Tuesday, July 19, 2011

5 things you should always shop around for

There are many things we purchase throughout the course of our life that don't require a lot of pre-planning or forethought. There are, however, some important things that we purchase that should be carefully researched and considered before rushing out to buy. 

In order to get the best value for money, make sure to shop around for items such as loans, insurance and your home/apartment. Automobiles and high-ticket electronics & technology should also be carefully researched.

There are a number of different types of loans we may need to take out at one time or another. 

Student loans help us pay for our much valued college education. Automobile loans help provide us with the luxury of owning our very first brand new car. 

Home loans help us buy that dream house we've always wanted. Home equity and personal loans make it possible for us to put in that swimming pool the kids have been begging to have for ages and ages. 

As interest rates and repayment periods vary greatly from lender to lender it is important that you shop around for the product to make sure that you are getting the most out of your money. Comparison websites
 are a great way of doing this as it cuts down on the amount of research required by you.

Check competing interest rates and figure out which loan terms best fit your situation. Do you want a 10-year loan with a higher interest rate or a 30-year loan with a lower interest rate? 

Another item for which you should always shop around is insurance. Whether it's medical, home, auto, or life; insurance is a necessity. 

Ask for referrals from people you trust. Often, a good insurance broker is a policy expert and can find the best policies for you, at the best prices. 

Much as you would shop for a loan, consider using the same criteria when shopping for insurance. Purchase the policy with the terms that best suit you. 

Do you prefer a medical policy with a low-copay and a higher deductible? Or would you rather pay a higher monthly premium and have a lower out-of-pocket maximum? 

When shopping for a home or apartment, make a list of your "must-have" items, a list of "would-be-nice" items and a "no way, can't do it, won't deal with it" items. Work with a respectable realtor to help you find a suitable living space that meets your standards.

Do your research and shop around before buying an automobile. Whether shopping for used or new, take your time and find the best car for the best money. Dealerships offer some advantages, like on-site financing and service, but buying from a reliable individual may be less expensive because you're not paying for a lot of overhead.

Often, if you're trading in a car or if you have a substantial amount of money to put down on the purchase price, you can reduce your monthly payments significantly.

High-ticket electronics such as desktop and laptop computers, flat screen high digital televisions and home theater sound systems should be researched in advance. With the abundance of these items now being sold in warehouse-type chain retail stores, price shopping is easier than ever before.

Post by MoneySuperMarket

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