Auto Financing Options For Your Vehicle Purchase

When it is time to buy your next vehicle, you have many auto financing options available to you. You can either finance your auto through a local bank or credit union, the dealership itself or with a pre-approval from an online auto financing company. There are several advantages to each one of these and several things you should also look out for.

The best auto financing that you can get is through your local bank or credit union. Their rates will be lower than financing your auto directly through the dealership or manufacturer. As a general rule of thumb, most banks will finance a new car at a lower interest rate and over a longer duration. Used cars, those models that are two years and older, usually get financing for only 36 to 48 months and with interest rates that are a few percentage points higher.

There are a few things you will want to think about before financing your vehicle through a dealership. First, make sure the financing the dealership is offering you is the best available financing you can get. In other words, make sure you have checked all other options. Next, be careful about all of the extras that come bundled with your vehicle purchase. The dealership or manufacturer is already getting the interest for financing the vehicle for you, so turn some of those extras into freebies since you have decided to finance through them. Whatever you do, don’t let the dealership convince you that you are getting a great discount from any factory rebates. These rebates go directly to the dealership so they will already get that money. Make them give you an additional discount towards your purchase as they will make it up later in the financing.

Another financing option to consider is to secure a loan through an online company that will give you a pre-approved amount that you can take to the dealership and buy your car. The interest rates on these loans are higher, but you don’t need perfect credit to get approved for them. The best thing about getting a pre-approved online loan is that a dealership may compete with your pre-approval and try to get you better financing, either through the dealership or through one of the local banks.

If your credit isn’t what it should be, there are plenty of dealerships that offer their own in-house auto financing. Whatever your credit score reveals, these dealerships will try their best to get you financed and into a car. Many times, if you have a steady job and can verify your income with paycheck stubs, then you will not have a problem getting auto financing. You may be required, however, to put down a sizable down-payment of anywhere from 5-20%, so be prepared to have some cash.

As you can see, there are plenty of options available to you for your auto financing needs. Always choose the financing that has the lowest interest rate, or the best monthly payments that will fit your budget.

Finance Your Vending Machine Business

There are two distinct pillars of starting and maintaining a successful business – passion for the business and the ability to finance the vision.

Perhaps the most important thing in business is passion. The second most important aspect of starting a successful business is financing the venture. It’s the lifeblood of a business. Without it, the business is merely an idea backed only by passion.

Unfortunately, passion comes from within and can’t be taught.

On the other hand, finding and obtaining financing for your vending machine business can. Let’s go through the options and determine which best fits your needs.

Financing Your Business on Your Own

Check your bank account. Do you have enough money to purchase a refurbished soda machine for $1,500-$2,500 and cover your monthly living expenses? If so, that’s great! You’ll likely have enough funding for your initial vending machine investment as well as the vendible products you intend to sell.

If you don’t have enough in your bank account, don’t worry. You’re not alone. Many people are in the same position. Fortunately, there are still plenty of other ways to finance your passion.

Family Ties

Everyone has family and there’s usually someone who can spare enough to finance your vending machine venture. Oftentimes this will be the most flexible financing option. Repayment schedules aren’t strictly enforced and interest charged is minimal, if at all. In most cases, it’s less about the money and more about your family members just wanting to see you succeed.

Bottling Companies can offer alternatives

Bottling companies want to grow their market share at nearly any cost and will supply your business with a vending machine free of charge. In most cases, they’ll even service it at no cost to you! Financing is not even necessary! The only thing you have to pay for is the product that goes into the machines. However, bottling companies may sell the vendible products to you at a price higher than what you would pay to a wholesaler. Also, if the machine breaks, the bottling company may take longer to perform the necessary repairs. Of course, you’ll have to weigh the pros and cons to determine if it’s the right situation for you.

Financing through a supplier

Larger distributors and re-sellers of new and refurbished vending machines have the ability to offer financing to your business at a reasonable cost. This is the most common option used by many vending business start-ups. It’s quick, simple, convenient, and straightforward. Purchasing the machine and agreeing on the terms of the financing are all done in one meeting between you and the dealer.

The only word of caution is to know how much the it’s really worth. Do some research on eBay or other reputable sites to get an idea. This will give you a rough understanding of the cost of various vending machines.

Financing through Small Business Administration

Although the SBA is an agency specifically designed to assist new and small businesses obtain financing, vending machine businesses have a harder time than others getting approved. Since vending machine businesses are predominantly cash-only businesses, many banks will shy away because this is perceived as higher risk to them. Additionally, the SBA requires several documents and lots of information about the proposed business which requires time and expertise.

Peer-to-Peer Lending

Over the last several years, peer-to-peer lending websites have sprung up to provide affordable financing to all types of businesses, including those in the vending machine business. Although this type of financing is less conventional than other methods, it can be very effective. As the owner, you can provide basic information about yourself and your business. Within seconds, you can be pre-approved for financing. Funding is generally deposited into your checking account within days of credit approval. Interest rates and fees are straightforward and relatively low. This financing option works similar to a regular business loan where your vending machine business must pay back what it borrows plus interest on an installment basis.

Crowdfunding

Another highly unconventional option to finance your vending machine business start-up is through crowdfunding. Similar to peer-to-peer lending websites, crowdfunding is a recent phenomenon that has proliferated on the Internet. The concept is different but fairly straightforward. Create a compelling campaign to finance your vending machine business on a crowdfunding website. Users then visit the website and contribute to the campaign if they find it worth giving to. Instead of having to pay the money back with interest over time, like a traditional loan, your vending machine business can offer something else of value. For example, you could offer vending coupons for free drinks from your machines as an incentive to give. It’s definitely unconventional but it’s better than financing your vending machine business through loans.

The Bottom Line

When considering the many options to finance your vending machine business start-up, know what you’re giving up in return for the money. The more expensive the financing, the less money your vending machine business will generate in profits for you. Consider all your options, make an informed decision, and act on your passion.

Why Early-Stage Startup Companies Should Hire a Lawyer

Many startup companies believe that they do not need a lawyer to help them with their business dealings. In the early stages, this may be true. However, as time goes on and your company grows, you will find yourself in situations where it is necessary to hire a business lawyer and begin to understand all the many benefits that come with hiring a lawyer for your legal needs.

The most straightforward approach to avoid any future legal issues is to employ a startup lawyer who is well-versed in your state’s company regulations and best practices. In addition, working with an attorney can help you better understand small company law. So, how can a startup lawyer help you in ensuring that your company’s launch runs smoothly?

They Know What’s Best for You

Lawyers that have experience with startups usually have worked in prestigious law firms, and as general counsel for significant corporations.

Their strategy creates more efficient, responsive, and, ultimately, more successful solutions – relies heavily on this high degree of broad legal and commercial knowledge.

They prioritize learning about a clients’ businesses and interests and obtaining the necessary outcomes as quickly as feasible.

Also, they provide an insider’s viewpoint and an intelligent methodology to produce agile, creative solutions for their clients, based on their many years of expertise as attorneys and experience dealing with corporations.

They Contribute to the Increase in the Value of Your Business

Startup attorneys help represent a wide range of entrepreneurs, operating companies, venture capital firms, and financiers in the education, fashion, finance, health care, internet, social media, technology, real estate, and television sectors.

They specialize in mergers and acquisitions as well as working with companies that have newly entered a market. They also can manage real estate, securities offerings, and SEC compliance, technology transactions, financing, employment, entertainment and media, and commercial contracts, among other things.

Focusing on success must include delivering the highest levels of representation in resolving the legal and business difficulties confronting clients now, tomorrow, and in the future, based on an unwavering dedication to the firm’s fundamental principles of quality, responsiveness, and business-centric service.

Wrapping Up

All in all, introducing a startup business can be overwhelming. You’re already charged with a host of responsibilities in which you’re untrained as a business owner. Legal problems are notoriously difficult to solve, and interpreting “legalese” is sometimes required. Experienced business lawyers know these complexities and can help you navigate them to avoid stumbling blocks.

Although many company owners wait until the last minute to deal with legal issues, they would benefit or profit greatly from hiring an experienced startup lawyer even before they begin. Reputable startup lawyers can give essential legal guidance, assist entrepreneurs in avoiding legal hazards, and improve their prospects of becoming a successful company.