repairs or will need replacing.

Be a more efficient driver

Another way that you can reduce the costs associated with driving is to be a more efficient driver. This means driving in a way that will mean your vehicle uses less gas, and so, you have to spend less money running your car. Driving your car efficiently means always driving in the correct gear for the speed that you are traveling at. Otherwise, you will use less gas than necessary.

Take out breakdown cover

A lot of drivers report that one of the most expensive parts of running a car is dealing with a vehicle breakdown. However, that’s only true if you don’t have breakdown cover in place as if you do, then breaking down doesn’t tend to be expensive as your car can often be fixed or towed for free as part of your policy. However, if you have no breakdown cover in place, this is when things can get pricey, which is why it’s worth taking out breakdown cover, to ensure that should your vehicle breakdown, you are covered.

There you have it, the best advice for beating the rising cost of driving.

Is it beneficial to pay off your car loan early?

Most of the lenders including conventional banks offer you the provision to pay off your car loan earlier than the term specified in the loan agreement. However, some of the financial institutions charge you penalties for compensating the loss in the profit expected in the deal. When you sign the loan agreement, you should ensure that there is no prepayment penalty. Clearing the loan early saves a significant amount of money. By paying additional amount every month or paying a lump sum towards the loan principal will help to reduce your burden to a great extent.

Advantages and disadvantages in paying off the car loans earlier

By closing the loan earlier reduces the loan term and the amount you spare towards the loan interest is much reduced. Though paying off the car loan earlier is beneficial to you, you need to observe whether you can afford it. If you intend using your savings for closing the loan earlier, you need to analyze your profit and loss in the deal. By closing the loan before agreed time, your credit score gets improved. With improved credit score, you can easily access financial support from conventional banks for reasonable interest rates when there is the need for funds in future.

By making prompt repayments, you can improve your credit score. As the loan is settled early, you are relieved of your financial burden. Car loan is not tax deductible and so some of the borrowers might consider applying for home loans to pay off car loans. Though you are just shifting your liability, you are saving on taxes. However, you need to see that you get access to the home loan with lower interest rates. If your car is very old, you can pay off the loan so that you can save on the insurance as well.

Generally, the lenders of car loans would require you to possess the collision insurance to get approved for car loan. If the loan is paid off early, you do not have to pay for the insurance which is a savings for you. The ratio between the income and the debt is also reduced by clearing the car loan at the earliest. If you keep paying additional amount towards the car loan, you can save a lot of money that would have to be diverted towards the interest of the loan. Before you decide to pay off your loan early, you should be specific about studying your loan document.

Some of the offers come with pre computed interest and if you have obtained such an offer, it might not be advantageous to you to settle the loan earlier as the interest is included at the origination of the loan and so you do not gain by clearing the loan earlier. If you wish to be free of debts, you can clear your loan. Or else, it is recommended that you can secure the amount for some emergency financial needs. Making exact calculations will help to make the decision. The advantages and the disadvantages in the offer should be calculated well before you decide to pay off your car loan early.