Save buying a home and having children, buying a car is probably the most significant financial commitment you’ll ever make.  Naturally, you’ll want to do your best to keep that car in excellent condition.  Unfortunately, there’s a lot of bad advice out there specifically designed to empty your wallet into somebody else’s.  Here are 6 common car-care myths that could be costing you money.

6 Common Car-Care Myths

• You should change your oil every 3,000 miles – This is probably the most persistent of all car-care myths.  Not surprisingly, the 3,000 mile myth is perpetuated almost exclusively by the oil service industry in an effort to boost revenue.  Since that little sticker on your windshield says 3,000 miles, people tend to believe that 3,000 miles is some sort of magic number.  If you drive more than 3,000 miles without changing the oil, your engine could explode!  That’s complete and utter nonsense.  Modern vehicles are generally designed to go between 5,000-7,000 miles between oil changes with no mechanical consequences whatsoever with the caveat that heavy drivers (all-city driving or those who haul heavy loads regularly) might need to change their oil slightly more frequently.  Your car’s user manual will tell you how often the manufacturer recommends you change your oil and there’s really no need to do it more often than that.  My car’s manual (a Toyota) recommends 5,000 mile intervals.  I’m not aware of a manufacturer that recommends you change your oil as often as every 3,000 miles.
• Not getting your service done at the dealership will void your warranty – Completely false.  Dealership service departments are generally the most expensive option, so you’ll generally want to avoid them (unless it’s free, of course).  I’m not sure who started this rumor, but there’s not a hint of truth to it.  So long as you keep detailed records of all maintenance you’ve had done on your car, there will be no impact on your warranty.  You can even do the work yourself if you know what you’re doing, just be sure to save all your receipts so you can prove exactly what was done.
• You should let your engine warm up before driving – Many people believe your engine will last longer if you idle the engine until it’s warmed up before hitting the road.  There is precious little evidence to back this up.  While it’s true that a warmed-up engine is more efficient than a cold engine, modern engines warm up much more quickly while driving than idling (it only takes a minute or so).  Idling your engine accomplishes nothing but wasting gas and spewing extra fumes.
• Premium fuel is better than regular fuel – In general, only hotter-running, high-compression engines found is high-performance vehicles benefit from running premium fuel.  Unless your car’s user manual specifically recommends high-octane premium fuel, there is absolutely no benefit whatsoever from using it.  The vast majority of cars on the road run fine on standard 87 octane fuel.  Purchasing premium fuel for these cars would be a waste.
• Inflate your tires to the pressure on the side of your tire’s sidewall – The number listed on the sidewall is the maximum pressure your tire is designed to safely hold, not the recommended pressure.  The recommended pressure should be listed in your car’s user manual.
• You should flush the coolant with every oil change - Most car’s need to have their radiator coolant changed every 60,000 miles or so, the equivalent of many oil changes.  Consult your car’s manual for specifics.

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It should be easier for customers to shop around for personal loans and credit cards without harming their credit rating, according to an important new report. MPs on the Treasury Select Committee have called for the Office of Fair Trading (OFT) to take steps to make it easier for would-be borrowers to get hold of their credit ratings and to compare loans.

It suggested there could be “serious flaws” in the market because people are prevented from shopping around for the best deal.

Toby Van Der Meer, moneysupermarket.com’s managing director, is one of the experts who gave evidence to the committee.

He said: “We need the OFT to act quickly on this – the situation we are in now is not sustainable for consumers.”

Comparing loans

The problem with loan and credit card deals is that the rate you see advertised may not be the one you are offered, but you won’t find this out until your application has been processed.

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Maybe you have noticed that once in a while, especially if you have been very good about making your credit card payment on time, you get a letter or note on your monthly credit balance statement that says you get a payment vacation. Some credit card companies offer these chances to skip a minimum payment, in other words, but before you accept the offer think about it for a minute because if you do not make the minimum payment you are still charged interest.

Making the minimum credit card payment just means you are keeping up with a portion of your interest payments, but by doing that you do not do anything to pay off the main balance of your debt. Only when you pay more than the minimum do your credit card payments cut down on your total outstanding balance – and only when you make a large enough credit card payment to pay off the entire balance do you stop getting charged interest.

Normally – unless you have a special card that lets you isolate certain purchases and pay them off separately – your card company will apply your credit card payments only to the total balance. So yo Read more…

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According to the National Retail Federation, the average American was expected to spend an average of $682 this year on Holiday gifts versus $705 last year (a 3% decline year-over-year).

Interestingly enough, those surveyed in the 18-34 age group are going against the trend and said that they would spend an average of $657 this year vs. $552 last year (a 19% increase). Surprising, especially considering the incredibly tough job market for new grads.

You’re going to think we’re scrooges, but in-line with my declaration against Holiday consumerism, my wife and I are spending an average of about $100 this holiday, including $0 on each other. We’re providing experience related gifts to my parents, her parents, and traditional gifts to our grandparents. We ha

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A business owner with bad credit or no credit may have a hard time getting approval from business loan lenders. Are you confronted with the same problem? If yes, why not consider applying for a bad credit business loan? As the name suggests, these business loans are especially offered for those with imperfect credit.

What are the requirements for a bad credit small business loan?
Business credit rating is certainly not a requirement to get approved. Therefore, what should you prepare before applying for a business loan for bad credit?

Read more Getting a Bad Credit Small Business Loan

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