Halon Banking In The Uk: Fill & Download for Free

Well, I bought a 2012 Chevy Sonic LT with [math]\approx 30,000[/math] miles on it for just over $11,000USD (tax, title, and tags included.)Before I even started to look at cars, I drove to my bank and got pre-approved for a $12,000 car loan. Its worth mentioning that my “bank” is the Maryland State Employees Credit Union. (Both of my parents were state employees at the time. My father is no longer employed by the state, but my mother is employed by Baltimore County Public Schools.)You want to get a loan from a credit union, not a bank. You absolutely do not want a loan from the dealership. Dealerships will charge you an arm, leg, and your first born son in interest (when my sister went to buy her car, the dealership offered her a loan with a 25.2% interest rate and she both earns more money a month and put more money down. Needless to say, she declined the offer.) Banks are for profit institutions that will charge enough interest to make a profit off your loan.Credit unions, on the other hand, are not-for-profit organizations. Don’t get me wrong, they still charge interest but that interest only goes towards covering the credit union’s operating expenses (salaries, utilities, rent, insurance, ect.) The end results are higher interest rates on checking and savings accounts and lower interest rates on loans.Despite being a first time car buyer (or borrower, for that matter,) I got a 3.24% interest rate on the approximately $9,000 load after putting $2,000 down (my sister got the same rate at the same bank a month earlier.) I had absolutely no credit history, good or bad, and got an interest rate most people can only dream of.Then add into the mix the fact that credit unions are member focused and run as a cooperative. What this means is that the credit union caters to YOU not its shareholders.The downside of credit unions is that you have to make an initial “membership deposit” to open an account. The good news is that this deposit is small (my membership deposit was $10.)Before you go to the credit union (I’ll call it the bank from now on since “bank” is quicker to type,) you want to think about what you can afford. The bank will be more likely to offer you the loan you want if the loan payments will account for only a small percentage of your monthly income. For example, if you take home $10,000 a month, the bank is more likely to offer you a loan with monthly payments of $1,000 (10% of post-tax monthly income) than if you make $2,000 a month (50% monthly income.)My advice is to get pre-approved for the largest loan you can afford. Pre-approval is not the same as actually taking out a loan; the bank is simply saying they will offer you a loan up to your pre-approved amount. If you buy a car that is half your pre-approved amount, you only need to pay back the money you actually borrowed (i.e., if you are approved for a $10,000 loan but buy a $5,000 car, you only borrow $5,000 (assuming no down payment.))Your monthly payments will also drop if you put more money down on the car. If you put $5,000 down on a $10,000 car, you will only be borrowing $5,000. Obviously, the less money you actually borrow, the less your monthly payments will be.Only once you are pre-approved should you begin your car search. I strongly suggest you go with a “certified” used car dealer such as Carmax. Such dealers guarantee their vehicles and offer “free” warranties (the cost of the warranty is included in the price.) They also inspect every car before they put it on their lot for both mechanical problems and fraud (such as “rolled back” odometers.) These guys actually do more than make the car look pretty (though they do make it look pretty as well.) Another advantage of Carmax is that they will not badger you. The salesmen will not walk up to you and follow you around the lot. The closest I got to that when buying my car was a salesman handing me his business card and asking me to call him. He then left me alone.That is not to say that your only route is through a “certified” used car dealer; deals can be had at small “mom and pop” dealers. If you find a car you are interested in buying at one of these dealers, hire a mechanic to inspect it prior to buying. If the dealership refuses to allow an independent mechanic to inspect the car, leave; they probably have something to hide.Before we go on, we have to talk about two different expenses: the purchase cost and the cost of ownership.The purchase cost is the money you (or the bank) pay to drive the car off the lot. It includes the cost of the car as well as tax, title, tags, and any “add on” services you purchased from the dealership. This is a one time expense.The cost of ownership, however, is an ongoing monthly expenditure. This includes gas, insurance, maintenance, cleaning, and various miscellaneous expenses (i.e. periodic emissions tests.)The bank, as a condition of your loan, will likely require you to purchase full coverage car insurance. This is more expensive than basic liability coverage, but for good reason: the insurance company will cover all repairs (even those resulting from “at fault” accidents) or reimburse the owner up to the vehicle’s value if its totaled.But why are you required to buy more expensive insurance? Because you don’t own the car; the bank does. You do not own “your” car until it is paid off in full. If you default on your loan, the bank has full legal authority to repossess the car. If the car was damaged, however, its value will be diminished unless repairs are preformed. The bank does not want to pay for these repairs as they would lose money. With full coverage, however, they can file an insurance claim and get the car fixed free of charge before selling it at auction. They are simply protecting their asset.Fortunately, its possible to reduce your monthly insurance payment. Most companies offer discounts for accident free drivers and good students. They also offer discounts if you have completed a driver’s education class (assuming you were not ordered to take one by a judge) or a defensive driving class. I’m a relatively good student and have taken driver’s ed (which, incidentally, is required to get your license in Maryland.) I have had a handful of at fault accidents, one of which required body work, and another which of required a front axle replacement.Also factoring into your monthly insurance payment is the distance driven. The less you drive the car, the lower your payment will be. Its simple statistics; the less a car is driven, the lower the chance of an at fault accident. Now, don’t try to low ball your monthly distance driven; don’t say you only drive 100 miles a month when, in actuality, you drive 3,000. The insurance company may be able to decline your claim, leaving you with the bill. If they do this, you were essentially uninsured when the accident occurred, which is in direct violation of your loan agreement with the bank.The value of the car factors in as well. A cheaper car will cost less to insure than an expensive one. For example, my Sonic, should I ever, unfortunately, total it (hopefully I’d make a full recovery from such a scenario) would cost the insurance company less to replace than a Ferrari Aventador ($10,000 vs. what, $750,000? (and I’d be more likely to survive.))Even your age and gender have a say in your monthly insurance payment. Young males are seen as more reckless than older males and young females. In my opinion, this is gender discrimination, but that does not change anything. (I’ll ignore the fact that, with the exception of a handful of skilled women, men tend to be better drivers.) I can understand age, however. An 18 year old has only been driving for two years; s/he is much less experienced than the 35 year old with 19 years of experience under their belt.Now let’s talk about gas (or petrol, if you live in the UK.) Fuel efficiency is always in conflict with performance. Generally speaking, the more horsepower an engine puts out, the lower its fuel efficiency will be. Gasoline has a set amount of energy per unit mass and, according to the law of conservation of energy, energy can not be created or destroyed. The only way to get more power (don’t confuse power with energy, power is work (i.e. energy) done over time) out of an engine is to extract the energy from gas by burning more of it per unit time.But this is not always the case. Some cars use lower displacement, forced induction engines to achieve both increased fuel economy and performance. For example, my Sonic, when it was built, could have come with either a 1.8L naturally aspirated I4 or a turbocharged 1.4L I4. Since the engine has a lower displacement, it burns less gas. But, due to its lower displacement, its performance suffers. This loss of performance can be compensated for by using forced induction.Forced induction involves pumping air into the cylinder via either a turbocharger or a supercharger whereas naturally aspirated engines rely on the receding pistons to create a partial vacuum inside the cylinder.Here’s the catch, though: it turns out that as pressure increases, so does temperature. Gasoline will ignite at [math]495^o[/math]F regardless of increased pressure. Forced induction raises the pressure inside the cylinder, causing the air/fuel mixture’s temperature to rise. Once it hits [math]495^o[/math]F, the air/fuel mixture will ignite. If this does not happen at top dead center (when the cylinder is as close to the cylinder head as it will be,) the engine will experience a phenomenon known as detonation. The cylinder, driven by the inertia of the crankshaft and flywheel will continue to move upwards despite the explosive force trying to force it downwards. In addition to a loss of power and decreased fuel efficiency, this WILL damage the engine.The only way to prevent detonation is to use a fuel that is more resistant to it. This means using a higher octane fuel than normal 87 octane. Higher octane fuels are typically more expensive than 87 octane. At this point, you need to consider if the increased fuel economy offsets the cost of higher octane gasoline.I would highly recommend you use Top Tier gas in your car. Yes, even 87 octane is more expensive, but it contains additives that clean deposits out of your engine. I’d also try to avoid ethanol due to it being hygroscopic (water attracting,) potentially leading to rust. but the cost of ethanol free gasoline usually is not worth it.Maintenance is another factor you need to consider. Cars are machines and machines are subject to wear and tear. People all too often forget that every part in their car has a limited lifespan and ignore even basic maintenance until the thing won’t start. I’ve seen people bragging about having not had an oil change in 75,000 miles, completely oblivious to the gunk and crap building up in their engine. I’ve seen people driving around with paper thin brake pads. I’ve even seen, with my own two eyes, people driving around with “tilted” wheels wobbling. (I don’t mean camber. I mean hubs that were incorrectly attached and are at and angle to the wheel.)Keeping a car maintained will greatly improve its resale value, lifespan, and performance. And, fortunately, you can quite a bit of the work yourself.My advice is to spend a few hundred dollars (in total) on the following:Floor jackJack stands (rated to at least 1.5 times the weight of your car) x4 (they are usually sold in boxes of twoA quality ratchet and set of both imperial and metric sockets for hex, star, spline, and torx boltsA quality set of imperial and metric spannersA quality set of Philips, flat head, torx and reverse torx screwdrivers or nut drivers with removable screwdriver bitsA breaker bar (this can be nothing more than a long, beefy, metal pipe.) Used for generating leverage to remove tight bolts.A headlamp (its much easier to work on your car when you can see what you are doing and have both hands available)Safety googlesDust respiratorDisposable nitrile glovesAn ABC dry chemical (water is not safe for flammable liquids, [math]CO_2[/math] isn’t that effective, and halon has been banned by the EPA) fire extinguisher (its unlikely you’ll need this, but just in case all SHTF)Needle nose, slip joint, tongue and groove, and locking pliersWire cutter and wire stripper (you can strip insulation with wire cutters but its easier if you have a dedicated wire stripper.A small air compressorA tire gaugeTorque wrenchPenetrating oil (for removing stuck bolts)Ball pean hammer and rubber malletA quality, non-food use knife (a million and one uses and counting)A multimeter (for measuring voltage and amperage of electrical components. Just make sure you get one that is rated for automotive use)An OBD-II scanner (assuming your can is not an antique, it will have on board diagnostics, generation II. If its something simple, such as it needing more coolant, you can fix it yourself.)A few funnelsOld rags or shop towelsAn oil drain painBuckets w/ lids (for transporting fluids for proper disposal)Shopping bags (for transporting oil filters, ect. for proper disposal)C-clampsWire brushPry barRepair manual for your carThese tools will allow you to safely preform most maintenance tasks yourself. A word of caution: NEVER crawl under a car supported by a jack. Jacks can, and have, failed and moved, dropping cars on people with fatal consequences. Jack stands are the only cheap, safe way of supporting a car. Just make sure to position them under a structural member (this usually isn’t the same “jack point” where the emergency scissor jack is placed when changing a tire.If you are unsure of your ability as a mechanic, take it to one. That being said, most people are needlessly daunted by the seeming complexity of their car. You should, at a bare minimum, be capable of:Changing your oil and oil filterPerforming a tire rotationChecking and topping off fluidsChanging a tireChanging the engine air filterChanging the cabin air filterPutting air in your tiresChecking your tire tread depthChanging your spark plugsChanging you serpentine belt(s).These are simple procedures you can do in less than an hour for less than $100. I’d leave brake work to the professionals, however.Finally, we have cleaning. Cleaning goes hand in hand with maintenance, helping to keep you car in good repair and increasing its resale value. You need to wash and wax your car or risk paint damage. You want to keep your interior free of trash and debris. You want you upholstery to be free of stains. Most importantly, you want to be able to see through the windshield.But cleaning goes beyond the paint and the interior. The undercarriage and the engine are all too often forgotten about. Cleaning your engine (properly) will make it easy to identify leaks and mechanical issues early on. For example, you may not notice an oil leak if your oil pan is caked in mud. Cleaning the engine also allows your engine to run cooler and more efficiently and makes it look good to boot.But don’t forget about the rest of the engine bay. Your radiator is worthless if its covered in dirt and leaves. Your battery is dead weight if its terminals are covered in corrosion. And don’t forget that the interior side of the sheet metal is just as important as the painted exterior.Moving on to the undercarriage, take the time to at least rinse mud and salt off it. If you want to go above and beyond, you can jack the car up and (using jack stands to support it) scrub the undercarriage with a degreaser.Also be sure to remove any rust you find on your car (ignore the brakes, they tend to rust quickly.) Use a rust remover, sponge, and wire brush (if needed) to remove it. I’d use CLR. Some rust removers contain hydrofluoric acid which is so toxic that a single drop on your skin can kill you. Never mind the fact it penetrates all types of gloves (even nitrile gloves only serve to slow it down,) evaporates into highly toxic hydrogen fluoride gas, and, should you come into contact with it, lacks any noticeable effects until its too late. Fortunately, CLR is phosphoric acid, not hydrofluoric acid.I’d also spray a rust inhibitor on any areas I just removed rust from.So, now let’s actually answer your question.You said you were in college, so I’m going to assume you, like me, are working a part time job and have student loans to pay. So, you want a car with both a low purchase cost and a low cost to own.Sorry to burst your bubble, but you can forget sports cars. These are expensive to buy, expensive to insure, guzzle high octane gas, and spend almost as much time in the shop as on the road. They also tend to attract attention from the cops and, depending on where you live, are likely targets for theft.Motorcycles are also a no-go. Due to their light weight, they get insanely good gas mileage, but they offer absolutely zero protection during a crash. This means you will pay several times more than a car to insure a bike. They also lack creature comforts such as heat, A/C, and a roof over your head.SUVs and minivans are a good option. They have plenty of space and excellent safety ratings. But they are heavy and, as a result, have larger engines. That means you’ll have lower fuel economy and a higher maintenance cost.Pick ups are good choices but have the same detriments as SUVs. On the upside, quite a few are 4WD, meaning you’ll be able to get to school/work in snowy or icy conditions. But your school would have closed if conditions were that bad.That leaves hatchbacks and sedans. In my opinion, these are the best types of cars for students. They are frequently inexpensive and low in value, making them relatively cheap to insure. They are light (compared to trucks and SUVs,) meaning they have relatively good fuel economy. Their engines are often “small block” meaning they are relatively cheap to maintain.So, you’d be wise to go with a hatchback or a sedan. Both types frequently share the same chassis and drive train as the other. For example, my Sonic is a sedan but could have been a hatchback.