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The Best Ways to Finance Buying a Car

Buying a car? Dont worry, we have a number of options for you to choose from

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Car showroom
Stop worring about savings while buying a car now. We bring to you various options to choose and decide from. Pixabay

So, you have set your sights on getting your own car. If you have saved enough, you can pay the entire amount at one go and not have to worry about anything. But the average person might not have that much money. If you too belong to that group, then you need not fret. Have a look at the various options that you have and decide for yourself.

1. Loan

Get a loan from a bank or any other finance company. If you have a good credit history, this option can turn out to be the cheapest. To get the best interest rate on your loan, you may need to look at different options. NowLoan can help you find the best lender.

Pros

  • You get the ownership right from the start
  • Formalities can be done online

Cons

  • Requires good credit history
  • It can affect your ability to borrow more
auto financing car
If you buy a car with the help of a loan then you get the ownership of the car from the start. Pixabay

2.Personal Contract Purchase

At the start, you pay a deposit. After that, you need to pay a monthly payment for a period of 2 to 4 years. Once the contract ends, you can pay a final amount of money and buy the car. Or, you can exchange the car for a new one and continue as usual. Or, you could simply not continue any further and return the car.

Pros

  • Greater choice after the end of the contract
  • Flexibility in terms of payment

Cons

  • You may have to pay extra for mileage higher than a certain limit
  • More tear and wear can result in higher charges

3.Personal Contract Hire/Lease

If you simply want to hire a car and not buy it, then this method can turn out to be cheaper. Under this process, you provide a deposit. You continue to pay monthly instalments until the end of the lease contract. Once the contract ends, you need to hand the car back.

beautiful car
You can hire a car if you want flexibility in terms of payment. Pixabay

Pros

  • Flexibility in terms of payment
  • Monthly payment includes servicing and maintenance costs

Cons

  • Deposit needed of 3 months payment
  • In the end, you have to give up the car

4. Hire purchase

In this payment option, you are hiring the car until you finish paying the whole amount. Once the last instalment is paid, the ownership of the car transforms to you. First, you need to pay a deposit of around 10% of the price. Then, you need to pay a monthly instalment for a certain period.

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Pros

  • No extra charges for wear and tear or mileage
  • Flexibility in duration

Cons

  • You will get ownership only after you have paid the final instalment
  • The monthly payment is higher than other option

Conclusion

Each of the options listed above has its advantages and disadvantages. You will need to look into the ones that are most suitable for your needs. Calculate the total cost by including the deposit and each monthly payment. Know about extra or hidden charges you may have to pay. You can get in touch with a trusted broker like NowLoan online to get the most suitable lender and easily get that dream car.

[Disclaimer: The article published above promotes links of commercial interests.]

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Commute to Work by Walking, Cycling Instead of Car to Reduce Early Death Risk

Driving to work may increase risk of early death

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person death
Cycling your way to work may reduce risk of early death. Pixabay

People who walk, cycle and travel by train to work are at reduced risk of early death or illness compared with those who commute by car, according to a new study.

For the findings, published in the journal The Lancet Planetary Health, the researchers conducted a study on more than 300,000 commuters in England and Wales. They used census data to track the same people for up to 25 years, between 1991-2016. The researchers from Imperial College London and the University of Cambridge in the UK, suggest increased walking and cycling post-lockdown may reduce deaths from heart disease and cancer.

“As large numbers of people begin to return to work as the COVID-19 lockdown eases, it is a good time for everyone to rethink their transport choices,” said study researcher Dr Richard Patterson from the University of Cambridge.

train death
People travel by train to work are at reduced risk of early death or illness. Pixabay

The research team found that compared with those who drove, those who cycled to work had a 20 per cent reduced rate of early death, 24 per cent reduced rate of death from cardiovascular disease during the study period, a 16 per cent reduced rate of death from cancer, and an 11 per cent reduced rate of a cancer diagnosis.

Walking to work was associated with a seven per cent reduced rate in cancer diagnosis, compared to driving. The team explain that associations between walking and other outcomes, such as rates of death from cancer and heart disease, were less certain.

One potential reason for this is people who walk to work are, on average, in less affluent occupations than people who drive to work, and more likely to have underlying health conditions which could not be fully accounted for.

car death
The study shows that those who drove had a 20 per cent increased rate of early death compared to those who cycled to work. Pixabay

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The research also revealed that compared with those who drove to work, rail commuters had a 10 per cent reduced rate of early death, a 20 per cent reduced rate of death from cardiovascular disease, and a 12 per cent reduced rate of cancer diagnosis.

This is likely due to them walking or cycling to transit points, although rail commuters also tend to be more affluent and less likely to have other underlying conditions.”With severe and prolonged limits in public transport capacity likely, switching to private car use would be disastrous for our health and the environment,” Patterson said.”Encouraging more people to walk and cycle will help limit the longer-term consequences of the pandemic,” Patterson wrote. (IANS)

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Now Buy Galaxy Smartphones with Samsung Finance+ Home Delivery Service

Samsung Finance+ service is now available at your doorstep

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galaxy-
Samsung announced that it has started the home delivery of Finance+on Tuesday. Pixabay

Samsung on Tuesday announced that it has started the home delivery of digital lending platform Finance+, making it simpler for customers to buy Galaxy smartphones at easy finance within the comfort of their homes.

According to the company, Finance+ is a unique and universally accessible digital lending platform that provides easy financing opportunity to consumers for purchase of Galaxy smartphones in India.

Samsung Finance+ service is currently available across 12,000 dealers in nearly 300 towns.

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Customers looking to buy a Galaxy smartphone on finance can contact their neighbourhood dealers. Pixabay

“Samsung Finance+ is our ‘Make for India’ initiative towards financial inclusion and Digital India. We are confident that the home delivery of Samsung Finance+ will help millions of consumers in India,” Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India, said in a statement.

To avail the Samsung Finance+ service, customers had to earlier walk-in at select dealerships. The company has partnered DMI Finance for its Finance+ service in India.

Customers looking to buy a Galaxy smartphone on finance can contact their neighbourhood dealers.

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The dealer will then send a Samsung promoter to the prospective customer’s house. The Samsung promoter will help the customer complete the loan journey in the comfort of his/her home.

After filling in their personal details for a simple KYC verification and credit scoring, customers will get multiple offers on various Galaxy smartphones.

Given the importance of social distancing in the current circumstances, Samsung’s new initiative will ensure the customer gets finance for Galaxy smartphone without the need of visiting a store. (IANS)

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Older Entrepreneurs Are More Successful Than Younger Ones: Study

"Correcting people's negative stereotypes about older entrepreneurs, and encouraging people at later life stages to engage in entrepreneurship, is important"

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Business
Older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs. Pixabay

Researchers have found that older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs.

Additionally, the study, published in the Journal of Business Venturing showed that age has a positive and significant effect on the success of female entrepreneurs.

“Our findings suggest women should not give up too readily, because their chance of success increases as they move to later life stages, and their perseverance ultimately tends to pay off,” said study researcher Hao Zhao from Rensselaer Polytechnic Institute in the US.

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“Correcting people’s negative stereotypes about older entrepreneurs, and encouraging people at later life stages to engage in entrepreneurship, is important,” Zhao added.

For the findings, the research team conducted a meta-analysis based on 102 independent samples and determined that the rate of success for people who launch a business in their 20s is the same as for those who become entrepreneurs in their 50s.

According to Zhao, this suggests that, while younger entrepreneurs are generally more adept at inventing new technology and making bold moves, their older counterparts have more wisdom, financial capital, and business connections.

Entrepreneur, Startup, Start-Up, Man, Planning
Researchers have found that older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs. Pixabay

They found that older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs. Their only disadvantage is slightly lower growth rates, an artifact of their companies tending to be larger in size. For those in their 30s and 40s, the prospects aren’t quite as good.

The researchers concluded that midlife is a challenging time to start a business. Child care and elder care obligations also require valuable time and financial resources, and entrepreneurs do not have parental leave or daycare benefits.

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“Although it is generally commendable to pursue one’s entrepreneurial aspiration, we suggest that early mid-life individuals carefully evaluate all of the resources at hand and take a realistic view of this career path before taking the leap,” said Zhao. (IANS)