All posts by Holly Moore

Best Way To Finance Buying A Car

Should I take out a personal loan to finance my new car? Buying a new or used car is not one of those decisions you should make in an instant. Before you go ahead and buy a car, you should sit down and weigh up your financial options. 

Financing Your Car With Cash

If you are fortunate enough, you may have enough cash saved up to buy a car outright. However, does that mean this is the best way to finance your new car? 

Although it is tempting to use available spare cash to buy a car, it is not necessary for the savviest way of paying for your new car. You have probably worked hard to save up your cash. What if you have just enough cash to cover your car purchase? When you only have enough cash to cover your car purchase, spending it all on your car is not a smart idea. 

When you have cash spare, you should bear in mind the “what if” factor. What if you lose your job? Depleting all of your savings is never a good idea.

Taking Out A Personal Loan

A good credit score can help when you need to buy a new car. It is not impossible to take out a personal loan when you have a bad credit rating, but it is often more challenging to do so. But, that being said, taking out a personal loan to finance your new car is not a bad idea. Building societies and banks can help you, however, you should also check out smaller personal loan companies.

Many smaller lenders offer excellent rates when it comes to borrowing money to finance a purchase for a shorter period of time. Before you take out a loan, you should shop around. Too many of us contact our regular lender without exploring all of the available options. Checking the rate of APR is important but you should also make sure you are familiar with the terms and conditions of the loan. 

Smaller loans are often arranged over the phone which cuts the down on the hassle factor of taking out a loan. Most of the time, the funds are with you quickly so you don’t have to lose out on a potential deal. 

What About Dealership Finance?

Yes, you can use dealership finance to pay for your car, but most garages and dealers do not offer competitive rates. The dealership will probably make money out of your finance deal. That means you can potentially end up paying more for your car during the loan period. Flexible payment terms are often offered, but play your cards right, and you will find most personal loan companies also offer flexibility on the duration of the loan. 

Leasing or personal contract purchase is another way to pay for a car. The main problem with leasing is that you will have to stick rigidly to the terms. For instance, you may find a mileage restriction clause is included in the contract. This means you can only drive the car for a certain amount of miles per year.

Ultimately, taking out a personal loan is the best way forward. Don’t forget to add on the insurance that covers you for things like loss of employment or illness.

5 Steps To Succeeding In The Food Industry

Starting your own business is now more popular than ever before. Thanks to popular UK TV cooking programs such as Masterchef more of us than ever before are thinking about breaking into the food industry. But, how do you succeed and do you need to have a lot of money? Leading UK lender NowLoan is happy to give advice on the best way to succeed in the food industry. 

Experience Matters

Don’t for one moment think you are going to break into the food industry without any experience. Even if you are just thinking about starting your own small coffee shop, you need to have experience. Planning ahead is the best way forward. Work in a coffee shop or cafe for a couple of years and learn the ropes. Practical experience is as important as good ideas.

Find Out What You Need To Have In Place

Hygiene is an essential part of the food industry. Local colleges often offer food hygiene courses on a regular basis. Many of them run part-time and you could perhaps fit them in with a job you already have. The more experience and training you have, the easier it will become for you to set up your own business in the food industry.

Find A New Concept

You don’t necessarily have to reinvent the wheel, but you do need to come up with an idea that is different. Find out what other food outlets in your immediate area are doing. If you already have a couple of coffee shops, you may not necessarily want to open another coffee shop or a fried chicken shop. 

There is such a thing as food fashion. At the moment, plant-based diets are popular and you should check out the latest trends. 

Small Is Beautiful

Unless you are a gourmet cook or qualified chef, you should probably avoid taking on a restaurant. There is a steep learning curve and you will have a lot of things to manage. Staff will be one of the problems. It is better to come up with a simple and perhaps run your food business on your own if you can. 

Takeaway services are popular, and you don’t need to have a restaurant to set-up a takeaway service or delicatessen. You can cook from your own home or rent a small business unit. Leading companies such as Uber Eats offer small units you can rent in some parts of the country. Many food business entrepreneurs have become successful thanks to innovative company ideas. 

Marketing Matters

Not only should you pay attention to your food, but marketing is just as important. You should never lose sight of how important marketing is when it comes to succeeding in the food industry. Even before you set up your business, you should plan a marketing campaign. If you think taking on marketing yourself is too much for you, you should get a specialist company to help. 

Yes, setting up a food business is a good as we all need to eat. If you would like to know more about financing or discuss your business plan, don’t hesitate to contact NowLoan. Their dedicated advisers will take you through what loan options are available to you and how they can help you to get started in your venture.