Are You Ready for that Car Loan?

Buying a car is one of the biggest purchases you will make, so finding something that aligns with your budget and lifestyle is important. It can be especially tricky to find reliable financing for a car, whether you take out a loan or buy it outright. 

There are plenty of lenders available that offer car loans, and finding the right one can be difficult. Doing your research can help you secure more favourable interest rates and repayment terms. Here are a few tips to help you get the right auto loan for your car. 

Improve Your Credit Score

To secure the best deals on an auto loan, you will need a good credit score. Most lenders will offer low interest rates to individuals with a credit score in the mid to high range. If your credit score is low, you may want to spend some time improving it before applying for an auto loan. This will help you keep the interest rates low. Sometimes, waiting a few months is worth it. 

Find a Budget Friendly Car

Before you buy a car, it’s a good idea to figure out your budget. You don’t want to set your eyes on a car that is too expensive. If you already have a car, make sure the new one doesn’t disrupt your finances and makes monthly expenses easy to manage.

Take a good look at your monthly expenses and see if the new monthly payments could impact your budget. It also helps to see if you can divert funds from other things towards the monthly car. 

Since you’ll be dealing with interest premiums and other fees, it is important to keep everything within your budget. 

Once you’ve determined your budget, you can start looking up cars with affordable price tags. For example, the Nissan Navara is widely touted by experts to be a budget-friendly pickup truck. 

Learn the Basic Terminology Related to Car Financing 

If you’re not a car enthusiast, it’s easy to get confused with all the industry jargon. But there are a few things you will need to get familiar with. The first thing to note is the interest rate itself, or the actual cost of financing the car. This will be the monthly charge for taking the car loan. 

Just as important is the repayment term of your loan. This is the number of months it will take to repay the entire loan. In general, higher car loans will result in more interest rates. 

You may also be required to submit a downpayment to purchase the price. This is the initial cash you will be putting towards the car purchase. The downpayment is a small percentage of the total price. After that, your monthly interest premiums will be calculated based on the price of the car minus the down payment. 

Research All Your Financing Options

There are dozens of car financers vying for your business. Different vendors will offer different interest rates, financing terms, and incentives. 

Individuals with good credit scores may be able to secure great financing rates directly with the dealership. Just make sure to do your research before signing on the dotted line. 

If you don’t have a good credit score, it may be even more important to do your research. Online lenders offer great deals, but you can also try various banks. Try to get as many quotes from different lenders as possible and compare the numbers. 

Compare Your Financial Options

Don’t just go for the cheapest option. Look at other factors of the loan, such as interest rates that you will be paying over the life of the auto loan, the repayment term of the loan, and any processing fees associated with the loan. 

A lower interest may not be such a good financial decision if you’ll be making payments on it for a longer term. 

Pro tip: It is advisable to make a high down payment to reduce the term of the loan for maximum savings. This will help you save more money in the long run. 

Apply for Financing

Once you have found the ideal lender, you can apply for pre-approval. This can be done by visiting the websites of online vendors or going to the actual bank itself.

Note that applying for various lenders runs the risk of lowering your score. Whenever a lender runs a hard query against your account, it will slightly lower your credit score. Some credit bureaus may count all of those hard inquiries as a single inquiry. But it’s better to be safe than sorry and only apply for a loan when you’ve found the most suitable option. 

You will have to provide some essential information to these vendors, including your name and address, as well as answer a few questions related to your employment history and financing. Applications for online loans are easier to process compared to bank loans. In some cases, you may have to visit the bank in person to apply. 

Pro tip: Learn about any prepayment penalties that may apply if you try paying off your loan early. Many lenders have an incentive to keep you locked into your loan for the entire term and may charge extremely high prepayment penalties. Do not go through with a lender if they are charging beyond what is reasonable.  

Go to the Car Dealership

Once you’ve done your homework and have a pre-approval with you, go to the car dealer and pick your favourite vehicle. The car dealer may try to offer other options, make sure you try to find one that is more affordable.

If you can’t find a better deal,  then go ahead with the purchase of your current car since you’ve done all your research about how much you’ll be paying. 

Recommended: Set Up Automatic Payments 

Once you have secured the finances for your car, it is important to stay current with your account and make all your payments on time. Set up automatic payments so you won’t forget missing a payment. Timely payments are important in order to maintain and improve your credit score. 

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Adequately Managing Your Business’ Finances In The Digital Age

Everyone knows that the professional landscape is always evolving and shifting, adapting and relining with the way that the world around it is functioning and thriving at any given time. We have seen an incredible amount of attention to detail and overall emphasis that is focused primarily not just on what works for the industries at any given time but also what is going to be most effective for the moving forward. There is a lot to be said about the fact that while there is significant interest and investment in powering for the current era in this particular field, there are always ways to enhance and improve. And now that we are moving into a modern age that is all about embracing modernisation like never before, this is truer than ever.

How the digital age impacts businesses

In the digital age, there is genuinely so much to be said about the fact that it has truly impacted and entirely revolutionised every aspect of life as we know it every corresponding industry in their own ways. For businesses of all natures, shapes, and sizes around the globe, there is quite a lot to be said about understanding not only how businesses are able to navigate their way through the beginning stages but also how they are able to do so on an active and ongoing basis moving forward from here on out. What has always worked so well for businesses is perhaps no longer as relevant and so the digital age is impacting businesses of all natures, shapes, and sizes by inspiring them to embrace modernisation and work towards finding better ways to move forward, onward, and upward.

Adequately managing your business’ finances in the digital age

Each and every aspect of how business functions and thrives today has been and continues to be impacted. This of course includes the business’ finances. Adequately managing your business’ finances is all about understanding that while there have been significantly successful innovations in the past, the best way to embrace they are moving forward is to figure out how they can be impactful in the future. Business finances today can be made more convenient and efficient by being streamlined online. For your business expenses, you can pay bill online for faster transactions and easy tracking of payments.As a result, adequately managing business finances in the digital era is all about embracing the digital landscape and utilising it to your distinct advantage in a way that allows you to come and pursue the longevity and success of your company.

Why this is always going to be of the utmost important

Without a doubt, the finances of a business is one of the most important meeting pieces. The corporate account of a business ultimately says a lot about how the business operates and functions on a daily basis as well as how it is able to withstand change overtime. And this is always going to be incredibly important to understand. Regardless of how the nature of business is going to evolve over the years, the importance of being able to manage professional finances for the business and surrounding the business is always going to have a significant role to play.

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Which Professional Careers Can color Blind Individuals Not Apply For?

Remember when we were kids and everyone wanted to grow up to become a doctor or a policeman? At that stage, very few of us would have thought how color blindness could stop us from pursuing our dream career.

In most instances, we are not even aware that we suffer from a condition of color blindness. It is only when we are tested when we realize that we suffer from partial or complete color blindness. While this may come as a bummer when you are applying for your dream job, you must know about career options where color blindness is not accepted.

In this resource article, we are going to discuss what is color blindness. We are also going to explore five professional career options where color blind candidates are restricted.

What is Color Blindness?

color blindness is a medical condition where individuals cannot differentiate between different colors. The most common mix-ups take place when it comes to reds and greens. This is different from being completely blind.

Individuals that suffer from color blindness have compromised photoreceptors located in their eyes. According to eye doctors, the human eye has two photoreceptors-

  • Rods-

This helps us in seeing in low light or dimly lit situations. It deals with the human eye’s peripheral vision. More importantly, rods in the human eyes are not responsible for differentiating between colors.

  • Cones-

Cones are located in the central part of the retina and are responsible for the processing of colors. They help in helping us see details minutely. In color blind individuals, it is the cones that stop operating the way they should.

Experts point out that there are just three major cones that help us see colors- green, red and blue. In the following section, we look at some career options that color blind people cannot apply for.

List of 5 professional careers color blind individuals cannot apply for

  • Medical Doctor-

If you are color blind, you cannot become a doctor. This is because diagnosing someone by looking at the color is something that is integral to the discipline. Doctors need to be very observant and spot issues in patients by touch, sight, and other sensory perceptions. If your sight is compromised, it is impossible to discharge your duties and responsibilities as a doctor.

  • Graphic Designer-

Some career options require professionals to have a heightened understanding of color. For example, a graphic designer needs to be on the top of their game as far as reading and interpreting colors go. This can help them create engaging and attractive website UI/UX or social media posts. Being color blind is definitely not an option for a graphic designer.

  • Police Officer-

Again, if you are in law enforcement, you need to ensure that all your sensory receptors are working properly. A police officer needs to distinguish between crucial pieces of evidence. From the color of an overspeeding car to the jacket that was worn by a potential suspect. A lot of the job of a police officer is about seeing, evaluating, connecting, and establishing.

  • Electrician-

If you have ever seen the electrical panel in your home, you must have seen a prominence of green and red wires. In this industry, cutting the wrong wire can result in immediate death. This is one career option that color blind individuals should strictly avoid. The foundation of the entire industry is color-coded making it impossible for color blind individuals to join.

  • Aeroplane Pilot-

Like the electrician, a pilot needs to read thousands of signals, flight paths, contours, and weather patterns. All this is a critical part of their role to ensure the safety of everybody on board the flight. Pilots need to go through extensive color blind testing to ensure that they are passing through checks. This is a process that is repeated to assess flying fitness.

The Bottom Line

While there is no medical cure for color blindness, there are numerous new technologies that are coming up. For example, glasses and lenses can help in distinguishing between colors. color blindness can be genetic in nature or be the result of a medication gone wrong. Studies have also shown how diabetic patients suffer from color blindness over a period. If you have any other questions, you need answers on color blindness, let us know in the comments below.

 

 

 

 

 

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7 Benefits Of Having An Accountant For Your Business

Accounting is a highly technical matter. The laws governing accounting changes from time to time. Furthermore, the accountants have specialized knowledge about areas that you cannot compete with. Hiring a third-party accountant for your business has its advantages.

On that note, here are the top advantages of putting up a budget for a good accountant to assist your business.

#1: SAVES YOU TIME

Every ounce of time is precious when you intend to grow your business. However, keeping up with the fast-paced economy can cause a lack in time. Choosing a trusted accountant can help you save valuable time. Thus, you can focus on the core competencies of the business.

#2: REDUCES THE RISK OF INTERNAL FRAUD

The absence of robust internal control may lead to the increasing numbers of fraudulent businesses. Due to internal fraud, your company may lose money. Engaging in a third-party accounting firm can help you keep tabs with the financial trail. Experts of these accounting firms are highly capable of identifying the discrepancies.

#3: MINIMIZES ADDITIONAL COSTS

When you outsource the accounting services, you will be able to save the costs of having an in-house employee. You do not need to pay monthly salary, benefits, and so on. You do not need to worry about the issues related to hiring, maintaining, or firing employees.

#4: GIVES SOUND ADVICE

By hiring the services of a good accountant, you are assured that the advice you are getting are both informed and authentic. You will be able to get sound advice that ensures your business is on the right track. Experts follow professional development standards to ensure that their skills and knowledge are up-to-date.

Image credits: unsplash.com

#5: HELPS WITH BOOKKEEPING

For small businesses, bookkeeping is essential. An accountant can help you record regular expenses, bank balances, sales, and other financial matters related to your business. It would be difficult for you to anticipate future gains and losses without accurate bookkeeping.

#6: REDUCES TAX LIABILITY

Accountants are knowledgeable when it comes to helping you save your taxes and avail tax deductions. They look at your monetary capacity and financial transactions. A good accountant can give you advice on the most tax efficient way of running your business.

#7: EXPANDS YOUR NETWORK

An accountant can grant you access to other industries related to your business. This gives you greater chances of meeting new people who can be a part of your network. Who knows? These people can help you with other aspects of your business.

Sources: 1 & 2

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How to organize an engaging virtual team building event during remote work

Pandemic has disrupted the corporate world and brought major transformations in how we work. It is no surprise that post pandemic some organizations have switched to either fully remote or hybrid modes of work. Geographic constrains are no longer a hindrance to hiring and team sizes have also grown significantly. Remote work has been hailed as the solution to employee stress, productivity, and a myriad of other problems. However, after a few months into remote work, executives and organizations have become vocal about the pitfalls of remote work. Employees have reported feeling disconnected with their organization, isolated, lonely, and lacked trust in their employers. Remote teams were also found to have low morale and motivation. Interference with personal lives, emotional turmoil due to health concerns, and reduced interpersonal interactions with teams were found to be the major causes of poor employee mental health in remote work. When employees worked out of offices, these concerns still existed but regular interactions and team building activities boosted employee productivity.

Similar to how remote work has evolved during the pandemic, team building has evolved into a virtual activity too. It is not necessarily a new phenomenon as virtual team building has existed pre-pandemic. But the adoption of virtual team building has skyrocketed during the pandemic. It is a misconception that remote teams do not require team building activities. The need for Team building is more crucial in a virtual work environment than an office setup. Online team building games can help teams connect, collaborate, and communicate better in remote environments. These activities can forge relationships among team members regardless of team size and distance. Virtual team building can also play a vital role in new hire onboarding. Apart from these there are a myriad of reasons why online team building games have become popular. A few of the reasons are outlined below:

Improves employee mental health

Employees who work remotely are more at risk of feeling isolated, discontent and stressed than those working from offices. For remote employees there is also less work life balance which often leads to burn out. Juggling family responsibilities while working can also be overwhelming for some remote employees. Therefore, they may not be keen on interacting with their team members on a personal level or forging a bond. Organizing virtual team building activities such as ice breakers regularly can improve the mental health of remote workers greatly and help them in building relationships with their teams.

Boosts productivity and collaboration

Productivity and collaboration decrease when employees are stressed out. Fun virtual team building activities such as escape rooms, puzzles, trivia, mysteries, movie nights, virtual potlucks etc. can bring together your teams to destress and bond together. Research has always suggested that collaboration is higher in teams that bond together personally and productivity is higher in employees who are relaxed. For example, a study by Microsoft Japan has found that giving an extra day off to employees boosted productivity largely although the contrary was expected. Therefore, it is important to destress your teams regularly and make time for fun.

Emphasizes organizational culture

In remote employees it is easy to get disoriented from the organizational culture. As employees no longer interact with the culture in person, there is a risk of employees misaligning themselves with the culture. Culture binds an organization together and leads employees towards a common goal. Teams crumble when they are not aligned with the culture of an organization. Therefore, it is important to organize virtual team building activities that align and emphasize your organizational culture. Some examples are memory walls, photo sharing, ice breakers, truth or dare etc. Activities that are organized with a motto to strengthen your culture need to be conducted frequently to demonstrate your commitment to your employees.

Facilitates open communication

Communication among remote teams can suffer if open communication is not encouraged. Some executives and management often ignore a healthy two-way dialogue and adopt a top down communication strategy. This can severely damage relationships among team members too. Virtual team building activities such as scavenger hunts, story-telling, feedback sessions, trivia nights can encourage open dialogue among team members.

Enhances creativity and innovation

Creativity and Innovation can only be fostered in a nurturing environment. When employees are demotivated, stressed, or unengaged, creativity cannot flourish. Virtual activities like drawing, thinking hats, personality tests, etc. can spark your team’s creativity.

Retains talent

Lastly, when work is less stressful, motivating and fun, you can retain the brightest talent. A high employee turnover is not only expensive but also draining for your organization. Organizing team building activities will emphasize your commitment to employee well-being. Therefore, it is not an investment in employees, it is rather an investment into your organization.

It is often a misconception that virtual team building activities are not as engaging as regular ones. If planned and executed well, they are more intriguing, engaging, and relaxing than physical ones. They are also cost effective for organizations.

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