The finance industry is full of jargon, abbreviations and acronyms that get used so often, sometimes we forget that your average Joe may not know what they are!
Below we will break down some key terms you may come across:
Buying A Boat First Time in New Zealand
Buying your first boat and taking out your first boat loan in NZ has become much safer in recent years, although there are still risks. The biggest of which is fraud. Unlike vehicles that have a registration recording ownership details and vehicle details – boats do not have this.
Trailers do, but in most cases, the trailer value is a tenth of that of the boat and does not record the hull year, make, model, serial number or engine details.
The definition of OCR in finance is Official Cash Rate. It has quite a large impact on New Zealand’s economy. The reserve bank adjusts this up and down to tackle inflation, and unemployment and is largely based on the results of the consumer price index.
How to Fix a Bad Credit Score
New Zealand has two main credit reporting systems that lenders use in the asset finance market – Centrix and Equifax. Equifax was the most common agency until Centrix brought in comprehensive credit reporting. Today, we will learn how to fix your bad credit score easily in a few simple steps.
This shows lenders how on time or late you pay your bills. All participating companies report every month on their clients paying on time or late – if late, how late. They can see if your account is a month in arrears, 3 months in arrears etc.
Sam has a passion for finance and helping clients, stemming from his own love of responsible lending and hearing of the joy a new asset or working capital can bring to you.