Is it legal to pay off debt with a credit card?

Have you ever found yourself wondering ''How did I get myself into this debt?'', wishing you had that car insurance before the accident?

Unfortunately, we cannot turn back time, but we can offer you solutions for paying off your debt.

Even though it would be great if we could pay off one credit card with another credit card, that is not exactly the case.

Paying off a credit card with another credit card

This is, unfortunately, not possible. Bouncing the debt between two credit cards may be the simplest solution that crosses your mind, but in reality, credit card companies don't allow you to pay off your balance with another credit card.

Luckily, there is another kind of similar option you might be interested in. We are talking about balance transfer and cash advances – two ways of making that debt go away forever!

Balance transfers

This is a very quick way of transferring your debt from one credit card to another with a lower interest rate. Before you do this, calculate!

Debt transfer to a card that offers you more financial benefit can often hide additional fees and expenses, so you might end up with the same paying amount.

Through this process of paying some benefits, be careful – a lot of people don’t know what exactly they are paying for. Exercise your rights and monitor the Packaged Bank Account situation.

Pros for balance transfers

If you are looking for saving your money in the long run, balance transfers are a great tool! Some credit cards have better reward programs and perks, so don't miss it.

Starting with an interest-free period, credit card companies give you 12 to 18 months to convince you to transfer your balance.

Cash advance

If you are looking for the fastest way out, this is the solution that can help you in your intention.

Considering your line of credit, you can take a cash advance out with the help of credit issuers. Be aware of the fact that borrowing amount will add up to your owing amount at the end of every billing cycle!

This is a solution with a higher risk than balance transfers. However, taking that risk may pay off in the end!

Keep in mind expenses and fees – even though this is the fastest way out, it comes with its price.

Pros for cash advance

As said before, the biggest advantage of cash advances is saving time. This can be done very quickly and you could pay off your debt as soon as possible.

Getting the cash advance immediately can decrease your stress and reduce your worries!

So which one is a better solution?

Considering all the pros and cons of these two solutions, there is no right universal answer. Weigh the relevant factors and consider your abilities.

If you want to pay your debt as soon as possible, a cash advance may be your route. On the other hand, a safer and cheaper option is balance transfers, but they take time.

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.

Reducing Your Motoring Costs to Maintain the Career Benefits of Vehicle Ownership

The ability to drive is highly beneficial for any career minded individual. Access to your own vehicle allows you to travel to job interviews and affords you a simple and convenient way to get to your place of work each day should you land it. This is a given. However, driving licences and reliable access to a vehicle are rapidly becoming prerequisites stated in employers’ advertisements for staff: owning a vehicle is a personal trait that many employers favour when searching for staff. Increasing numbers of businesses and companies are taking the firm stance of “no licence, no job”. But why? Well, being able to drive shows a certain commitment from employees, as driving lessons are no easy feat and require dedication and patience to reach the point of passing the practical test. What's more? Driving a vehicle implies that you are going to be a more reliable and trustworthy employee, as you have a means of getting to work on time that doesn’t involve the regular delays that come hand in hand with public transport. It also means that you can get to more remote locations that are off the beaten track of train and bus routes. Finally, driving offers a level of flexibility. If your employer requires you to visit clients or different sites as part of your role, you will be able to get there with ease. In this sense, driving is a particularly profitable asset to you as an individual. However, driving also comes with expensive financial costs. You have to tax and insure your vehicle, as well as forking out for insurance policies, maintenance and fuel. But not to worry. Before you cast your keys aside, here are a few tips to make driving affordable. This will allow you to maintain the career benefits of vehicle ownership without breaking the bank in the process.

Choosing a Vehicle

When you choose a vehicle, you need to be logical with your choice. While a brand new motor may seem appealing, it will immediately lose significant value as soon as you drive it off the forecourt. Instead, opt for a second hand alternative. Ensure that you give it a complete check over before handing any cash to the seller. You don’t want to find that it has major and expensive faults down the line.

Car Repairs

Sometimes you will experience minor damage to your vehicle that would prove cheaper to repair independently than through your insurance. So, if your insurance premium is high and you want to maintain your no claims policy, invest in high-quality, reliable spare parts from https://www.partsengine.ca/ and find a reliable mechanic to fit them. This proves much more economically viable.

Insurance Policies

The market for insurance policies is extremely competitive, so don’t allow yourself to fall in the habit of sticking with the same provider out of habit. Alternative providers may have the policies that cover the same aspects of your car’s insurance for a much cheaper price.

Bearing this factors in mind, you will be able to reduce your motoring costs drastically, making driving the most economically viable option to advance your career and incomings.

How You Can Financially Prepare Your Teen For Life

Do you remember what it was like to be a teenager and have the whole world laid out at your feet? The excitement of heading off to college and being independent from the parents is something you have longed to experience and when you do, it’s everything you hoped and more. Except for the financial independence. If you have been lucky, you had parents who taught you everything you needed to know about balancing a check book, paying bills and managing your car. If not, well, the real world will have been a huge shock!

Now, you are the parent and financially preparing your teenager for life beyond your house is so vital. Kids grow up quickly these days, and there’s no excuse for ignorance when there is information at the tip of your fingers at all times. You want to be able to foster financial independence in your teenager so that when they do fly off to college, they can feel secure without you to hold the purse strings for them. Of course, there will be times they will need your help. Falling back to you for help getting the right rental insurance or car insurance for teens is going to happen. No matter how old your teenager is, they will look to you for wisdom on these matters and getting them ready for independence doesn’t mean you won’t be there. Financial independence is a very different thing, and it will take some time, but if you want to get your teenager ready for that independence, then you need to follow these six tips to get them there:

Get A Job. As early as possible, you should be encouraging your teenager to get themselves a part time job around their studies. It doesn’t have to be much, but it should be enough to give them a little experience and a great work ethic. If your teenager has to work to get any type of money, then they will learn very quickly the value of the dollar and how to manage their pay to get the things that they want.

Housekeeping. If they are still living in your home, be the bank. Let them manage their money, but take a percentage of it for housekeeping. You can choose to use this for utilities, or do what most parents do and put it into a savings account for them for later on. Having them pay toward their cell phone bill or grocery bill teaches them that nothing in life is coming free. Once they move out, they’ll have to pay much bigger utilities and costs than they do being at home, so teaching them young will condition them earlier.

Credit. While we wouldn’t advise you to turn your teenager to the nearest loan options, credit is a part of life and should be learned about to be respected. This is where you keep the financial reigns on, but encourage slight independence. A credit account with their favourite store is one of the best ways you can help them to learn how to manage. Enforce the fact they will need to pay their balance in full at the end of each month, and you can teach them that credit isn’t to be abused.

Banking. If they get a job, they need a bank account and you should go with them to open one. This teaches your teenager to manage more than the numbers they see on a screen and gives them some independence away from you having to hand them their wages.

Budget. It’s so tempting to blow a whole wage packet in one go – even mature adults have trouble refraining from this one. Teaching your teenager to budget for all their expenses: car insurance, repairs and even their housekeeping, can teach them how to separate a disposable income from their spendable income. Management of the budget is going to help them go a long way when they do finally move out.

Goals. Everyone, no matter how old they are, needs a financial goal. It could be saving for a car or a pair of jeans, but helping them to set goals will encourage them to manage their money properly.

Teenagers are smarter than most adults give them credit for. It’s important that they understand that once they are financially independent from you that doesn’t mean you won’t support them when things go wrong, but it does mean they have to learn how to manage without you.

Here's How Your Car Is Draining Your Finances

Cars are a necessary part of life these days. But even though so many of us rely so heavily on autos to get around each and every day, they are still extremely expensive. There’s just no way car manufacturers are going to bring down their prices! Unfortunately, these high prices are pricing some low-income families out of owning a car. But it doesn’t have to be like that - there are ways you can make a car affordable, even if you are on a very tight budget! Firstly, you just need to know the various ways cars can drain your finances. Once you are clued up on these, you will be able to sidestep them and make driving much more affordable for you and your family.

Buying New

Your car can be a huge drain on your finances before you even get it home to your garage! And that’s because you buy new. Cars are incredibly costly when they are bought new. Even cheaper models come with very high price tags when they are completely new straight from the manufacturers. If you want to start saving money from day one, you should look into buying a second-hand car. Second-hand cars can still be quite pricey, though, especially if they aren’t too old. But you can get a title loan quote online to help you manage the cost. When you do buy second hand, it’s important that you check the car out thoroughly before you commit to the purchase. Otherwise, you could end up being scammed and ending up with a dodgy vehicle!

Expensive Insurance

Even if you have had your driver’s license for years, you will need to insure yourself in your car. This is a legal obligation, and it is illegal to drive without it. Unfortunately, car insurance can be extremely expensive, but there are a few ways you can reduce the cost. Firstly, you should buy a car that is considered safe to drive. Each car is made with a different engine and other features, and these all affect how the car drives and handles. If they encourage the car to be driven at high speeds, then an insurance company will deem it quite a risky drive. Sports cars are often thought to be fairly high-risk because of their large engines. And if you buy one, you will have to pay some very high insurance premiums. So, to keep the cost of your insurance down, try and find a car that is considered safe. For instance, go for a Honda Jazz or a Toyota Prius.

Reckless Driving

When you are out and about on the road, you need to take your foot off the gas as much as possible. Not only is speedy driving dangerous and putting you at risk of ending up in an accident, but it is also increasing your gas bills. That’s because, the faster you drive, the higher your gas bills will be. Your car consumes a lot of gas when you drive it fast, and the best way to save money while driving is to stick to the speed limits. There are a few other tricks that can help you keep your gas bills down as well. For example, taking any excess weight out of the car. When a car is heavy, it needs to use more gas to go. So removing any large and bulky items can really help to bring down your gas bills.

Leaving The Engine On

If you are waiting around to pick someone up, you shouldn’t leave your car engine running. That is using gas all the time, and will only be wasting money! So, if you are ever waiting around in your car, it’s a good idea to switch off the engine, unless you want to top up your tank every other day! It’s also wise to turn your engine off when you are waiting for ages at traffic lights. In fact, some cars now come with a feature that automatically turns off the engine while the car is stationary. The engine then kicks in again when you push the peddle in. Think that turning the engine off so much isn’t worth it? You’d be surprised! In actual fact, some car manufacturers estimate that drivers can save up to $140 a year if you get out of the habit of leaving your car idle.

As you can see, driving and owning a car don’t have to be so expensive. You just need to know exactly how to prevent them draining your finances!

Mistakes to avoid when getting a used car

Ajay was in a hurry to buy a used car. He had recently got his driver’s license and could not wait to start driving his own car. In his hurry, he ended up buying a car whose engine was not very powerful. He had to get rid of the car within a year’s time. Apart from being ad is appointment, this was a huge financial loss as well.

People make some common mistakes when buying a used car. Read this article to know more, and learn how to avoid these mistakes.

1. Not preparing a budget:

The used-car market is vast and offers endless options. This makes it important to have a budget in place when shopping for a used car. Without a budget, you may be tempted to buy a higher-priced vehicle that is not suited for your needs.This can later put a massive strain on your finances. A budget will help you find the right vehicle that meets your financial and personal requirements. 

Related: Have women become more open to car loans?

2. Not inspecting the car:

This is one step that you simply cannot afford to skip. Are you buying the car from a trusted relative or from a dealer? Either way, ensure you inspect the car carefully. Check the engine, brakes, body, tyres, and the interiors. Make sure the car looks good. It should also be in a drivable condition. If you buy the car in a hurry, without inspecting it completely, you could end up with a poor and unusable model.

3. Not checking for past legal issues: 

Check the legal background of the car; are there any previous legal issues related to the vehicle? This is a simple test, but it is extremely important. Suppose the car was in an accident? Or it could even be a stolen car. As the new owner, you will be held responsible.Find out all the details associated with the registration plate. Buy the car only if the previous owners are clear of legal issues. 

4. Choosing a wrong loan or EMI: 

Most people use loans to finance their used car purchase. However, before applying for the loan and signing the papers, find out everything about the loan. Make sure you search for ideal interest rates and understand the repayment scheme. The deal does not end once you get the car keys. Remember, you have to repay the loan, so choose an affordable EMI option. Defaulting on the loan could severely affect your future finances. So, make sure you can repay the loan without letting it affect your daily living costs.

5. Not negotiating: 

Try to negotiate the price of the vehicle before buying it. Do not feel embarrassed about this, or you could miss out on some big savings. If there are any parts that need changing or have not been well maintained, you can use this to leverage negotiations.You should be successful in most cases.

Related: 5 Ways the used car loan industry is making it easier to own a car

To sum it up

You must be careful when buying a used car. Do not attempt to buy the first car you see. Take time to find a used car that suits all your needs. Inspect and compare all the cars you see until you find the best option for you. Keep these tips in mind to find a great used car.

Financial Necesseties For Any Small Car Dealership

If you’ve got a fervent passion for cars, and you’ve always wanted to start a business, then you may have been playing around with the idea of dropping your nine-to-five, and opening your own dealership. For those with a bit of knowledge and competency, opening a dealership is a very attainable way to start your own business and do something you love. In this post, I thought I’d touch on some of the big financial necessities you’ll need for your dealership.

While we all see the same image when someone says “car dealership”, the massive lot and showroom really aren’t that necessary. It’s 2016 now, meaning that all you really need to call yourself a car dealer, is the initial capital to buy a car wholesale, and the internet connection to advertise it. Of course, you’re going to need a little more space than your driveway if you want to have more than one car on sale at a time! Once you’ve secured enough capital, there are many good places to source your vehicles from. Online auction brokers, such as ADESA, have become steadily more popular in recent years, but obviously you may not be happy with the idea of paying for something you’ve never seen. You’ll still be able to find various traditional auto auctions, which don’t require a dealership license or other qualifications.

All business owners need to make sure they’re getting all the right insurance, and this is especially true for auto dealers. After all, you’re not exactly running a micro-bakery! After a little research, you’ll be able to find many companies offering building and contents insurance, as well as services protecting you from public liability and various other risk factors which come with running a business. If you want to show your customers that you’ll go even further for them, then you may want to consider purchasing some gap insurance as well. Sure, you may not have a lot of capital to throw around in that first opening period of your business. Still, failing to have certain kinds of cover can really come back to bite you. Make sure that once you’re insured you’re keeping to strict record-keeping standards as well. You may need this in the event of a claim.

Record keeping, and good organization in general, is essential if you want your car dealership to really take off. While not all of it is going to be necessary, keeping accurate and detailed records of all your past transactions will give you a greater understanding of how your business is growing, and the areas where it needs the most work. Aside from that, keeping a meticulously organized diary can be a huge help further down the line. You may be looking ahead at various regular tasks which may seem trivial to you now, but can end up being a massive drain on your valuable time. You’ll try a few systems before getting it right, so start today!

I hope this has been some help with organizing the finances for your car dealership. Like many business models, when you have your finances meticulously organized, everything else falls into place.

How to Avoid Being Ripped Off When Buying a New Car

Buying a car is a big ticket item. You need to make sure you get the best vehicle possible for your needs and within your budget. This can be difficult when in the presence of a very convincing and very determined car salesman, who may have his commission payment as his best interest. It is absolutely vital that you do your homework and that you do it thoroughly. Research, research, research!

Check out all the features that each car offers against the price. Sometimes buying a more expensive car with more features will actually give you the best value for money. What will you use the car for? Are you looking for a small city runabout that is easy to park and has excellent fuel economy? Or do you want to the car to serve a dual purpose, like being able to go on and off road so you can takethe family for camping holidays? Is comfort important to you? What about space and a roomy boot?

Be really clear on what your needs are and then set about finding cars that fit the bill. That way you won’t end up driving home a convertible sports car when you really needed the room of Land Rover’s luxury SUV. That may be an extreme example, but the truth is you can be pushed into an impulse purchase that does not meet your needs, especially at the hands of a professional salesperson.

Decide on the Car you want Beforehand

By all means visit car dealerships to find out everything you can about various makes and models, but be sure you know exactly which car you want before you buy. Think about size; how many passengers you will have? If you don’t have many a small car will be much cheaper to run. Fuel economy should play an important role in your decision. Safety too will be a big consideration; check for things like the number of airbags, reversing cameras and sensors.

Accessories

Accessories can greatly increase driving pleasure, but be clear on what accessories you really need. Don’t be swayed by a whole host of features that you will not use. Check out accessory packages carefully; find out what is included and decide whether you really need it all. Unwanted accessories can bump up the price considerably and while they sound good when being recited to you in an impressive list, you may never use them.

Interest on Finance

If you are financing your purchase this is a very important consideration. Check out payment plans thoroughly. Find the most competitive interest rate you can. Watch for loan fees and other fine print obligations. Pay attention! You will usually get better interest rates at a bank or building society.

Insurance

Many car dealers will try to sell you insurance with your car. Remember, for them it is all about commission payments, so be prepared. Do your research beforehand and know the best priced insurance you can get independently. And if they can’t match it or better it, say no.