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Leasing has become a very popular method of acquiring a new auto. Although the payments may seem attractive, it may not always be the best financial decision versus purchasing the vehicle outright and financing it with a low interest loan.
At first glance, 0% financing appears to be the best option when purchasing an auto. However, if you choose to finance through a bank or credit union you may be eligible for a dealer rebate.
Many factors go into determining the final loan amount for the purchase of a new or used vehicle. These factors include any manufacturer's rebate, the trade-in value of your old vehicle less any outstanding balance, your down payment, etc.
It may make financial sense for you to sell your current vehicle and purchase one with better gas mileage. Taking into account the monthly savings at the pump, the financial question is how many months will it take you to recover the out-of-pocket costs you incur with the purchase of a new vehicle.
By making a small additional monthly payment toward principal, you can greatly accelerate the term of your auto loan and, thereby, realize tremendous savings in interest payments.
Experts suggest that you should not allocate more than 20% of your take-home pay towards monthly auto payments. The down payment, interest rate, and term of your loan will also determine how much you can afford to buy.
Without increasing the term remaining on your existing loan, you will be able to save interest with a new loan at a lower rate.
You took the big step and started a business. Your product is the best on the market and you can solve many problems and heartaches with your product. Now you need to place your business into action. You prepare a budget, you know what you will need for marketing, office supplies, insurance, etc. Now to the next tough question – Do you go alone for a while or hire someone? If you hire, how many people, what positions, how do you supervise them, what controls do you need…so many questions. Rule 1 – If it costs you less to hire someone to complete the task than your time is worth, hire them. Rule 2 – Hire people smarter than you. Steve Jobs stated, “It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do”. Continue on to view more FAQs.
This section was inspired by my daughter. When she was almost 2 years old, her automatic response to everything was: “I do it myself!” I would watch her as she took 15 minutes to put on her jacket and then another 10 minutes to zip it. It would have been quicker and easier if I did it for her, but she was determined to do it herself. And what was her rush? At 23-months old, the most important tasks were basic survival actions. If it took a few minutes longer to get ready to go outside to play, so what? Now apply that to your day and your business. Are you getting the results you want from your business? Are you the only one listening to your ideas? Do you ever feel stuck or frustrated? Who do you have candid conversations with? Are you making every decision on your own? Do you handle every task in a process? Are you conducting business like a two-year-old lives life?
Here are some ways to determine who to hire and what they should do for you:
Running a holiday sale or weekly special? Definitely promote it here to get customers excited about getting a sweet deal.
Have you opened a new location, redesigned your shop, or added a new product or service? Don't keep it to yourself, let folks know.
Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.
As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.
Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step!
Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"
With interest rates at record lows, it may make sense for you to investigate whether or not refinancing your auto loan could save you some money. Adjusting the term of your existing auto loan may also make a big difference in your monthly loan payment.