Everything You Need to Know Before Buying a Private Number Plate

A private registration plate is one of the best ways to set your car apart from the rest. A private plate can be personalised with your name, nickname, or even the make or model of your car. It can be designed to make it obvious that the car is yours, or you can have something subtler, that only you and your family or friends will understand – the choice is all yours!

There are many different reasons why people decide to buy private plates, be it for themselves or as a gift to a loved one. But one of the hidden perks of getting a private number plate is that hiding its age could make it less attractive to would-be thieves in many cases. There’s no denying that a private number plate is one of the biggest status symbols on the road, too. Paired with a flashy car, you’re sure to be the envy of plenty of other drivers.

So, how do you go about buying and selling private number plates? Whether you’re looking to put a private plate on your car for the first time or have an old plate that you want to sell back, read on for our definitive guide.

#1. Choosing a Plate:

When buying a private number plate for your car, the first step is choosing one that you like. The quickest way to do this is by looking online, but there are several other means of finding a suitable registration, including advertisements from dealers in local papers, or contacting them directly over the telephone. In general, an online search is the easiest option since you’ll be able to enter details for the plate that you want and search all the various options. Even if the exact plate that you’re hoping for is taken, you’ll be able to see all the similar options and hopefully find one which you like.

#2. How to Pay:

In general, there are two ways in which you can pay for a private number plate – in total, or via finance from several dealers. This will of course depend on your own financial situation, and the cost of the plate that you’re looking at. In general, buying outright is a better option since you’ll save money on interest rates that are inevitable when paying for a private number plate on a monthly basis. However, it’s always important to beware of any hidden costs, too – most private number plates are subject to VAT, and this may not be advertised by the dealer straight away. You’ll also have to factor in the DVLA fee, which is typically around £80 or £105, depending on the individual circumstances. Never assume that the price you see quoted on a dealer’s website is the total price that you’ll pay.

#3. Buying from a Private Seller:

Another option that you may want to consider when getting your private number plate is buying from a private seller. However, although this may be a cheaper option, it’s worth keeping in mind that it’s often riskier. So, make sure that you’ve done your research before parting with your money. The biggest risk when buying from a private seller is that unlike dealerships, private sellers are not overseen by any governing body who will ensure that the seller sends your product or refunds your money if they cannot. To protect yourself, it’s a good idea to insist that the seller provides you with the private plate after receiving a deposit or meet in person to transfer the ownership of the plate to you.

#4. Choosing the Right Plate:

Before purchasing a private registration plate, it’s a good idea to ensure that you’ll be able to use it on your car. There are certain rules and regulations surrounding private number plates that it’s essential to be aware of them before you begin your search. Otherwise, you could end up finding a plate that’s perfect, only to realise that you won’t actually be able to register it to your vehicle with the DVLA. The main thing to be aware of is your car’s year of registration; you won’t be able to use a private number plate that makes your car appear newer than it is. For example, if your car’s original number plate is 2010, your private plate will need to be 2010 or older if you’re using that format. However, this rule doesn’t apply to private plates with a dateless format. Always double check with the dealer or DVLA if you are unsure. If you are stuck for ideas on what to choose, there are plenty of resources available that can help you, such as the Valuation Guide book available from British Car Registrations.

#5. Registering the Plate:

Once you’ve found the number plate that you want and have bought it from the dealer or private seller, it’s time to ensure that it’s registered to your car, so that you can change your plates and start using it straight away. Be aware that it’s a criminal offence to display number plates on your car if they are not registered to that vehicle. To do this, you’ll need to get in touch with the DVLA and pay a fee to change the plates on your car. This will ensure that your details match up for insurance purposes, and avoid you getting pulled up by the police when you’re on the road.

#6. Selling Your Number Plate:

Whether you’re hoping to replace your existing private number plate with a new one, or are considering selling it now or in the future for any other reason, selling it through a dealer such as British Car Registrations is your best option. First of all, they will have your number plate valued – your dealer will be able to do this for you. British Car Registrations have a free valuation calculator online to give you a rough idea of how much you can get for your plate. If you’re serious about selling, it’s essential to get a private valuation from a trusted number plate dealer like this one. Once you’ve obtained this, you can go ahead and sell your number plate through the dealer. They will advertise the plate for you. Although you’ll likely need to pay them some commission, it’s more likely that you’ll get a sale since drivers tend to trust dealers more. You’ll typically need to provide the dealer with your current MOT and V5C documents, along with proving that your tax is up to date.

#7. What to Avoid:

Lastly, it’s a good idea to be aware of what to avoid when buying or selling a private number plate. As mentioned earlier, it’s not a wise idea to buy a registration plate privately unless you plan to purchase it from a trusted relative or friend. You should also avoid buying a plate which displays a registration year which makes your car appear newer as it’s unlikely that you will be allowed to use it. Lastly, ensure that you’re aware of any hidden fees, added VAT, and DVLA fees before you commit to buy.

A private number plate can be a great addition to any car, making older cars look a little bit more luxurious. But, it’s important to be aware of all the steps that you’ll need to take before buying a number plate that’s personal to you.

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Which Investment Options Have the Best Returns?

Long past are the times when earning a lot and saving most of it was deemed a sound way of achieving financial security. The modern-day Indian wants time to relax and enjoy life while still ensuring a financially stable future.

The rapid rise in the number of people, both young and old, choosing to invest their money in various investment options over the last few years is a clear indicator of people’s changed mindset and their willingness to try new things to maximize their capital’s value. But not all investment options are alike or suited to everybody. You should analyze your priorities, the risk factors and, of course the returns before deciding on a plan to put your money into.

Investing in Public Provident Fund

Investing in public provident fund remains one of the most straightforward and secure, investment options, also one of the most profitable ways of making a long-term investment. Simply open a PPF account with the nearest post office or your preferred bank and start earning good interest for your deposit. The lock in period for your deposit in 15 years and you are allowed to further extend it by 5 years if you so desire.

Note that you cannot withdraw your PPF deposit until the end of the sixth year. On the brighter side, the returns from a PPF account are quite good, with the interest rates expected to either go up or remain stable in the times to come. Also, the interest you earn from your PPF deposit in exempt from taxes.

Investing in Mutual Funds

Mutual funds offer a unique balance of risk and reward for people keen on investing their money in bonds and equities. Long-term investment in mutual funds using systematic investment options can be a highly rewarding venture. Mutual finds work beautifully for people who aren’t interested in taking a big risk and want to make small, regular investments. Investing in mutual funds gives you a diverse investment portfolio and the returns are one of the best in the market.

Investing Directly in Shares or Equity

Perhaps the most rewarding investment plan for people looking for long term options, direct purchase of shares or equity virtually guarantees excellent returns if you keep invested for long durations, say 15 years or more. Investors, however, must make sure they’ve completely analyzed the share stock before proceeding with putting their money on it.

Investing in Gold

Gold has always been one of the most dependable and profitable investments in the world. It’s rarity and real world value make it the most sought precious metal in the world and with Indians being the biggest gold lovers in the world, it’s an automatic choice for everybody looking for big returns on their investment. There are several ways you can invest in gold—buy gold ETF or mutual funds, purchase a gold deposit scheme or simply purchase gold bars from a reputable jewelry store. It’s an excellent investment plan for people who aren’t interested in keeping their wealth tied up for a long stretch of time.

Investing in Company Fixed Deposits

Company Fixed Deposits or Company FDs are one of the most popular and rewarding investment options of the day. The interest rates are higher than those in case of bank fixed deposits. There is a degree of risk involved as corporate fixed deposits aren’t under the RBI’s control. There are no insurance benefits involved and investors can not withdraw their money until maturity. It’s advisable you keep that in mind and pick a suitable investment period. A wonderful, high returns opportunity for people willing to invest for a long term.

Investing in Bonds

Investing in bonds is a relatively secure and profitable option for investors who aren’t too keen on putting money in direct equity and mutual funds. Returns on bond investments is independent of the company’s performance so the investors are looking at fixed returns during the investment term. The returns from investing in bonds is higher than other low risk investment plans like fixed deposits.

While the average returns in case of a fixed deposit range from 6-7 percent, the average returns for bonds are about 6.5-8 percent. Bonds, both government and corporate are a wonderful option for those looking for a risk free investment plan. Bonds with higher ratings are the most secure while people looking for higher returns can opt to go with lower rated bonds that, while they carry a degree of risk, offer better gains.

Conclusion

One of the most common mistakes people make with their investments is failing to keep track of the them. While this happens more in case of long duration investments, people with short term investment plans too, often fail to meet the desired goals simply by forgetting about their investment. Sounds unbelievable, but it’s a fact nonetheless. Make sure you monitor the value and status of your investments at regular intervals, taking stock of where they stand and the direction they’re headed. Remember, a little care and attention can be the difference between good and great returns!

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When Job Hunting, Are Credit Scores Important to Employers?

Many job seekers fear not only the background checks but also the financial background checks  many employers conduct as part of their hiring process. While some may think these credit checks are unfair, sometimes they’re simply unavoidable.

The good news is that having bad credit will not automatically prevent you from acquiring employment. Telling the truth and being prepared to explain your financial setbacks to a prospective employer can even make you stand out among a sea of applicants. If on a job search with bad credit or fair, here are some helpful tips that might help you get hired.

Conduct a credit check

Many employers and companies check their job applicants’ credit reports, especially if the positions being applied to are ones involving money (financial advisors, accountants, etc) or a high level executive position that relates to a company’s financial well-being.

An applicant whose credit report contains a lot of missed payments/delinquencies may be deemed irresponsible, negligent, and lacking integrity.

Bring the issues up first

Employers usually conduct a credit check after your first interview or when they finally offer you the job. Regardless of when they choose to check your credit, however, it’s not a bad idea to bring up financial issues first – as well as other issues – that go beyond credit checks.

If your credit score has plummeted due to situations out of your control, it might be better to bring that information up to a potential employer.

Medical issues, home damage or any other problem that has stressed your finances, if explained to your employer, will have a positive effect. You can then let them know why your score is so low, and avoid them eventually finding out themselves and forming their own opinions.

Pre-screen the job position as well as the company

A good way to raise your chances of getting hired is to apply to companies that do not conduct credit checks as part of their hiring process. If the job needs you to have a security clearance, the company is working with the government, or you are applying for a management position or higher, you should expect that a credit check will be performed. If that’s the case, seeking credit repair assistance may help your job prospects.

Apply for the job

Even so, don’t avoid applying for jobs with companies that require credit checks. Take the risk and apply for the job because there’s really nothing to lose. While some companies reject applicants with bad credit right away, you may come across some that are more tolerant of your financial issues. They may be willing to give you a chance to explain your situation and prove your integrity.

By applying to companies that do and do not conduct credit checks simultaneously, you dramatically improve your chances of getting hired. If you’re working in an industry that requires good financial background, you may need to seek positions outside of your expertise until your score is at an acceptable level.

Gain momentum

Regardless, do not let your bad credit get in the way of finding employment. While on the search with have bad credit, aim for a fair credit score and then continue to improve.

Keep in mind that not all future employers think alike. While some may shun you right away, there will be others who will give you a chance to explain and prove that you have fully recovered from your financial setbacks and are the perfect candidate for the job.

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