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Tips to Reduce Your Motor Trade Insurance Premium

If you are preparing to sell cars, one of the various things that you should put into consideration is motor trade insurance. If you intend to venture into the motor trade industry, insurance will protect your cars as well as your health. Presented below are some tips to help you part with less for your motor trade insurance.

 

costGive the Correct Information

Providing the accurate details is essential when applying for motor trade insurance. Some folks think that critical hiding data will help them to slash their premiums. However, this is not the case. In fact, giving false information to your insurance service provider might cost you more than you think. For instance, if you are making a claim and the insurance firm realizes that you gave them the wrong information you could end up digging dip into your pockets to pay bills.

 

Take Advantage of No Claims Bonus

Next, if you have a no claims bonus on a different insurance plan, be it another motor trade policy or car insurance, you should part with less cash for premiums. Some motor traders holding private car insurance as well as motor trade insurance arent aware the two plans affect each other. For this reason, its advisable to chat with your motor trade insurance provider to find out if you are eligible and can utilize your no claims bonus.

 

Utilize Driving Restrictions

Another critical piece of advice that will help you to slash your motor trade insurance premium is carefully reviewing who drives the vehicles that you intend to sell. And that is not all. You should also shed more light on the vehicles that they should drive. Inquire if your insurance service provider can tailor a plan to allow only specific drivers to drive the cars you want to sell. It’s true that policies that allow any driver to drive your wheels are much more expensive because the drivers might be inexperienced and quickly cause accidents. Employ drivers with a clean driving record to have a peace of mind.

 

car filesReconcile Your Premium Once

Try as much as possible to pay your premium once if money is not a problem. You will discern that it’s much cheaper to make payments without delay. If you are not able to pay your premium at once, you can talk to your insurance provider to allow you to spread the payment. However, in most cases, you will have to burn a hole in your pocket for the service. If you make a single lump sum payment, you won’t have to worry about interest and struggling to get cash for the installments.

 

Look for a Broker

Last but not least, when hunting for a motor trade insurance plan, search for a specialist to take you through the process. For example, you can take advantage of an insurance broker that deals with successful motor traders because they are aware of the requirements and will go out of their way to get you a better deal. For more about motor trade insurance, you can visit this website.

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Guide to Finding the Right SME Business Loan in Singapore

SMEs in Singapore have for long been experiencing difficulties in securing financial assistance to get off the ground. Most of them resort to lenders who levy heavy interests on them that make it hard for SMEs to repay. When it comes to borrowing, SMEs should consider making responsible borrowing to avoid falling into financial traps. There are several factors that SMEs must consider before considering SME business loans in Singapore. These include:

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Interest rates

Lenders charge different rates on their loans. Borrowers must consider interest rates to understand the amount they are required to pay. Lenders often have flexible and fixed interest rates. Flexible interest rate changes over the entire repayment period while fixed interest rate remains constant. Both types of interest rates come with their advantages and disadvantages.

Lending conditions

Credit requirements determine the ease at which a business can acquire a loan. Some lenders have put in place strict guidelines that must be met before a business is granted a loan. A lender with simple guidelines has lower chances of turning down business. Therefore, it is advisable that all SMEs read through lending guidelines of a lender before applying for a loan. Some even resort to charging high-interest rates on those who’ve defaulted on a loan in the past or even decline them altogether. Additionally, new lenders in the industry typically require detailed financial conditions and a well-prepared business plan for one to qualify for an SME loan.

Monthly payments

Monthly payments vary depending on the type of interest rate plan that one chooses. A flexible interest rate will mean a business must pay varying amounts at the end of each month. It means the business must be capable of meeting varying monthly interest rates. A fixed interest rate plan can give business time to plan for future monthly payments since it already knows the amount to pay.

Amount needed

The total amount of loan required is critical even before applying for one. The figure helps entrepreneurs to determine whether the funding is sufficient and that they can pay back without straining too much. Alongside the total amount, it is also advisable to consider the attached interest amount and related processing fees. A high amount will be of no use when one cannot afford to pay.

Loan terms

SME business loan terms refer to the duration of payment and monthly payment amounts. Most lenders in Singapore require good business credit, sound business plan, large asset base and industry experience. Some offer up to five-year payment period with the lowest monthly interest rate.

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Read through their terms and conditions

Business must thoroughly read through the terms and conditions of a lender. It helps them to understand whether there are penalties for defaults and late payments. It also aids them to detect whether the lender has hidden fees. Borrowers can read the terms by visiting the website of the company.

Conclusion

Finding a loan should never be an overwhelming task for SMEs in Singapore. While there are several lenders, SMEs must consider various factors including loan terms, monthly payments, interest rates, lending conditions and amount.

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The Quickest Ways To Get Money Before Your Next Pay Date

The money game can be quite stressful especially when you don’t have a backup plan. It is survival of the fittest. This means that you have to play your cards right for you to survive. Your main source of income is not always going to be enough to cover all your expenses. Which is why you have to be wise enough to include a plan that will sustain your needs. For instance, if you are still a student, you may want to try the banks for a suitable loan. This is never an old idea for anyone interested in making it safely to the other side.

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According to the law

Whether you are in a financial mess of some sort, it is always good to go according to the law. Failure to which will see you get caught up in bad books with the law. For example, if you plan on involving a money lender into your plans, ensure that their deals are legal. Many have considered this option but haven’t had such a happy ending. Following up all the requirements will save you a lifetime of running away from the long arm of the law.

Look in all the right places

If you wish to get money into your accounts even before the official pay date, you have to look in all the right places. Money is everywhere for our asking, but we just haven’t discovered the art of searching. All the sources we need are made available to us to make our work easier. The online platform has become the most trusted means of getting loans. This is mostly because the lenders available don’t ask for too much. Instead, they only ask for something that is within our reach.

Licensed to loan

A credible and trustworthy money lender is the one that has all the credible licenses. Proper documentation should add more weight even to the ongoing deal that is yet to take off. The reason for a license is to show compliance with all the regulations and statutes that govern the money lending institution. Before signing a piece of paper, be sure to ask for a certificate or document that bears the license number. This way, you will save yourself from the clutching jaws of con artists. CreditMaster Singapore Moneylender is one company to provide you such loan.

The quickest way out

Emergencies just can’t wait till you fix some pending issues first. You need to have a source of help there and then. Failure to which will see your situation move from bad to worse. Emergencies to do with money are the worst especially when you have no means of getting access to it. It is a different case when you have it all sorted out. If you don’t, you are better off when you know all the fast and most affordable money lenders.

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Use your loans wisely

Now that the money has found its way into your account be extremely cautious. The excitement of having your loan go through can be quite overwhelming. Which is why you should have a definite plan on how exactly you can make it effective.