Ric Flair Finance


Paying for your Home Improvement Project

Paying for your Home Improvement Project

Home improvements cost money whether you just want to make your home more attractive or have bought a fixer upper that you plan to improve over time.

home renovations


If your home improvement project is small then you wont need a lot of money, but if you are planning to do a large improvement then you will need to look at your financial options on how to make your home improvements happen.


If you have saved up money and have a substantial amount then you can pay cash. Keep in mind though that if you pay with cash you will lose the ability to invest that money and reduce the amount of money that you have for an emergency.

Credit Cards

If it is a big project then credit cards could be your worst option as the interest could be quite high and it may take you a while to pay off the balance. If you are able to pay the balance off quickly though like in a month or two and have a credit card that you earn rewards on then it could be a good option. A credit card that has 0% interest for the first year is also a good option as long as you can pay the balance off within the promotional period.

Short Term Loans

You are able to get a personal loan from a bank or credit union that can be repaid over a term of 24 to 60 months. The interest rates on these loans do vary and are usually lower than credit card interest rates.

Home Equity Loan

A home equity loan requires you to have sufficient equity and a great credit, but they do have low interest rates. Your home acts as the collateral for the loan so if you default on payments then you could lose your home.

Cash Out Refinancing

If you have had your home for a few years, have paid down your home loan balance and the value of your property has increased then a good option could be a cash out refinance. Bear in mind though that your payments could go up if your interest rate is lower as you are increasing the size of your loan.


The Best Way to Finance Buying a Car

The Best Way to Finance Buying a Car

It is not a simple decision to buy a car whether you buy outright or buy a car on finance.

A car is actually one of the most expensive things that you will buy, so it’s important that you ensure you get the best deal on financing.

buying a car


Cash or Savings

When the interest rates are low then your savings will most likely not be earning much in a bank. So instead of keeping your savings and borrowing at a higher rate of interest, you could use them to fund some or even all of the costs of a car.

You should ensure that you have enough savings left for an emergency once you have paid for your car. If you do not have enough savings to pay for the car outright then you could use them to make a large deposit. You might be better off buying the car on your credit card so that you are able to benefit from credit card purchase protection, you can then use your savings to pay off the credit card.

Personal Loan

A personal loan is usually the cheapest way to finance a car deal, but only if you have a good credit rating.

You are able to get a personal loan from a bank, finance provider or building society.

A personal loan should not be secured against your home, as you do not want to put your home at risk if you fail to keep up with the repayments.

When you are looking for a personal loan, you will need to shop around so that you can get the best interest rate by comparing the APR.

Personal loans can be arranged over the phone, Internet or face to face. The loan will cover the whole cost of the car and if you shop around you could be charged a competitive fixed interest rate.

Hire Purchase

A hire purchase is where you buy a car on finance and is then paid in installments where the payments are spread over 12-60 months and you will usually have to put down a 10% deposit.

This type of loan is secured against the car so you will not own the car until the last payment is made.

Hire purchase loans are easy and quick to arrange, the deposit is quite low, the repayment terms are flexible and there are competitive fixed interest rates.

Personal Contract Plan

This is a variation of the hire purchase and results in lower monthly payments. With this type of financing you will not pay the car outright, but instead agree to pay the difference between its sale price and its price for resale back to the dealer.

This is based on a forecast of annual mileage over the term of the agreement. The payments are spread over 12 to 36 months. Once the term has ended you are able to hand the car back to the dealer and pay nothing, trade the car in and start again or pay the resale price of the car and keep it.

Personal contract plans have lower monthly payments; a low deposit, flexible repayment terms and you are able to choose at the end of the term what you want to do.

Personal Leasing

You are able to pay a dealer a fixed monthly amount for the use of a car that includes servicing and maintenance as long as the mileage does not exceed a certain amount. Once the agreement ends you hand the car back.