When you need access to your pension funds before your retirement age, taking out a bridging loan can be a suitable option. But before signing up for one, make sure you understand the benefits and risks associated with this type of loan. Here are five important questions to consider when considering a bridging loan for your pension payouts.
What are the eligibility criteria?
Before applying for a bridging loan, make sure you meet the necessary eligibility criteria. Factors like age and employment status vary from lender to lender; some will only accept those over 55, whereas others may have a lower minimum age requirement. Don’t forget to check other terms such as minimum income requirements and maximum loan amounts.
How long will I have access to my money?
A bridging loan for a pension payout will most likely be provided on a very short-term basis, usually less than three months. Ask potential lenders how long you’ll have access to your money so that you can plan ahead. You need to make certain that you’ll be able to repay the loan within the agreed-upon time frame in order to avoid extra charges or interest.
What interest rates and fees apply?
It’s important to understand what interest rates and fees apply to your loan. Typically, you will need to pay an arrangement fee as well as a monthly interest rate on the amount of money you borrow. Make sure that these costs are within your budget, and inquire with the lender about any discounts or payment plans they may have in place.
How do I repay the loan?
One of the main benefits of using a bridging loan for your pension payout is that you can usually repay it quickly —within one to three months, often earlier. When you are applying for a loan, ask the lender about their repayment options. How and when exactly will the money be repaid? Does the lender offer any repayment incentives or discounts? Knowing this information in advance will give you a better idea of what you can expect from your loan and help you create an informed repayment plan.
Can I receive support in managing my pay-out?
Ideally, you want to ensure that taking out a bridging loan is the right decision before committing to it. Many lenders offer free advice from professional advisors who can help you understand the benefits and implications of taking out a loan. Take this opportunity to ask any questions you may have about repayment plans and possible payment incentives. It will also give you peace of mind knowing that you have consulted a professional for advice.
If you’re looking for the best bridging loans for pension payouts, look no further than NHFinance and our network of accredited lenders. We offer the following bridging loans for pension payouts:
30 to 90 day terms
Min APR of 28%
Once-off initiation fee of R1197
For retired, retrenched and dismissed individuals or in the case of divorce or death settlements
Are you looking for an economical way to get around town and the opportunity to eventually own a car? Rent a car to own might be the perfect option for you. Find out how to find a rental car that fits your needs and budget with this comprehensive guide.
Research Before You Rent a Car To Own.
Before you rent a car, be sure to do your research. Compare prices online and in store, read reviews about the car make and model and consider what kind of features are important for you when deciding on which one to rent. You’ll also want to consider if offers a purchase option—this is a great way to save money and get an affordable car while still being able to own it eventually.
Understand the Dealership’s Policies on Purchasing the Car.
Different dealerships have different policies when it comes to purchasing the car after the rental term ends. Be sure to read the fine print and ask the dealership any questions you may have about options for purchase and their policies. Find out if there are additional fees or hidden costs such as taxes and registration fees that may apply when taking ownership of the car. Doing your research ahead of time will save you time and money, ensuring you get the best deal possible.
Consider the Return Policy for the Car Rental.
It’s also important to make sure that the car rental agency offers adequate insurance for the vehicle. Check whether or not this coverage is included in the lease agreement as well as what other types of insurance options are available. Additionally, find out if there is a mileage limit associated with the rental agreement and find out how that can affect any fees and charges associated with returning the car. Understanding these policies will help you choose an affordable and reliable rent a car to own policy.
Stay Informed of Special Offers or Discounts Available from the Dealer.
To find the best rent a car to own deals, it is important to stay informed on any special offers or discounts that may be available from the rental service. Look out for coupon codes or online-only discounts that may give you a price break. You can also join the rental service’s loyalty program to get additional rewards and discounts when you rent from them in the future. When considering a purchase option, check to see if this is eligible for any promotional offers or discount programs as well.
If you’re ready to dive into rent a car to own finance, then apply now and let’s get you on the road.
Quick answer: Rent-to-own lets you drive a car now by paying a deposit and monthly instalments, with the option to own the car at the end of the agreement. It can suit people who cannot get vehicle finance from a bank, but you generally pay more over the full term than you would by buying outright, and you do not own the car until the agreement ends.
Before you sign, compare the total cost, read the fees for late payment and early termination, and check what is included such as insurance, tracking and roadside assistance.
What is rent-to-own for cars?
Rent-to-own (sometimes called a lease-purchase agreement) is a contract where you pay a deposit and fixed monthly amounts for a set term and take ownership of the vehicle at the end. Terms vary by provider, commonly from a few years up to about five. Because the provider owns the car during the agreement, these deals are often used by people who do not qualify for traditional vehicle finance.
New Heights Finance is a finance broker, not a lender or a vehicle dealer. Through our rent-to-own cars referral service, we introduce you to specialist rent-to-own providers. The provider sets the final terms.
Rent-to-own vs bank vehicle finance
Feature
Rent-to-own
Bank vehicle finance
Credit requirements
Often more flexible
Usually strict credit checks
Ownership
At the end of the agreement
Yours, with the bank holding a lien until paid
Total cost
Usually higher over the term
Usually lower if you qualify
Deposit
Fixed deposit, provider-set
Varies, can be low or none
Extras (insurance, tracking)
Often bundled in
Usually paid for separately
Customisation
Typically restricted
Generally allowed
Pros of rent-to-own
Access without a strong credit record. Providers assess affordability and stability differently to banks.
Predictable monthly payments. Fixed instalments make budgeting easier.
Bundled extras. Many agreements include insurance, vehicle tracking and roadside or medical assistance you might otherwise struggle to afford.
Possible business tax treatment. If the vehicle is used for business, the rental may be deductible and VAT-registered businesses may be able to claim VAT. This depends on your circumstances, so confirm it with a registered tax practitioner.
Cons and risks
Higher total cost. Interest and fees are often higher than bank finance, so you usually pay more than the car’s price.
Long commitment. Contracts can run for several years, which limits your flexibility to trade in or upgrade.
Fees in the fine print. Late payment and early termination charges vary between providers, so read every clause and ask for all fees in writing before you sign.
No ownership until the end. If you stop paying, you can lose both the car and what you have paid.
Limited customisation. Tinted windows, custom rims and similar changes are typically not allowed.
Typical requirements and terms
Requirements are set by the provider, but the agreements we refer clients to typically look like this. Treat it as a guide, not an offer.
Item
Typical requirement
Agreement length
Around 60 months, with the option to take ownership at the end
Deposit
Roughly R12,000 to R15,000
Monthly repayments
You should be able to afford roughly R3,500 to R5,000 per month
Driver’s licence
Valid licence held for more than five years
Age
Male drivers usually need to be over 25 for insurance purposes
Record
A clear criminal record
Included
Insurance, vehicle tracking and medical assistance
How to choose the right deal
Compare at least three providers on the total amount payable, not just the monthly instalment.
Ask what happens if you cannot keep paying, including whether you can hand the car back.
Confirm servicing, maintenance and insurance excess costs.
Read the full contract and get all fees in writing before signing.
FAQs
Is rent-to-own cheaper than a bank loan?
Usually not. Rent-to-own tends to cost more over the whole term, but it may be available when bank finance is not.
Do I own the car during a rent-to-own agreement?
No. The provider owns the vehicle until the agreement is completed and ownership is transferred to you.
Can I return the car if my circumstances change?
That depends on the provider’s terms. Ask specifically about early termination and any fees before signing.
Does New Heights Finance provide the cars?
No. We are a broker and referral service that introduces you to rent-to-own providers. The provider sets the final terms, and acceptance is never guaranteed.
Understand the pros and cons of solar equipment leasing
While the upfront cost of solar panels may be too much for some homeowners, the potential benefits are worth it. Going solar can increase home value by 4%, and save you thousands in energy costs. However, giving up ownership means giving up a share of your profits from going solar. Some people find it more advantageous to instead lease their panels, rather than buy them outright. Here are six pros and cons of leasing solar panels so that you can decide whether this is a good investment for your home.
Understand how solar panel leasing works
Solar panel leases provide the opportunity for people in solar-friendly jurisdictions to produce their own electricity without investing their capital. You just pay for it according to a monthly agreement, and there are many pros of this sort of lease that make the cons nearly negligible.
The Pros of Solar Equipment Leasing
There are many benefits to renting, as well as good reasons for leasing. Building tenants often seek out a lease option due to the flexibility and convenience it can provide, especially if the tenant does not enjoy a high credit score or has no collateral to apply for a business loan to cover the upfront costs.
Benefits of Solar Leasing
Avoiding Installation Costs
The average cost of solar installations for a business start at around R500k for a small system, however, the price will fluctuate depending on how much energy your business consumes.
If you don’t want to make a large upfront investment in solar panels, you can instead pay for their use over time.
Avoid Maintenance Costs
Some leasing programs include free installation, maintenance, monitoring, and warranties on the rented panels to make it easy for business owners to enjoy the benefits of solar energy without the above hassles.
Your solar panel efficacy is guaranteed through your lease agreement. When you own solar panels, you will notice higher repair costs once the warranties expire due to prolonged wear and tear.
Potential cons to solar leasing are harder to identify than the benefits. As with any major decision, it is important to have all your bases covered before signing on the dotted line.
It can be costlier
Though you can save money when you lease a solar panel instead of buying one, renting an asset means you’ll pay more over time. The best way to enjoy the most savings with solar panels is to buy it outright. But if that is going to seriously impact your cash flow or you don’t plan on owning the premises past the end of the rental period, it does not make financial sense to buy the panels outright so therefore leasing is the better option.
It can take up to 25 years to pay off a solar power installation and enjoy completely free electricity, whereas with solar leasing, cheaper tariffs are realised much faster.
Tax Rebate
Buying a solar panel system outright does provide more tax incentives for your business but leasing can also be a tax write off because it is a tax deductible expense.
Can Potentially Impact Resale Value of Business Premises
Leases are long-term obligations, so regular prospective property buyers might not like a business property because they don’t want a lease. However, our flexible equipment rental agreements allow for flexible rental periods and terms, so if you are planning to sell and the contract period is ending, the system can be removed if the new owner is not interested in continuing the lease agreement.
Missing out on the ROI
Buying solar panels will help you make a return on your investment when you sell the property. However, the benefits of enjoying solar power maintenance free greatly outweighs this small drawback.
The major benefits of solar leasing certainly outweigh the cons, especially if your business does not have the capital to invest in the upfront costs of solar leasing or you have multiple premises that would make solar ownership unfeasible. Apply for solar equipment finance on our website.
Car dealerships in the 21st century have to promote and market their services to a variety of audiences in order to stay competitive. As the digital age has increased the use of technology, car dealerships have had to adapt to the needs of their customers.
Pre-owned Car Dealership Marketing Ideas
When marketing a used-car dealership, you need to think outside the box but at the same time, be logical about your approach.
Have a strong web presence. This is where most car buyers start their search. Make sure your website is easy to navigate, your inventory is up to date, and you have a strong online presence across social mediaplatforms.
Use targeted advertising. Use targeted ads to reach potential car buyers who are looking for a specific type of vehicle.
Get involved in the community. Sponsoring local events and partnering with local organizations can help expose your dealership to potential car buyers.
Offer incentives. Run promotions and offer incentives (like a free oil change with a car purchase, for example) to get people interested in buying a car from your dealership.
Train your sales staff. Make sure your sal
Today, more and more customers are turning to the internet to research and buy products and services. This is especially true for big ticket items like cars. In order to compete in the online car market, dealers need to have a strong online presence, including a well-optimized website and a robust social media strategy.
One of the most important elements of a successful online car marketing strategy is customer reviews. Online reviews are a powerful tool that can help build trust with potential customers. In fact, according to a study by BrightLocal, 88 percent of consumers trust online reviews as much as personal recommendations.
There are a few things dealers can do to encourage customers to write online reviews:
-Include a request for reviews on your website and in your email signature
-Make it easy for customers to write reviews by providing a link to your review page
-Thank customers for writing reviews and share the positive reviews on your website and social media pages
By taking these simple steps, dealers can generate more online reviews and build trust with potential customers. es staff is knowledgeable about the vehicles you sell and can answer any questions potential buyers may have.
1. Think Local
Used car dealerships should create marketing campaigns that focuses on their specific geographic area. This could include radio ads, billboards, lamp post flyers, adverts in community magazines and handing out flyers at the local car washes, tyre fitment centres and so forth.
It can also be worthwhile to get involved in the local community and start making a name for yourself. Used car dealerships should sponsor local events to create positive associations with the dealership and increase local awareness.
2. Make It Incredibly Easy for People to Find You
First step to reaching your target market is by setting up an optimised Google My Business listing. It is worth hiring a professional SEO specialist to do this on your behalf. A Google My Business listing will help people searching for a used car dealership in their area find you.
You should also have a website that includes clear directions on how to find you and better still a Google Maps pin people can simply click to be directed straight to you on their journey. Make sure your website is mobile-friendly and not important text like your address and contact details is obscured.
3. Develop an Omnichannel Ad Strategy
Used car dealerships should develop an omnichannel ad strategy to connect with potential customers. This should include a mix of digital and traditional marketing methods, such as social media marketing, radio ads, print ads and outdoor advertising.
Used car dealerships should also focus on SEO and online advertising. This can include paid search, social media and remarketing. Additionally, dealerships should consider developing a mobile app to connect with customers on the go, especially if you offer an online catalogue people can browse through.
4. Build Trust with Customer Reviews
When it comes to used car dealerships, word-of-mouth is key. In order to get people to trust you, you need to have a lot of positive reviews from previous customers. This will show that you’re a reputable business that people can trust. Online reviews are a powerful tool that can help build trust with potential customers. In fact, according to a study by BrightLocal, 88 percent of consumers trust online reviews as much as personal recommendations.
There are a few things dealers can do to encourage customers to write online reviews:
– Include a request for reviews on your website and in your email signature
– Make it easy for customers to write reviews by providing a link to your review page
– Thank customers for writing reviews and share the positive reviews on your website and social media pages
By taking these simple steps, dealers can generate more online reviews and build trust with potential customers.
Another way to build trust is to offer a wide selection of vehicles. This will show that you have something for everyone and that you’re committed to meeting the needs of your customers. You can apply for floor plan finance to get more cash in hand to purchase stock for your floor and take advantage of good deals.
Finally, in order to promote and market a used car dealership, you need to provide excellent customer service. This means going above and beyond to make sure that your customers are happy.
5. Compel Shoppers to Come Into Your Store with Irresistible Offers
There are a few things you can do to compel shoppers to visit your store and buy a car. One is to have irresistible offers, such as a free car history report, free oil change or a free vehicle inspection. You can also offer a great selection of cars, so shoppers know they can find what they’re looking for at your dealership. Additionally, make sure your dealership is easy to find and has a friendly and helpful staff. By doing these things, you’ll make it more likely that shoppers will visit your store and buy a car.
Some other practical marketing tips include:
Have a strong web presence. This is where most car buyers start their search. Make sure your website is easy to navigate, your inventory is up to date, and you have a strong online presence across social mediaplatforms.
Use targeted advertising. Use targeted ads to reach potential car buyers who are looking for a specific type of vehicle.
Stay up to date with the latest automotive trends. Keep your inventory current and offer the latest models and features that car buyers are looking for.
Offer financing options. Many car buyers are looking for financing options, so make sure you offer a variety of loan terms and rates.
Offer a used-car buying service to help your customers sell old vehicles and potentially used it as a trade-in for a new vehicle purchased through your used car dealership.
These are some practical and actionable tips any used car dealership owner who is serious about making more profit should investigate further.
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