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Category: Articles » Finance » Investing » Article » Article Code

Financing Your Next Purchase The Smart Way

If you ever decide that your monthly pay packet just isn't enough to fund your chosen lifestyle there's help on hand. There are literally hundreds of finance companies out there just waiting for you to pick up the phone and place your order. $500 or $100,000 - how much would you like? Sure we can help you, just let us get our claws into any sort of asset you may have managed to acquire (in the days when you or your partner/parents used to save) and we'll give you the cash. ... read more

Article Title:

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If you ever decide that your monthly pay packet just isn't 
enough to fund your chosen lifestyle there's help on hand. 
There are literally hundreds of finance companies out there 
just waiting for you to pick up the phone and place your 
order. $500 or $100,000 - how much would you like? Sure we 
can help you, just let us get our claws into any sort of 
asset you may have managed to acquire (in the days when you 
or your partner/parents used to save) and we'll give you 
the cash.

Why would anyone want to save for that new couch when you 
could have it today - no deposit, interest free for 12 
months? Tempting, very tempting and it could be in your 
lounge tomorrow. While you're at it why not take home a 
nice rug to keep the kids' feet warm. This one here goes 
perfectly with your new couch. Once your finance application 
has been approved you can throw in the rug and just add 
it on to the balance. It couldn't be easier and it couldn't 
be more dangerous.

Sooner or later it all has to be paid for and that's not 
just the price of the couch but also the price of the money 
used to buy the couch all those months ago. By the time your 
lounge is starting to look a bit dated and faded and the cat 
has scratched the rug bare you're probably about halfway 
through your relentless, monthly payment schedule.

It's no wonder finance companies get a bad rap. We deliver the 
goods, whether it's a new couch, new car or even a new house - 
we guarantee immediate satisfaction. The problem is that as your 
satisfaction wanes our bill grows and one way or another, you 
will pay. So we start to control you and your life - the one 
thing that New Zealanders value above all else, their freedom - 
is eroded.

But hang on a minute here. If it weren't for finance companies 
none of us would own the houses we live in, none of us would 
be able to invest and reap the rewards of interest income. The 
impetus behind economic growth comes from people's ability to 
borrow, say, $5 for every $1 they own. Then you get any return 
on $5 rather than your measly $1. Borrowing money is smart if 
you do it right!

As long as you invest your borrowed money in something that 
earns more than your cost of borrowing it - it makes sense. 
Buying appreciating assets, investment properties, upgrading 
property to sell on or funding income-producing businesses 
does make sense.

One of the most important things is to match your funding to 
your project. Keep the term of the loan the same as the term 
of the project. If you are borrowing to purchase a property, 
upgrade it and then sell it on - structure the loan to match 
this. Keep control of your investments and don't let them 
control you. Make sure you use a finance company with integrity 
and a reputation for repeat business. Your finance company 
should be your partner, not your parasite.

Article written by Louise O'Brien.

Author Bio:

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