Personal Finance, Loans & Insurance

The Truth About Zero Percent Car Financing

Many car dealerships out there will advertise 0% car finance and buyers will naturally jump at the great deal. After all, on a vehicle that costs thousands of dollars, you could end up saving thousands versus a five-year loan with interest. But 0% car financing is not going to be for everyone. Offering you the chance to drive away in a new car with zero percent car financing is going to be a great way for the dealership to get you onto the lot. Many people will mistakenly believe that they can afford an even more expensive car with a no upfront cost loan because they will not be paying large car finance rates of interest. But this ends up being rarely the case.

Have you ever noticed on those commercials for zero percent car financing that seemingly half of your television screen is filled up with fine print that is so tiny that you pretty much need a magnifying glass to read it?

Zero percent auto financing is only for perfect credit

Very few people will actually be able to qualify for the 0% auto financing. Your credit report largely determines if you will be able to qualify for this type of financing and the guidelines for credit can actually be very strict. If you happen to have perfect credit, these deals may be attainable for you but many borrowers have at least one blemish on their credit report. That one blemish can end up ruining your chances for this type of financing. But by the point that you are discussing the interest rate at the car dealership, you already have the feeling as if the car is yours to drive away in. The dealer knows this and will utilize your enthusiasm to help their bottom line.

Zero percent car financing is only for specific vehicles

Dealers will typically only offer the 0% percent car financing option on select vehicles on their lot. Nine times out of ten it is only go to apply to the slowest moving vehicles that have this great deal attached to them. It is the dealers way of providing an incentive to the buyer so that they can get the vehicle off of their lot. If you are sitting there and dreaming of a slower selling car, this may end up being a great deal for you. But for many of us, our dream car is not going to be offering the 0% car financing option.

You cannot get yourself a rebate and 0% car financing

Dealers will sometimes advertise that they offer 0% percent car financing and a rebate. But in the small print, you will find that you can have one or the other, but you can not have both. You will have to look at the numbers closely to decide whether the rebate or the car finance rates is the best way for you to end up going. But for those of you who do not qualify for zero percent car financing because of credit history, the rebate is going to be your best bet still.

This proves to be especially true when speaking about zero percent car financing. You have to be very careful with these offers because there is always fine print that can turn it into something that you were not quite expecting in the first place. Knowing what your options are and how to take advantage of them will save you money in the long run as well as the short term.

In order to move slow-selling cars, manufacturers may fund monthly payment schemes which offer 0% car finance. Over the course of the loan, this type of agreement might save some significant amounts of money for the buyer. However; some might need you to put down a larger deposit than normal in the first place.

Many people today think that getting Florida individual health insurance to cover their insurance needs if they do not get this from their employer is out of the question due to cost. There are a great many people who feel that health insurance is too costly for them to afford and go without it. This can not only be detrimental to the health of any individual, but can also end up costing someone their life savings or their home if they wind up in the hospital and face a mountain of medical bills. For this reason, it is important to have health insurance as well as compare health insurance coverage.  

When you compare health insurance coverage, you can see the difference in the coverage that different companies will offer you as well as the rate for the coverage. When you are looking for Florida individual health insurance, it pays to make sure that you compare health insurance by way of coverage that is allowed and the amount of the monthly premiums for the coverage. The more comparisons you do when you are looking for Florida individual health insurance, the more you will see that having health insurance is affordable and usually a lot more affordable than you think.  

You want to compare health insurance coverage by way of what they will allow you. Some companies have a network of doctors from which you can choose when you are getting Florida individual health insurance. Other companies allow you to choose your own doctor. The type of coverage that you pick depends upon your own personal preference. There is also a difference between co payments for some companies as well as deductibles. The higher the deductibles, the lower the health insurance quotes, so this is something that an individual might want to take a look at if they are looking for a way to save on monthly premiums. It is much more affordable to have high deductibles when it comes to health insurance than low deductibles as you are basically getting Florida individual health insurance in this way to make sure that you are covered for a hospitalization.  

It is important for everyone who lives in the State of Florida to have Florida individual health insurance as this can help them not only prevent massive medical bills in case they have to go to the hospital but will also induce them to seek out medical care if they should need it. Many medical problems can be avoided by seeing the doctor before they become a problem that requires surgery or hospitalization. The more someone sees the doctor for regular checkups, the more they can enjoy good health. Those who are looking for Florida individual health insurance should make sure they compare health insurance that not only allows them to be covered in case of a major illness or accident, but also allows them to a see a doctor for preventative medical care. Both aspects of health insurance should be reviewed by anyone who is seeking to compare health insurance quotes.

As I was arranging the numerous personal finance books I’ve accumulated over the years,  I couldn’t help but wonder how I can put everything together in such a tiny little space.  Then I asked myself, if I had a very small book shelf that can accommodate only 10 of these books, which books would I choose? I had to think really hard because I love reading books and I’ve learned a great deal about life and money through ALL of them.  These 10 books are special in that they have completely altered the way I view money and life!  They have inspired me to learn more about money and pursue financial freedom! May these same books help you achieve your financial dreams!

Here are Rich Money Habits’ top 10 best personal finance books of all time!

#10.  8 Secrets of the Truly Rich by Bo Sanchez

This one is special because it’s written by a preacher – and a famous Filipino preacher at that!  Bo Sanchez is a best-selling author of inspirational books in the Philippines.  This is his first book that openly talks about money, business and investing.

What I particularly like about this book, is that it tackles one of the most critical obstacles in making money – that is, how to reconcile money and religion.  Living in the only predominantly Catholic country in Asia,  it is very important for me to align what I believe in whether it be on religion or money.  Otherwise, I’ll just be confused and end up going nowhere.

The book is full of stories on how daily money habits make you rich or poor.  It describes the most common perceptions we have about money.  We were taught that money is the root of all evil.  When we watch our favorite TV shows, rich people are often portrayed as greedy.  They only got rich through “drug” dealing or some other “illegal” means. Due to this stereotyping, some us unconsciously don’t want to be rich! Who would want to be the “bad” guy in our own soap opera called life?!

As a result, there is conflict inside of us.  Some of our internal dialogs are

“I want to be rich…BUT not so rich that my friends would hate me and I would no longer have friends.” err…who wants to be loner?!

Or the most common,

“I want to be rich…and I’m so desperate the only way for me to get rich is by winning a million dollars through  lottery.”

The great tragedy is never realizing that you don’t have to be a crook, or be greedy, or become unfriendly, or win a lotto ticket to be rich – you only need to build rich money habits!

#9. Multiple Streams of Income by Robert G. Allen

This is one of the books I bought when I was in the US.  Since I love reading personal finance books, I ordered a bunch of them online.  I was able to get them cheaper because I looked under the “used” books section.  Surprisingly, most of them are in relatively good condition and look almost new!

The book was my first exposure to having multiple streams of income.  For someone who worked as an employee most of his life, I thought I could only earn from one stream of income – my job!  I realized having only one stream of income is not a very good idea because there’s also only one way money can come to me – through my paycheck!

Having multiple streams of income is NOT necessarily having a second job, or even a third!  Multiple streams of income building systems so that money can flow through your life.  It means, investing both your time and money to learn how to build those systems.

One way could be through real-estate investments where you get a “stream” of income from the monthly rental of your tenants.  Another “stream” could be getting portfolio income like “dividends” or “interests” from your stocks or bonds investments.  And yet another “stream” could be from royalties you receive from publishing a book or a music recording if you’re a singer.  Having a LOT of “streams” where money can come to you is certainly better than relying on just your “job” to make money.  The challenge is how to utilize what you have like time, skills, and money to setup these streams of income.

#8.  Secrets of the Millionaire Mind by T. Harv Eker

The great thing about the book is it makes you realize what money habits you have developed since the day you were born.  It brings out those subconscious thoughts that are hindering you from achieving financial success.  Some of the internal dialogs with yourself could be.

“I am not good enough.  I’ll never be amount to anything financially.”

Or you might say

“I’m poor because my parents are poor…and my grandfather is poor…and my great grandfather is poor…so I will always be poor…”

You might not be saying it out loud.  You might only be thinking about it.  Worse, you might not even be aware of it. And you wonder why you’ll not getting anywhere.  As T. Harv Eker aptly put it

“…if your subconscious ‘financial blueprint’ is not ‘set’ for success, nothing you learn, nothing you know and nothing you do will make much of a difference.”

#7.  The 4-Hour Workweek by Timothy Ferriss

The book speaks about the “New Rich”, a group of people who have the time, money and mobility to spend only 4 hours a week to generate money and live the life they want.  The rest of their time is spent on things they love to do like dancing in Buenos Aires, scuba diving in Panama or basking in the Hawaiian sun.

Who wouldn’t want to spend only 4 hours of his time working instead of the usual 40 hours a week?  Who wouldn’t want to have the luxury of time to do the things you really love?  Who wouldn’t want to take a very long vacation in the beaches of Hawaii while your business is taken care of and money is still coming in?

For employees, it offers practical tips on how to negotiate with your boss for a work-at-home arrangement. It also provides ideas on how to plan your own “mini” retirements so the money is still coming in, without you around.  It even discusses how you can “outsource” your life!

The 4-hour workweek is easy to read.  The ideas are presented in a simple and uncomplicated manner that you think you’re reading a comic book.  The book is conversational and funny.  Reading it is like speaking with the author face to face. You might even find yourself occasionally laughing at his jokes. (I know I have)

#6.  Rule #1 by Phil Town

I picked up this book out on a whim when I was at a bookstore in Malaysia.  The book explains investing in a very simple and understandable manner.  It is not intimidating in any way.  After reading this book, it made me realize that I did not need to be afraid of investing.  I just need to learn how to do it right.

Rule # 1 is “Don’t lose money.”

Whether the market is going up or going down, don’t lose money.  Whether it is a bear market or a recession, don’t lose money.  Whether you have billions or just a couple of hundred dollars in investment, don’t lose money.

The book discusses some of the basic myths about investing and provides simple strategies for successful investing while spending only 15 minutes a week.  It tells about the five key numbers that really count when determining the value of a stock or business.  It even mentions valuable internet tools and the advantages of managing your own investments to achieve your investment goals.

I know there may be other books on investing out there, but so far, this is the only one I’ve come across that made me understand the world of investing a little bit better.

#5.  The Richest Man in Babylon by George S. Clason

I came across the Richest Man in Babylon from reading Rich Dad, Poor Dad by Robert Kiyosaki.  It tells about the ancient secrets of money.  The book coined the phrase “pay yourself first”.  In ordinary terms, it means – SAVING. But it is more than that.  The book tells that in any trade you’re in, you CAN still “pay yourself first”.  Once you have “money” in savings, you can then have that “money” work for you.

But how can you save when your little money is not even enough to survive on?  How can you set aside 10% of your income when you’re living on 110% of it?  How do you “pay yourself first” when the creditors are coming after you?

Paying yourself first is certainly not easy. It takes tremendous discipline. That’s one of the reasons why it is not popular.  But once you get the rich money habit of controlling your money instead of it controlling you, your confidence builds up, you’ll think that if you can do this then you can do anything.  And as with anything related to money, it touches everything.  Your health improves.  You become successful in what you do.  People will wonder why you’re always brimming with confidence. You become the richest man in every sense of the word.

Isn’t it better to walk into a store knowing you can buy anything you want because you have the money (saved)?  Doesn’t it give you peace of mind knowing that if some emergency occurs, you can readily rely on your saved “emergency fund”?  Would it be nice to be able to help your family or those closest to you “financially” for a change?  That’s the dream.  And it starts with paying yourself first.

#4.  The Millionaire Next Door by Thomas J. Stanley Ph.D. and William D. Danko Ph.D.

The book is based on a comprehensive research on the money habits of millionaires.  The results are surprising in the sense that majority of those millionaires are not what we

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