Having a new car is one of the biggest achievements that most people can have. Other than financing education and buying a home, there is really nothing else that can compare to the huge expenditure that comes with purchasing a new car.Therefore, only a few people can really afford to pay for a car outright. Most people rely on car financing in order to purchase a new car. But with the many car financing options available nowadays, it is wise to research thoroughly for a car financing company that offers the best rates.Most car financing companies offer better deals compared to local car dealers. While it is convenient to have your car dealer provide you with the loan and plan, it is still better to get pre-approval from a car financing company because they offer more reasonable interest rates and payment options. To choose the car financing company with which to conduct your transactions, you have to consider two things: their rates and reliability.Car financing companies vary on the interest rates they offer to customers. If they have seen that you have good credit history, the interest rate on your car financing loan may not be as high compared to a person with bad credit history. And if you really want to secure car financing with low interest rates, you should try looking for an online car financing company. By applying for your loan online, you save the company time and money, thus the savings from the cost of doing business are passed on to you.In addition, you should also check the credibility of the company, especially if you want to do your transactions online. You have to make sure that the company you choose has been in operation for years. Aside from this, you can also ask your colleagues and friends who have already secured car financing from a car financing company about their experiences in loan application. They can recommend a suitable company to you.Finding a car financing company for your loan application can be difficult if you do not know what to consider and where to start your search. But if you go online and ask trusted sources for their recommendations, you can easily compare car financing rates and select the best deal for you.
Tag Archives: finance
Venture Leasing – How to Get Financing For Custom-Made Equipment
Tiffany Charles, CFO of Medtech Solutions, was facing a difficult challenge. Medtech, a venture-backed startup in business for two years, needed test equipment critical to its operations. While test equipment is widely available for most test applications, the tests to be conducted at Medtech required custom-made equipment offered by only one US manufacturer. Medtech had raised sufficient venture capital to fund most of its research and development projects, but the custom-made equipment’s cost would require an unacceptably large percentage of Medtech’s research budget, limiting investments in other key areas. Tiffany explored manufacturer financing and contacted several leasing firms, but to no avail. How would Tiffany acquire the equipment that Medtech needed without using internal funds critical for other projects?Why custom-equipment financing is so difficult to obtainPotential financing sources approach requests for this type financing cautiously. Most financing for venture-backed startups involves a high degree of risk in comparison to financing established companies. Financing sources that extend credit to venture-backed startups are accustomed to accepting startup risks. These risks include financing companies that are relatively new to their markets, that have negative cash flow, and that rely on venture capital sponsorship to stay afloat. Notwithstanding these risks, most financing sources are reluctant to take on the added risk of financing equipment that they may be required to re-market one day, but are unable to move. Many of them know that a small percentage of the transactions they underwrite will not work out, requiring them to repossess and re-marketing the equipment to recover as much of their investment as possible. Custom-equipment presents a huge challenge in that it offers virtually no backstop should all other exit channels fail.Whether or not a venture-backed startup can obtain financing for custom-equipment might depend on several factors:
The dollar amount and percentage that the equipment represents of the total to be financed
Whether other assets can be offered as collateral to secure the transaction
The startup’s overall credit profile
Whether management can convince the financing company that the equipment is critical to operations and/or profitability
Whether an aftermarket exists and whether there is any prospect of realizing value from the equipment if re-marketing is necessary
Whether the vendor offers equipment buy-back, trade-in, or re-marketing support, if desired.
How do savvy startups overcome this financing challenge?To improve the odds of obtaining financing, startups should take the following steps:
Stick with financing firms that specialize in financing venture-backed startups. These companies understand venture risks and are in a better position to evaluate transactions involving custom-equipment.
Research the after-market for the equipment by talking to the vendor and looking for used equipment brokers/dealers online. Often, the vendor can provide resale information and used equipment resellers can be spotted online via advertisements and postings. Make sure you provide your re-marketing research to the financing firm.
Explore re-marketing assistance with the vendor, including equipment buy-backs, trade-ins, or other vendor re-marketing arrangements. Depending on the vendor, customers may be able to lobby for special re-marketing arrangements as a purchase incentive.
Consider other assets that the startup might pledge to support the transaction. The main concern of the financing source is being able to exit the transaction should the startup default in making payments. By offering additional collateral to support the transaction, the startup may be able to alleviate or greatly reduce this concern.
Try to schedule custom-equipment purchases along with other equipment that has an established aftermarket, such that the custom-equipment represents a minority of the equipment being acquired. Similar to offering additional equipment as collateral, by bundling custom-equipment with readily re-marketable equipment, the overall collateral value of the bundle might be sufficient to calm the financing provider’s concerns.
Highlight the critical nature of the equipment. If it is critical to the startup’s profitability or operations and loss of the equipment’s use would put the startup in a significantly weaker position, the prospect of obtaining financing is somewhat improved. The rationale is that the financing source will have a relative advantage vis-à-vis other creditors in any company wind-down because the equipment might be needed to restructure the company or to assist other creditors in their recovery. While this is not a primary reason for financing custom-made equipment, it is a factor considered by most financing sources in making a final decision.
If your startup needs financing for custom-made equipment, use these tips and insights to navigate your search.
Shoe Repairs And Several Other Things When I Was 7
Shoe Repairs And Several Other Things When I Was 7
My Dad repaired most of our shoes believe it or not, I can hardly believe it myself now. With 7 pairs of shoes always needing repairs I think he was quite clever to learn how to “Keep us in shoe Leather” to coin a phrase!
He bought several different sizes of cast iron cobbler’s “lasts”. Last, the old English “Laest” meaning footprint. Lasts were holding devices shaped like a human foot. I have no idea where he would have bought the shoe leather. Only that it was a beautiful creamy, shiny colour and the smell was lovely.
But I do remember our shoes turned upside down on and fitted into these lasts, my Dad cutting the leather around the shape of the shoe, and then hammering nails, into the leather shape. Sometimes we’d feel one or 2 of those nails poking through the insides of our shoes, but our dad always fixed it.
Hiking and Swimming Galas
Dad was a very outdoorsy type, unlike my mother, who was probably too busy indoors. She also enjoyed the peace and quiet when he took us off for the day!
Anyway, he often took us hiking in the mountains where we’d have a picnic of sandwiches and flasks of tea. And more often than not we went by steam train.
We loved poking our heads out of the window until our eyes hurt like mad from a blast of soot blowing back from the engine. But sore, bloodshot eyes never dampened our enthusiasm.
Dad was an avid swimmer and water polo player, and he used to take us to swimming galas, as they were called back then. He often took part in these galas. And again we always travelled by steam train.
Rowing Over To Ireland’s Eye
That’s what we did back then, we had to go by rowboat, the only way to get to Ireland’s eye, which is 15 minutes from mainland Howth. From there we could see Malahide, Lambay Island and Howth Head of course. These days you can take a Round Trip Cruise on a small cruise ship!
But we thoroughly enjoyed rowing and once there we couldn’t wait to climb the rocks, and have a swim. We picnicked and watched the friendly seals doing their thing and showing off.
Not to mention all kinds of birdlife including the Puffin.The Martello Tower was also interesting but a bit dangerous to attempt entering. I’m getting lost in the past as I write, and have to drag myself back to the present.
Fun Outings with The camera Club
Dad was also a very keen amateur photographer, and was a member of a camera Club. There were many Sunday photography outings and along with us came other kids of the members of the club.
And we always had great fun while the adults busied themselves taking photos of everything and anything, it seemed to us. Dad was so serious about his photography that he set up a dark room where he developed and printed his photographs.
All black and white at the time. He and his camera club entered many of their favourites in exhibitions throughout Europe. I’m quite proud to say that many cups and medals were won by Dad. They have been shared amongst all his grandchildren which I find quite special.
He liked taking portraits of us kids too, mostly when we were in a state of untidiness, usually during play. Dad always preferred the natural look of messy hair and clothes in the photos of his children.