Welcome
to the issue 15 of the weekly Polar Money Tips
newsletter. This week we take a look at dealing
financially with domestic emergencies and ways
to finance a new car.
PREPARING
FOR A RAINY DAY… such as when the
roof leaks…. |
 |
|  Recent
research* shows that the average householder
will need to spend almost £1,200
a year on repairs to their home –
which can lead them into debt. And with
the average householder staying in their
home for 15 years, this equates to a
massive £17,000 worth of bills
to be paid for!
The
research states that that more than
three homeowners in four have no reserve
funds at all to pay for emergency repairs
to their home. So, when something does
go wrong, they are forced to find other
ways of ensuring they can pay for the
repairs - one homeowner in eleven puts
off other bills, while another nine
per cent borrow money from friends and
family. Others will economise by cutting
back on going out and personal luxuries,
or by cancelling a holiday.
However,
with a little financial planning –
such as opening a savings account out
- these measures could prove unnecessary.
Some
of the best savings accounts are online,
with gross interest rates of anything
between 4.5% - 5.10% and many only require
a £1 investment to get them started.
All you need to check is that you can
access the account instantly and without
a financial penalty should you suddenly
find yourself faced with a household
repair bill.
Even
if you put as little as, for example,
10% of your monthly shopping bill away,
this will soon mount up and means you’ll
be better financially prepared should
disaster strike!
However,
if you are the type of person who would
be tempted to ‘borrow’ money
from your household emergency fund for
non-emergencies, then check out some
of the Domestic Emergency insurance
polices around. These offer cover in
respect of most household emergencies
and will typically pay for call out
costs for tradesmen and/or parts up
to a set limit.
Useful
resources
High
Interest Current Account
Domestic
Emergency Insurance policy
*
Research: Direct Line Home Response
24
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MONEY
SAVING SNIPPET – ‘Phone home |
|
|  Want to get a better deal on you mobile ‘phone
but confused by the different tariffs
and deal around? Don’t waste time
trawling the individual providers’
websites – Visit the Which? Tariff
Selector at: http://www.which.co.uk/
The
service is easy to use and may save
you pounds when you find a better deal!
|
Financing
your 55 car registration plate |
|
|  With the new car registration number plates coming out
soon, no doubt you’ll see lots
of tempting finance deals and offers
at car show rooms. However, if you want
to arrange car finance through a car
dealership, you should already have
researched the loan marketplace even
before setting foot in the car showroom.
By doing this, you will have a good
idea of the typical interest rate banks
and other loan providers are currently
charging.
Unless
they have a special 0% interest finance
deal on, most car dealerships will charge
you more interest than other loan companies.
This is because the car dealership is
actually taking a cut of the interest
you are paying too. The upside of this
means they can be open to negotiation.
For example, if it is a case of knocking
1% interest off a deal to retain you
as a customer and sell you a £10,000
car, then most car dealers will do this
(grudgingly of course!).
There
are other ways you can finance a new
car, such as taking out a car loan independently
of the car dealership. If you decide
to arrange a car loan yourself, there
are benefits too, such as you will be
classed as a ‘cash’ buyer,
putting you in a better position to
barter when negotiating the price and
any extras on a car.
And
also, because you have the finance already
arranged, you are not tied to a manufacturer
or dealer and can enjoy the freedom
of being able to pick any car you like.
Another
point to bear in mind is that if you
do arrange finance yourself rather than
going through a dealer or manufacturer,
when you decide to sell the vehicle,
the car is yours to sell rather than
being the manufacturers/dealers if you
still are repaying them.
Happy
Motoring!
|
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| Tell Us What You Think |
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| We would love to hear what you think of this issue of Polar
Money Tips. And of course,
if you have any suggestions for upcoming
issues that you'd like to share with
us, please send those, too!
Just e-mail me at: moneytips@polarloans.co.uk
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In
This Issue:
- PREPARING
FOR A RAINY DAY… such as when the roof leaks….
- Save
up to 90% on your home telephone calls!
- MONEY
SAVING SNIPPET
- Financing
your 55 car registration plate
Polar
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