Personal Finance
Buying a car is a pretty substantial purchase and many do not have the cash to purchase outright. Nonetheless, you have a few options to choose from, you could decide to go the traditional way by taking a loan. However, if you have a bad credit score your chances of getting approved for an auto loan are slim.
In such a situation, another alternative is rent-to-own vehicle financing. Purchasing a vehicle through a rent-to-own option allows people with a not-so-good credit score to get a car.
Let’s look at what rent-to-own car financing is, what makes it different and some considerations to help you decide whether a rent-to-own car is a right choice for you.
How vehicle rent-to-own works
Rent-to-own financing allows you to rent a vehicle for a set period of time usually between 12 – 60 months, after which it becomes yours. Rent-to-own generally requires buyers to make a down payment and then make payments on a regular basis usually on a weekly or monthly basis.
Qualifying for financing requires proof of identity, proof of regular income, and your place of residence. Unlike other financing options, rent-to-own does not involve checking credit scores meaning if you have a low credit score, you can still get a rent-to-own car.
What are the advantages of rent-to-own car purchases?
Ownership: With rent-to-own agreements the regular payments you make add up so that you own the vehicle at the end of the rental period. It generally requires a down payment too but be sure to check all the requirements needed to complete the program and own the car.
No Credit Checks: Compared with getting a loan rent-to-own are easy to get because it requires no credit checks.
No Interest: With a rent-to-own agreement, you pay no interest at all, because you have not borrowed any money. You are simply paying a rental fee towards the purchase of the over a certain period.
No effect on credit score: Your credit score is not affected in any way. However, if you are late on a payment you could be penalised with a late fee.
What are the disadvantages?
Expensive: With rent-to-own cars, you’ll pay significantly more for the car than it’s actually worth. Although there is no interest payment, rent-to-own car prices are usually marked up.
Frequent Payments: In most rent-to-own deals you pay back the loan weekly usually far more often than the average car buyer who takes an auto loan pays monthly.
No Warranty: There is no warranty covering a rent-to-own contract, so if the car breaks down soon after the agreement there is little to no protection.
No Protection: Many rent-to-own companies simply repossess the car immediately if a consumer can’t afford to pay or is a little late on a payment. As such, there is no consumer protection as many rent-to-own agreements do not fall within the scope of the NCA.
Before you decide to rent to own, be sure to read the contract carefully and make sure you understand all of the contract terms as regards insurance policy, termination, maintenance plan, payment fees, repossession and ownership. Better yet, consult an expert to walk you through the process. New Heights Finance is a trusted financial services provider and we can assist you with your application for rent to own cars through our vetted loan providers. Apply now.
Personal Finance
A legacy is something passed down from a predecessor to a future generation. There are many ways to leave a personal legacy. Regardless, one of the most powerful legacies you can leave is a financial legacy.
It’s pretty common for people to defer thinking about legacy planning till when they are approaching old age. It is a well-known fact that death is a reality and one never knows when it’s their time. Though it is discomforting to think about dying it is equally important to have a plan in place in the event of your death.
No matter how much you are worth, legacy planning is an important part of your overall financial and retirement planning and it’s never too early to get your affairs in order. Read on for four important steps to get organized and leave a lasting financial legacy.
1. Take a Personal Inventory
Having accumulated all kinds of assets and other things over the years it is crucial you make a list that accounts for all your belongings from your home to your personal items. This is usually the first step in getting organized so as to ensure you are not forgetting and leaving out anything of immense value.
2. Life Insurance
Life insurance protects you and your loved ones from the financial uncertainty of death or severe illness or disability. Getting life insurance is a cost-effective way of ensuring the financial security of your family or beneficiaries in the event of your passing. This is important if you have children or other family members who are dependent on you for financial support. It will provide an income for them in the event of your untimely death. If you have one already, do ensure that your beneficiaries are up-to-date and listed correctly.
3. Prepare a Will and Testament
Having a will is a significant step in securing the financial future of your loved ones. A Will is a legal document that coordinates the distribution of your assets and wealth after your death. A Will declares who the beneficiaries of your assets are and how your assets should be distributed. Having a Will protects your family or loved ones and makes it much easier to sort everything out when you die. In the absence of a Will, the process can be time-consuming and stressful as assets will be distributed according to state laws and the courts.
If you are yet to put your will together, get in touch with us for assistance over here.
4. Select The Right Estate Administrator
Your estate administrator or executor manages and administers your Will when you die. As such it is essential that you select an individual who is trustworthy, reliable and responsible. Many people appoint an executor such as their spouse or child without giving it much thought. To ensure your wishes are followed it makes sense to consider carefully who’s best suited for it.
Bottom Line
Putting your affairs in order can be a difficult thing as no one likes to think about dying. Nevertheless, failure to put a plan in place can make life difficult and strenuous for your loved ones.
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Doctors and hospitals are there to provide medical care and life-saving interventions for patients, but unfortunately sometimes things go wrong. This is particularly true for government hospitals in South Africa where standards of care, hygiene and equipment are below what is acceptable. While doctors simply cannot prevent negative outcomes for every single patient, they are required to adhere to a strict code of ethics and standards of practice to prevent putting patients at risk.
Who do you submit a medical negligence claim to?
If you have been a victim of medical negligence by a doctor or hospital, you will open a civil case at the High Court to claim for damages. You will either be suing a doctor or a hospital. When suing a hospital, the hospital or State (if a government hospital) are held liable for the negligence of staff employed by the hospital.
What constitutes medical negligence?
- the healthcare provider or hospital was legally responsible for providing the patient with care
- the healthcare provider or hospital breached their obligation to provide a level of care that meets regulatory standards
- the breach in care resulted in serious injury or death to the patient
- the injury to the patient resulted in financial loss and emotional trauma
Common cause for claims include:
- inadequate patient records
- failure to disclose risks to the patient
- failure to follow correct treatment protocols at the correct time
- poor monitoring of patient (development of infections, worsening condition, secondary health issues, death)
- birth injuries
When are you legally able to submit a medical malpractice claim?
When you sign your admission forms, you often sign an indemnity or disclaimer thus waiving your right to sue the healthcare provider or hospital by knowing all the associated risks. However, if the above misconduct causes can be proven, you have a good chance of opening a case against the healthcare providers or hospital.
How soon must you make a medical negligence claim?
You must submit a medical negligence claim within three years of the incident occurring.
Damages you can claim for
- Medical expenses
- loss of income
- compensation for chronic pain, emotional trauma and suffering
if you need to sue a doctor or hospital we are able to connect you with a medical malpractice attorney. If your medical negligence claim has been approved, we can also give you an early cash advance while you await payment.
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When investigating solar power systems for your business, it is important to assess all the finance options available to you. The route you take finance-wise depends on your business’s cash flow, budget and projections. Let’s explore some of the solar power finance options available to your business.
Upfront Payment
If your business has the capital and good cash flow, you could afford to pay the costs of installation upfront. Paying the full amount for your new solar power system upfront has the benefit of helping you avoid paying any interest and potentially enjoying the cost-saving benefits sooner. Sometimes when paying the full amount upfront, you are able to negotiate a discount with the installer.
Business Loan
If your business is not in a position to fork out the upfront investment on a solar power system, you can look into applying for an unsecured business loan to fund the project. If your business has made more than R1 million in turnover in the past year and has been trading for over 12 months, you can apply for an unsecured business loan of between R50k and R3 million.
Solar Power System Rental
Another innovative finance solution is the rent to own model or solar power system rental model of finance. You will apply for solar power installation and pay a monthly rental to the installer for your solar power system for an agreed period of time. You can enjoy the cost-saving benefits of solar power from day 1 without a massive initial investment.
Interested in applying for solar power system rental? Fill out our application form and our installer will be in contact with you with the next steps.
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Have you been looking into investing in a solar power system for your business? You may be wondering what financing options are available to you. With the tough economic climate and exorbitant energy prices, many businesses simply cannot afford the hefty lump sum payment that comes with installing a commercial solar power system. Did you know that solar roof rental is an option for most businesses? If your business has a roof, then solar site leasing is a viable option for you.
What is solar site leasing?
Essentially, solar site leasing is renting out unused space such as your roof, parking lot or unused property into an income-generating area by agreeing to lease the property to solar power installers.
How does solar power roof rental work?
With the energy sector in disarray, the demand for renewable energy continues to grow. There is a huge demand for roof space for solar power system installation. If your business has unutilized roof space, a solar power developer will pay you an annual rental to use your roof space to generate solar power.
The solar developer takes on all the maintenance and installation costs, so there is no pressure on you in terms of financing, maintenance and running costs.
Benefits of solar power system rental
- No equipment or maintenance costs
- Funded by a third-party solar power investor/developer
- Owner of the solar power system will pay a set rental to the property owner annually
- Agreements are approximately 20 years long, guaranteeing passive income for decades
- You get a solar power system without an upfront payment
If you would like to learn more about renting your roof to a solar developer or want an idea of how much you could earn monthly, fill in our application form and we’ll be in touch with an estimate.
