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New Or Used Car Finance?

Should I Finance a New Car or a Used Car?

If you are in the market for an automobile, you are likely trying to decide whether you should buy a used car or a new car. Here are some of the things that you should consider if you are trying to finance your next vehicle.

Keep in mind the hidden costs that go along with financing different types of vehicles. A new car will have less money required for insurance, but you will be paying the premium for a new car. A used car will have a lower monthly payment, but you will be paying more in insurance and possibly repairs and maintenance over time. You should consider how many miles the car has on it before you commit to it.

A financial institution may be more likely to give you a loan on a new Car Loans by Stratton Finance, however. They consider new cars much less of a risk because they do not have as many problems in terms of repairs and maintenance. If you can stay away from these huge out-of-pocket costs, they believe, you will be more likely to pay back the loan on the principal payment.

If you are looking for a used car, you may lower the price on the monthly payment, but you may have a harder time getting the loan at all. Some financial institutions simply do not like financing used cars, especially used cars that are older than five years old. You should definitely weigh all of your options before you move into this class of used car.

Keep in mind all of the upfront fixed costs that go along with purchasing a new car as well. You will have title fees and other fees that you will be paying the initial see on – nothing is transferred from the previous owner. This upfront payment does not necessarily roll over into a finance package, but it does affect your overall ability to pay in those first couple of months. You can bet that the bank will consider all of this before it lets you take a loan for new car.

On the contrary, a used toyota for example for a Toyota car finance will have much less in the way of upfront fees. You will likely inherit the title from the previous owner, and you may not have to pay for the tags for a few months. This may not seem like much, but it can actually save you a few hundred dollars that can go towards monthly payments for that used car. Consider all of these things when you are deciding which vehicle to purchase.

Why Novated Lease Always Wins

An Example Of Why The Novated Lease Always Wins

Most working-age Australians know good and well what a “salary sacrifice” is – in formal terms, it’s a novated lease . Salaried employees, just like most places on planet Earth, are offered benefit packages – think of them like an empty tray with three sections, one for each portion of food – of a proverbial cafeteria full of compensatory benefits.

Such cafeterias offer things like health, dental, and vision insurance, in addition to paid leave, maternity and paternity leave, and the legendary novated lease. Australians can consider themselves lucky, as only Australia and the United Kingdom offer such novated lease benefits on a widespread scale.

Why Should One Be Thankful For A Salary Sacrifice?

Doesn’t sacrifice mean something bad? In most every case, yes. But not when it comes to the novated lease.

Let’s assume that Bobby Bruce makes $100,000 AUD per year at the accounting firm he works for in Perth. One of the benefits he takes is a novated lease.

Bobby is looking for a car. Let’s say it’s a 1995 Mazda Finance at Stratton . Bobby found a dealer himself that he can lease it from for a total of $10,000. He will pay off the balance in exactly 12 months.

The accounting firm finds Bobby the same vehicle for $12,000. Again, balance is paid off in 12 months.

Bobby Doesn’t Want No Help – He’s A Strong, Independent ‘Strayan

In taxes, the firm takes roughly $24,632 out of Bobby’s checks throughout the year, in total. From that, Bobby has $75,368 left over after taxes.

$75,368 – $10,000 = $65,368 left over after the lease.

OK, Accountant Bobby Can Do Math – He Opts For The Novated Lease, After All

Bobby doesn’t have to include the full $100,000 in taxable income. He only includes $88,000, thanks to the novated lease (it’s not taxable).

Accountant Bobby Bruce pays taxes on that $88,000, which amounts to $20,192, so he has $67,808 left over. He gets the same vehicle, either way, though it was far cheaper by opting for a novated lease.

Other Things To Consider

In the above example, no insurance, maintenance, fuel, or anything else associated with the necessary upkeep of that Ford Pinto was included. However, in actuality, the novated lease agreement allows Bobby to pay for those things – really, everything associated with the vehicle leased through the power of novation – is paid for with pre-tax dollars.

Unless an employer has a terrible dealer it goes through, it’s always better to choose the novated lease.

Ways To Obtain A Car Loan

Ways To Obtain A Car Loan

You see that great looking car on the lot, and you have to have it. To get it, you need a finance company to believe in you and give you a loan. Here are some of the things you will need to do in order to get that great loan.

Check your credit score.

If you want to get great Car Loans by Stratton Finance, come to the table with a great credit score. A great credit score tells the lending agent that you are not a high risk to the lending institution. They will be much more likely to give you a loan, and you may qualify for more money than you would have been qualified for in other situations.

Pay off all of your other credit cards.

Your lending institution wants to see a history of good payments. You can do this by paying off your other credit cards on time and in full. You can have other credit accounts open, but try to spend less than 30% of the money on those. If you spend more, not only will your credit score take a dive, but you will not be looked upon as a low risk by lending agents.

Come in with your job information and proof of income.

Your lending agent may want to see how you make your money as well. Make sure that you come into the dealership with your W2s or your 1099s, whichever is relevant at the time. The more money that you make, the better off you will be when trying to qualify for a loan.

Bring information about past car loans.

The most relevant information that a lending institution can consider is loan information from similar purchases that you have made in the past. If you have cars such as Mazda finance by Stratton in the past and taken loans on them, bring that information in when you go for the new loan. This is very important information. It may help you get a loan even if your credit is not the best or you have other debts that are still on record.

The tips above are only a few of the ways that you can make lenders more happy to see you. There are certainly other things that you can do, but these will get you started on the right path. You should always look to improve your financial situation before you go in for a car loan for best results!

Setting Up Affordable Car Loans

How to Set Up Affordable Car Loan Finance Terms.

Cars & Utes

Many Australians have a strong desire to drive a nice car that is loaded with exceptional features and that has enough power to make the car fun to drive. In some cases, the desire to purchase a nicer car leads drivers to make a poor buying decision and a bad decision regarding car finance terms. The last thing that you want is to have buyer’s remorse after bringing home your new car. If you are looking for an excellent way to ensure that your car finance terms are affordable, apply these practical tips to your efforts.

Understand All Costs of Ownership
One of the reasons why some drivers find that their new car is not as affordable as they originally thought is that they failed to take into account all costs of ownership. Your car finance loan payment is often the most expensive component of ownership, but this payment needs to be analyzed along with other vehicle costs. For example, repair and maintenance costs, fuel costs and insurance costs are also vehicle expenses that need to be calculated in your budget. These expenses vary by car, so update your budget accordingly. By doing so, you can ensure that you set up a new car loan payment that is affordable after all factors are taken into consideration.

Use an Online Car Finance Calculator
The three primary factors that will affect your monthly car finance payment are the loan amount, the interest rate and the loan term. All three of these factors are within your control, and this means that you can set up a Car Loan Stratton Finance Car Loan payment that works well with your budget. For example, you can adjust the loan amount by selecting a more affordable car to buy or by making a larger down payment. You can shop around to find a better loan interest rate. You can also choose a shorter or longer loan term at your discretion. Use an online calculator to estimate loan payments. Remember that you may need to choose a more affordable car to buy if you cannot tweak the payment to make it affordable.

Your car finance payment will likely be a component in your personal budget for at least the next couple of years. You understandably need your loan payment to be as manageable as possible. Alternatively, you could also opt for a Novated Lease Stratton Finance Novated Lease through your employers. When you apply these tips to your car shopping and financing efforts, you are taking positive steps to ensure that your next vehicle is affordable to own and to drive.