Is it time for a finance health check?

Who is guilty of any of the following sins?

1. Paying $8,000 more than you could for a new car because the finance interest rate was only 1.9% p.a. :eek:
2. Applying for a 21% p.a. credit card (with annual fees) so that you can earn "points" that are almost worthless.
3. Buying furniture on an interest free period and potentially being charged around 30% p.a two years later.
4. Negotiating to buy a new car via a retail dealership when you could be using a car buying agent to get the fleet discount.
5. Taking out potentially expensive "TV advertised" life insurance over the phone.
6. Paying $30 per month for $10,000 worth of funeral insurance when that $30 could potentially get you $50,000 worth of life insurance.
7. Waiting until you are 50 to buy life or income protection insurance when it could have been around half the cost if you took it out in your 30s.
8. Borrowing to buy a car with a personal loan at 14% p.a. when a mortgage broker might be able to get you approximately half that rate by using the car as security (or even lower rates if able to use the equity in your property)
9. Taking out a business loan at 9% p.a. with a bank when a broker could find a lender at approximately 5%.
10. A variable rate mortgage holder with a rate over 5% p.a. when they could be on as little as 4.65% p.a. with a couple of lenders.

(Poached from a mortgage broker suggesting ways to save money without tightening your belt).
 
Maybe Number 4.... but I didn't know about the 'car buying agent' concept.
I had a novated lease at once stage. Apparently they had the fleet discount but they couldn't match what I found at the end of our road.
 
4. Negotiating to buy a new car via a retail dealership when you could be using a car buying agent to get the fleet discount.
7. Waiting until you are 50 to buy life or income protection insurance when it could have been around half the cost if you took it out in your 30s.

(Poached from a mortgage broker suggesting ways to save money without tightening your belt).

I disagree with those points :)
4. Car buying agents arent always cheaper if you do your own research and negotiate.

7. Only if you after level premiums. Stepped is somewhat comparable.
It should be waiting until you are 50 to buy life or income protection with exclusions applied on the policy, when you could have take it out at age 30 and be covered without exclusions. :)
 
No to all except 2- but I pay it off each month so pay no interest. It costs me $100 a year to hold (because I don't have loans or accounts with them) but I get store cards worth more than $300 per year.
So I'm $200 a year in front. :D
 
4 and 10. 4 the agent couldn't do better though. 10 I have reasons for not doing so though, although in about a year or two I will be rectifying.
 
Who is guilty of any of the following sins?

1. Paying $8,000 more than you could for a new car because the finance interest rate was only 1.9% p.a. :eek:
2. Applying for a 21% p.a. credit card (with annual fees) so that you can earn "points" that are almost worthless.
3. Buying furniture on an interest free period and potentially being charged around 30% p.a two years later.
4. Negotiating to buy a new car via a retail dealership when you could be using a car buying agent to get the fleet discount.
5. Taking out potentially expensive "TV advertised" life insurance over the phone.
6. Paying $30 per month for $10,000 worth of funeral insurance when that $30 could potentially get you $50,000 worth of life insurance.
7. Waiting until you are 50 to buy life or income protection insurance when it could have been around half the cost if you took it out in your 30s.
8. Borrowing to buy a car with a personal loan at 14% p.a. when a mortgage broker might be able to get you approximately half that rate by using the car as security (or even lower rates if able to use the equity in your property)
9. Taking out a business loan at 9% p.a. with a bank when a broker could find a lender at approximately 5%.
10. A variable rate mortgage holder with a rate over 5% p.a. when they could be on as little as 4.65% p.a. with a couple of lenders.

(Poached from a mortgage broker suggesting ways to save money without tightening your belt).

Phew hit none of them.
 
I'm guilty of #2 but it works for us.
We get about 3x the annual fee back in coles/myer/petrol etc vouchers in a year.
 
Not guilty of any of these but I'm about to be guilty on charge number 4. How do I find a car buying agent? Car shopping at the moment so that could come in very handy...
 
on the interweb. type it in the googlator.

Note, I used a car buying agent, gave me a quote, went to the dealership to test drive the car, and found the dealership could do it cheaper. The car buyer wished me the best of luck.
 
on the interweb. type it in the googlator.

Note, I used a car buying agent, gave me a quote, went to the dealership to test drive the car, and found the dealership could do it cheaper. The car buyer wished me the best of luck.

Prefer a recommendation if possible. Anyone used one successfully?
 
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