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Oxford Finance have recently launched a new loan product offering – Unsecured Personal Loans. A convenient and flexible loan solution with a fast online application and approval process.

So, what is an unsecured loan? How does it differ from a secured loan? And is it the right fit for you?

In this article we outline the two loan types, each with its own set of characteristics and considerations. Read on to learn the differences between secured vs unsecured personal loans and make an informed decision on the best loan type for you and your finances.

Secured Personal Loans

Collateral required – Secured personal loans require backing by an asset as collateral against the loan. For Oxford Finance this generally would have the backing of a car or a property.

Lower interest rates – Because the lender has the security of your collateral, secured loans typically come with lower interest rates compared to unsecured loans. This is because the risk to the lender is lower.

Higher borrowing limits – Secured loans often allow for higher borrowing limits as the collateral provides assurance to the lender.

Longer repayment terms – These loans may have longer repayment periods. This can make monthly payments more manageable but may result in higher total interest payments over time.

Risk to collateral – If you default on the loan, you risk losing the asset you used as collateral.

Unsecured Personal Loans

No collateral required – Unsecured personal loans do not require any collateral. There is a lot of trust with this type of loan, with approval being based primarily on your creditworthiness and ability to repay the loan.

Higher interest rates – Since the loan is collateral-free, lenders perceive unsecured loans as riskier. Therefore, interest rates tend to be higher compared to secured loans.

Lower borrowing limits – Typically, the amount you can borrow with an unsecured loan is lower than with a secured loan because the lender has no asset to recover in case of default.

Shorter repayment terms – Repayment terms for unsecured loans are usually shorter than those for secured loans, which can mean higher monthly payments but lower overall interest costs.

Credit requirements – Lenders may have stricter credit score and income requirements for unsecured loans because they rely more heavily on your financial stability and credit history.

Secured vs unsecured – which loan should you choose?

Consideration 1: Loan amounts

Consider how much you need to borrow – a higher loan limit is likely offered by a secured loan vs an unsecured loan.

Consideration 2: Interest rates

Compare the total cost of borrowing (including interest rates and fees) for both types of loans.

Check out our easy to use Secured Personal Loan calculator, or Unsecured Personal Loan Calculator to see what your repayments could look like.

Consideration 3: Credit history

Your credit score and financial history will significantly influence your eligibility, and the term offered by both secured and unsecured loans.

Consideration 4: Convenience

If you are in a situation where you want to borrow a smaller amount of money for things such as a holiday, education, or to cover unexpected expenses without the need for collateral, then an unsecured personal loan could be the right fit for you.

Talk to the experts about your loan requirements

If you’re thinking about unsecured personal finance, or have any questions around applying for finance, get in touch with our friendly team at Oxford Finance, we’re here to help.

Before choosing any type of loan, it’s important that you carefully assess your financial situation, your budget and needs. Talk to a financial advisor or check out useful websites such as MoneyTalks to ensure you’re making an informed decision.

If you have a loan with Oxford Finance and are experiencing an unforeseen change in your financial situation, don’t leave it too late to contact us, or, find out more about hardship options on our website.

Get in touch with us about your loan queries today.

We recently an a Facebook competition asking people to tell us their top power savings tips to be in to win a $500 cash prize. We received a great response with over 400 entries and lots of useful power saving ideas.

And while many ideas seem obvious, it’s a timely reminder that when you put these habits in place, you cannot only save power, but a little extra money too.

Here is a list of the top 20 tips we’d love to share with you.

Top 20 power savings tips

• Only run your dishwasher, washing machine or dryer when you have a full load.
• Quicker showers for the kids by playing one of their favourite songs on the speaker as their timer. Helps save power and water.
• Close all your blinds or curtains at sunset before the temperature drops to retain heat.
• Air out your house daily, and if possible dry windows if there is condensation – A dry house is a lot easier to keep warm.
• Not all heaters have thermostats, so get a timer or smart plug for your heaters. A smart plug can also set heaters to switch on and off depending on the temperature of the room.
• After using the oven for dinner, open the door and leave it open for a while to let the warmth out.
• Check all your appliances – are they on standby mode (switched on at the wall)? Do they need to be on standby mode, or can they be switched off when not in use? Every little bit helps.

• Energy efficient lighting. Use LED bulbs instead of incandescent ones. LEDs use less energy and produce less heat.
• Clean your heat pump filters at least once every three months.
• If you’re cooking on the stove top, cover your pots with lids. It reduces cooking time and energy use.

• Go outside and do some exercise. You’ll soon warm up and feel great at the same time.
• Run your ceiling fan in reverse at a low speed. It will circulate warm air that rises to the ceiling and then back down into the living area.
• I switched to a new power plan that has free power from 9pm – midnight and my bills are lower compared to last winter.
• Keep the heat pump on 21 degrees and switch the fan to auto.
• Close doors to rooms you are not using.

• Wash your clothes on a cold-water cycle. Adds up to be a lot in savings, especially when you have a large family.
• Insulate your water heater with a water heater blanket.
• Plant windbreaks. Trees and shrubs can block cold winds.
• Cook with appliances such as a slow cooker, air fryer or bench-top oven instead of using your oven all the time.
• Simple DIY around the home can add up to noticeable savings in energy usage. Things like door strips, window seals, or a cheap double glazing film can help.

For more power saving tips and information, check out these useful resources:

https://www.powershop.co.nz

https://genless.govt.nz

If you’re thinking about getting a loan, or have any questions around applying for a loan, get in touch with our friendly team, we’re here to help. Alternatively, if you have a loan with Oxford Finance and are experiencing an unforeseen change in your financial situation, don’t leave it too late to contact us, or, find out more about hardship options on our website.

Are you a small or medium enterprise (SME) business owner or sole trader looking to branch out and invest in a company vehicle? Securing the right SME car loan is an important consideration for any New Zealand business, impacting financial flexibility and operational efficiency. From understanding the repayment options to evaluating interest rates, we’ve highlighted the information you need to help you choose a  small business car loan that aligns with your strategy and growth plans.

Transportation requirements

When considering your SME’s transportation requirements, determine the purpose and necessity of the vehicle for your business operations – Whether it’s for deliveries, client meetings, or transportation of goods, it’s important to clarify the vehicle’s role. Next, consider the vehicle type ­and choose a vehicle that suits your business needs. Think about the size, capacity and features that are essential for your operations. E.g. An EV vehicle to reduce fuel costs may be best suited to a sales person driving daily in city traffic.

Budget and cash flow

When choosing the appropriate SME car loan, ensure you factor in the upfront costs, including any required deposits or associated fees, which can affect your liquidity. It’s important to make sure your monthly loan repayments are manageable and within your business’s budget.

Evaluate:

• Resale value – Consider the vehicle’s resale value. Some vehicles depreciate slower than others, impacting long-term costs
• Maintenance and repairs ­– Budget for regular maintenance (fuel, servicing and insurance), and potential repairs to avoid operational disruptions.

Thoroughly assessing these elements will help maintain a healthy cash flow, allowing your business to continue operating efficiently while managing new financial commitments from the vehicle loan.

Loan terms

Consider the length of the loan term. Shorter terms may have higher monthly payments but lower overall interest costs, while longer terms have lower monthly payments but higher total interest.

The ability to repay the loan early or refinance based on changing financial circumstances can offer significant advantages, including potential interest savings and better cash flow management.

Eligibility requirements and documentation

During a car loan application, we require businesses to provide detailed financial statements and a review of the company’s credit history to assess their risk and financial health:

• Business plan – A clear business plan explaining how the vehicle will enhance operations can support your loan application
• Proof of income – Provide proof of your business income, such as tax returns, bank statements, and invoices
• Legal documents – Have your business registration (NZ business number if you are a sole trader), licenses, and other legal documentation ready for review.

Collateral or security (in the form of the vehicle or other business assets) may be needed in addition to secure the loan.

Future planning and tax implications

When choosing the right vehicle for your business it’s important to look ahead, evaluate and consider the following:

• Depreciation – Factor in vehicle depreciation (second-hand vehicles are subject to depreciation too), and its impact on your business going forward. For detailed information and the latest guidelines, visit the Inland Revenue Department (IRD) website on depreciation here.
• Upgrade and maintenance – Plan for the vehicle’s long-term maintenance and eventual upgrade or replacement.
• Deductions – Understand the tax implications, including potential deductions for interest payments and depreciation.
• GST – Consider the impact of GST on the purchase and ongoing running costs of the vehicle.

Work with a lender you can trust

Oxford Finance provide secured business vehicle loans with varying interest rates depending on the loan type. Loan terms can range from 1 to 5 years, with flexibility to match the expected vehicle lifespan. We offer a personalised services and work closely with SMEs to understand their needs.

Contact us or apply online today to find the right business vehicle loan for you and your business.

When expenses are increasing, sticking to a budget can be a little overwhelming. It can easily feel like there’s little or no money left over for any sort of fun after all the bills and essentials have been paid. However, having fun on a budget is definitely possible. It just requires a bit more creativity and planning ahead. Plus, it’s a lot easier to stick to your budget if you allow for a well-deserved break every now and then.

Here are some ideas:

Free events

Keep an eye out for free events in your community. Check out your local council website and see what’s on offer. It could be concerts, art exhibitions, or festivals depending on the season. Many cities and town have regular free events that offer entertainment without a cost.

Host a potluck dinner

Invite friends or family over for a potluck dinner where everyone brings a dish to share. It’s a great way to enjoy good food and company without spending a lot of money.

Watch movies the cheap way

Find out what day of the week your local cinema offers a discount day, or special movie deal and go then. Or, stay home and watch free to air streaming on TVNZ+ or ThreeNow. You’ll be surprised at the variety of free tv shows and movies available.

Picnics in the park or at the beach

Pack some sandwiches, snacks, and drinks, and head to a local park or beach for a picnic. Enjoy the outdoors, play cricket, throw a frisbee, or just sit back and relax.

Search for specials

Find mid-week meal deals at your local restaurant or pub. Check out websites like GrabOne. You can find discounts on things like activities, restaurants, accommodation and items from participating stores throughout the country.

Enter competitions and giveaways

Someone has to win and it could be you!

Spend time outside

Explore nature and head out bike riding or bush walking in a nearby regional park. It’s the perfect way to get in some exercise too. 

Visit your local library

Aside from the books and eBooks you can borrow, libraries often run free events, workshops, talks, exhibitions, as well as activities for the kids in school holidays.

Games night

Invite friends over for a games night. Dust off your board games, deck of cards, or have everyone bring their game of choice. It’s a fun way to spend time together without spending a lot of money.

Explore free online resources

There are lots of free online resources to learn and stretch your knowledge. You can watch educational videos, listen to podcasts, or take free courses on topics that interest you.

With a little creativity and resourcefulness, you can still have plenty of fun without spending a lot of money.

If you have a loan with Oxford Finance and are experiencing an unforeseen change in your financial situation, don’t leave it too late to contact us or call 0800 88 44 66.

Having your identity stolen can be an extremely distressing and financially damaging experience. Unfortunately, identity fraud occurs more often than you may think. As we rely more and more on digital technology in our everyday lives, personal information is increasingly vulnerable to theft and misuse.

To help you recognise and avoid identity fraud we’ve put together some useful tips.

Secure your personal information

Keep your personal information such as your IRD number, and bank account information secure. Avoid carrying unnecessary identification documents in your wallet or handbag.

Be wary of sharing personal information

Be cautious when sharing personal information online, over the phone, or via email. Ensure you’re dealing with reputable companies and only provide personal information when necessary, and to trusted sources.

Use strong passwords

Create strong, unique passwords for your online accounts and change them regularly. With so many logins and passwords to remember, from subscription services to online banking, we understand it’s tempting to use the same one again and again. However, please avoid using easily guessable or obvious passwords like your birthdate, or the word ‘password’ – you’ll be setting yourself up as an easy fraud target.

Disposal of personal documents

Make sure you shred any old bank statements, power bills, or any document that has your name and address on it, and never put these documents in a public rubbish bin. Think about getting your statements sent to you online instead.

Getting rid of your old laptop or computer?

Make sure you remove all your personal information before you dispose of them.

Enable two-factor authentication

Whenever possible, enable this two-step login process to your online accounts. It adds an extra layer of security by requiring a second form of verification, such as a code sent to your phone, in addition to your password.

Check your bank accounts regularly

Regularly monitor your bank and credit card statements for unauthorised transactions. If you notice anything unusual contact your bank immediately.

Be cautious of unexpected events

Be sceptical of unsolicited emails, phone calls or text messages requesting personal information or financial details, and never click on any links. Legitimate companies typically won’t ask for sensitive information via these methods.

Keep your software up to date

Ensure your devices, including laptops, computers, and phones have up-to-date security software and operating systems to protect against the latest viruses and other cyber threats.

Review your credit report

It’s a good idea to regularly check your credit report and look out for any unusual or suspicious activity.

Use secure Wi-Fi networks

Try to avoid accessing your bank account or making financial transactions on public Wi-Fi networks, as these can be susceptible to hackers.

Keep yourself informed

Stay informed about identity theft scams and tactics used by criminals. Check the news and talk to friends and family. Being aware of potential threats can help you recognise and avoid them. Check out Scam Watch, a NZ government website for useful information and tips.

Should the unthinkable happen, here are the steps to take if you suspect your identity has been stolen:

1. If your drivers licence has been stolen, contact and alert the New Zealand Transport Agency (NZTA).
2. If your passport has been stolen, contact and alert Internal Affairs.
3. File a 105 police report. The police report should highlight what happened, and to the best of your knowledge, who committed the fraud.
4. In all cases if you think someone has or is using your details, contact all local NZ credit agencies (Centrix, Equifax and Illion) to put a freeze on your profile. This is to mitigate any use of your credit information if an unauthorised person applies for credit using your personal details.

Has something else been stolen? Check out the New Zealand Department of Internal Affairs (DIA) website for a full list of what you need to do for lost and stolen personal documents.

Don’t let yourself become and easy target! By taking proactive steps to safeguard your personal information and staying vigilant against potential threats, you can reduce the risk of falling victim to identity theft.

Before applying for a loan, it makes sense to assess your financial situation to find out how much money you can afford to borrow.

Here are some tips we’ve put together to help:

Know your budget

Before considering a loan amount it’s a good idea to review your monthly budget. It will help you understand how much you can comfortably allocate towards regular car loan payments without straining your finances. Remember to account for other expenses like rent or mortgage, groceries, insurance, other loan payments including buy now pay later, and utility bills such as power and broadband.

Calculate total costs

Think about and consider all the costs associated with owning a car, not just the fortnightly or monthly loan payments. This includes things like insurance, fuel, maintenance (including warrant of fitness and registration), and potential repairs. Factor these into your budget to ensure you can afford the total cost of car ownership.

Find out about loan terms

Understand the loan terms, such as the interest rates, loan duration, and any additional fees. To give you an idea of what your car loan payments might look like, check out our handy Car Loan Calculator. You can easily adjust the loan amount, term, and frequency to see your estimated loan repayment amount.

Evaluate your credit score

Your credit score plays a significate role in determining the interest rate you’ll receive on a car loan. Firstly, find out what your credit score is. To get a free copy of your personal credit report provided by Centrix Credit Bureau, visit their website here. Check your credit report for any errors and work on improving your score if it’s not in the best shape. A higher credit score can result in lower interest rates and better loan terms.

Save for a deposit

Saving for a deposit can help reduce the loan amount and could lower your repayments. Aim for a substantial deposit to demonstrate financial responsibility and potentially improve your loan terms.

Consider a pre-approval

Getting pre-approved for a car loan can give you a better understanding of how much you can borrow and the interest rate you qualify for. Pre-approval can also streamline the car buying process and give you negotiating power when you’ve found the car you want.

Be realistic

Be realistic about the type of car you can afford based on your budget and financial situation. Avoid stretching yourself too thin to buy a more expensive vehicle than you can comfortably afford. Look at your circumstances and how they may change over the next 12 months. Factor this into your decision making.

Understand

Ensure that you fully understand the loan and the obligations that you are entering into. Do not be afraid to ask someone you know and trust for assistance, or seek advice from an independent body that deals with finances.

By carefully evaluating your finances and considering these tips, you can determine a car loan amount that fits within your budget without compromising your financial stability.

Know that you are in good hands with us

Oxford Finance is a responsible lender, regulated by the Credit Contracts and Consumer Finance Act (CCCFA). We are a member of the Financial Services Federation and follow their principles on responsible lending and borrowing. Our experienced team of lenders are available to assist and answer any questions you have about applying for a loan – Get in touch with us today, customerservice@oxf.co.nz, www.oxfordfinance.co.nz.

Summer holidays are almost upon us – Think melting ice-cream, hot sand, and large packs of pre-cooked sausages for the bbq. Whether you’re off to spend a few weeks at the bach, or a day trip to the beach, the long car journey with bored kids in the back can be a daunting prospect…but, it doesn’t have to be!

To avoid the endless variations of “Are we there yet”, try some of these fun car games to make the drive more enjoyable, and before you know it, you’ll have reached your destination.

Beehives game

If you’re out in the countryside look out for those colourful beehive boxes. If you spot one shout “beehives”. The person who spots the most by the time you arrive at your destination wins!

Twenty questions

One person secretly thinks of a person, place, or thing. The other players then take turns asking yes-or-no questions, such as “Can it fly?” or “Does it grow in the ground?” A round ends either when a player uses one of their questions to correctly guess the answer, or when all of the players have asked 20 questions and the answer is revealed. Each player gets at least one turning being “it.”

The supermarket game

Decide on your first player and ask them to think of an item you can buy at the supermarket. Everyone else takes turns guessing what it might be by asking a question. For example, “Is it frozen?”, or “Is it packaged in a box”. The first person to correctly guess the item wins and it’s their turn to think of something.

In my suitcase memory game

The first person starts by saying ‘I’m going on holiday and I packed …’ finish the sentence with any item that begins with the letter ‘a’. The next player repeats the sentence said by the first player and adds in an item to the list beginning with the letter ‘b’. Keep going and see how many letters you can get through before someone forgets.

Question time

A simple game to create distraction for the younger ones by asking them questions. Things like: “What are three things you want to do this summer”, “What is the most adventurous thing you’ve ever eaten?”, “What’s your favourite movie or cartoon character”.

The theme song game

One person hums a tune to a favourite tv show or movie, and everyone else tries to name the title as fast as possible. Then, the first person to guess correctly hums the next song and starts the game again.

Tell us a story

Get creative and invent a family fairy tale. The first person starts with “Once upon a time” and offers a complete sentence, then the second person adds to the story with their sentence. Take turns adding sentences until the story reaches a conclusion. Tip: You may want to set a time limit, say 15 minutes to tell the story, and for good measure, record it on your phone so you can laugh about it later.

Two truths and a lie

One person tells everyone else two things that are true and one thing that’s a lie. Everyone else in the car tries to guess which is the lie. The winner begins the game again with their two truths and a lie.

Fortunately, Unfortunately

This last game is a test of the imagination and can get quite silly very quickly. The first person starts a statement with “Fortunately” and the next person follows it up with a statement that relates to the first one but starts with “Unfortunately”. Keep going, alternating between fortunately and unfortunately. For example:  “Fortunately, I packed lots of food for this holiday”, “Unfortunately, it just flew out the broken back window”. “Fortunately, I’ve patched up the window by taping up your beach towel”. Unfortunately, the towel just caught on fire…

Whatever game you choose, distraction and laughter are the ultimate goals. And, wherever you’re off to this summer, we wish you a safe journey, a very Merry Christmas and a Happy New Year.

We all know that the lead up to Christmas can be financially stressful. Juggling expectations from kids between what they want and what you can afford, to who’s going to buy the turkey or the ham for Christmas lunch.

If you’re look for help to organise your budget for Christmas and beyond, but don’t know where to start, you’ve come to the right place.  Kiwis have access to some great budgeting advice and assistance from a range of different sources, including government agencies, non-profit organisations, and financial experts. The key is to find the right one that works for you.

Here we’ve put together some options for you to consider looking into.

Citizens Advice Bureau (CAB)

CAB offers free budgeting advice to New Zealand residents. They can provide you with information and resources to help you manage your finances effectively. Check out their website to find your nearest CAB office.

Sorted

Sorted is New Zealand’s free (government funded) independent online guide that offers tools, calculators, and resources to help you create and manage your budget. It also provides information on a range of financial topics, such as savings, investing and getting out of debt.

MoneyTalks

MoneyTalks is a free financial helpline that provides confidential budgeting advice and information. You can reach them by calling 0800 345 123 or visiting their website.

Local Community Organisations

Many local community organisations and social service agencies offer budgeting advice and support for individuals and families in need. Check with your local council or community Facebook page for recommendations.

Financial Advisers

You may want to consider talking to a qualified financial advisor or planner for personalised budgeting advice. They can help you create a financial plan tailored to your specific goals and circumstances.

Work and Income New Zealand (WINZ)

If you are experiencing financial hardship, you may be eligible for assistance from WINZ. They can give you information about financial assistance and support, such as benefits and allowances.

Debt Consolidation Services

If you are struggling with debt, organisations like the New Zealand Federation of Family Budgeting Services can provide advice on debt management and consolidation. Additionally, talk to your loan provider, in some circumstances they may be able to vary or extend the terms of your loan. By extending the term of your loan it may be possible to reduce your regular repayments. However, the trade-off is that you will be paying off your loan for longer.

Financial Workshops and Seminars

Keep an eye out for financial workshops and seminars in your area. These events are often free and hosted by financial experts who can provide valuable budgeting insights.

Online Resources

In addition to the above linked websites, there are a number of online resources, blogs, and podcasts dedicated to personal finance and budgeting. Websites like Interest.co.nz and The Happy Saver offer lots of information and are a good place to start. Additionally, there are some great budgeting apps available that can track your spending and help you identify areas to focus on. Check out The Money Hub for a list of popular apps and find one that suits you.

Books and magazines

Head to your local bookshop or library, and look for books or magazines by New Zealand authors that focus on personal finance and budgeting.

Remember, budgeting is a personal journey, and the right source of advice for you will depend on your individual circumstances and needs. It’s also important to be cautious of anyone offering financial advice who is not qualified or reputable. Always verify the credentials of financial professionals and seek advice from reliable sources.

If you have a loan with Oxford Finance and are experiencing an unforeseen change in your financial situation, please don’t leave it too late to call us on 0800 88 44 66.

Car insurance is designed to provide you with financial protection in case of accidents, theft, or other unexpected events involving your vehicle. Having car insurance is not compulsory in New Zealand, but there are a number of reasons why you should think about having it.

Here we’ve provided an explanation and things you need to know about car insurance.

Types of car insurance and what they protect

• Third party – The least expensive cover type. It covers damage to someone else’s car or property caused by your car, but does not cover damage to your own car.
• Third party, fire and theft – This type of insurance covers damage to someone else’s car or property, as well as protection if your car is stolen or catches fire.
• Comprehensive – This is the most extensive cover option, and if you take out a car loan, you’ll need to have this level of insurance. It covers damage to your own car, as well as damage to someone else’s car or property, theft and fire damage. It often includes (or, you may be able to purchase) additional benefits like roadside assistance and windscreen repair or replacement. You can choose to insure your car for either, ‘Agreed Value’ – You and your insurer will come to an agreed value when you first take out the insurance (it’s the maximum amount your insurer will pay for your vehicle, and is adjusted each time it renews). Or, ‘Market Value’ – What your vehicle is worth just before it is damaged or stolen.

Optional extras

In addition to the basic cover options, you can often buy optional extras, such as:

• Excess reduction – You can choose to pay a higher premium which will reduce the amount you need to pay as an excess if you need to make a claim.
• No claims bonus – This is a discount off the premium that your insurer may offer if you haven’t made any claims over a period of time.

Other optional products to consider

• Mechanical Breakdown Insurance (MBI) – Insurance that covers repair or replacement of major mechanical and electrical components of your vehicle if they breakdown. MBI is designed to protect you from unexpected and costly repair bills that are not covered with standard car insurance.
• Guaranteed Asset Protection (GAP) – Is designed to pay the shortfall between the balance still owing on your car loan, and the amount your insurance company gives you for your car if it is written off.
• Payment Protection Insurance (PPI) – This insurance is designed to provide financial protection if you have a car loan and are unable to make your loan repayments due to reasons such as illness, injury, job loss or other unforeseen events.
• Payment Waiver – An optional product offered by Oxford Finance that you can purchase at the time you take out a car loan. Aimed to protect you against unforeseen events such as redundancy, serious illness or death. It is included in your loan repayments and will clear the balance of your loan depending on the level of covered events you choose. Find out more about Payment Waiver.

Premiums

A premium is the cost you pay to have your car insured. You can choose to pay your premium fortnightly, monthly or yearly. The cost of car insurance premiums depends on various factors, including your age, driving history, the type of cover you choose, the type and value of your vehicle, and where you live.

Excess

Excess is the amount you must contribute towards a claim before the insurance company covers the rest.

Claims process

If you need to make a claim, contact your insurance company as soon as possible. Remember to take notes of names, addresses, contact numbers, car regos, and drivers licence details of other drives involved in the accident. If your car has been stolen, you’ll need to contact the police and provide the police report to your insurer.

Penalties for uninsured vehicles

While car insurance isn’t mandatory, many finance companies, including Oxford Finance, will have comprehensive car insurance listed as a condition of the loan agreement. There can also be financial risks for driving without insurance if you’re found at fault in an accident. You may be responsible for covering the cost of damage to the other drivers’ car, not to mention your own car.

It’s important to carefully review insurance options, shop around for quotes from different providers, and choose the policy that best suits your needs and budget. Always look closely at what’s covered and what’s not, so you can make the right choice and avoid having any surprises if you need to make a claim.

If you’re thinking about car finance and want to know what your repayments may be, check out our loan calculator. Alternatively, if you have any questions around applying for finance or insurance please get in touch with the friendly team at Oxford Finance, we’re here to help.

Spring is a great time to clean up your house after a long wet and cold winter. It’s also the perfect time to tidy up and review exactly what’s going in and what’s going out of your bank account.

Here we’ve put together a guide to help you declutter and organise your finances.

Review your financial goals
Start by revisiting your short-term and long-term financial goals. Are they still relevant? Adjust them as needed based on your current circumstances.

Budget
Review your current budget. Are you sticking to it? We know it’s tough out there at the moment with everyday items and services costing more. However, there may be areas where you can cut back and reallocate funds. Making small adjustments now could be a great help to you in the future.

Organise financial documents
A boring task but a necessary one! Sort through your paperwork and digital files. Shred or delete unnecessary documents, and organise important ones such as bank statements and insurance policies into appropriate folders.

Take a closer look at your debt
Start by listing all your debts, including credit cards, car loans, mortgages and any buy now, pay later plans you may have. Prioritise paying off high-interest debts first or consider a debt consolidation loan to simplify repayments.

Insurance policies

Review your insurance coverage, including health, life, car, and house/contents insurance. Contact your insurance provider and make adjustments if your needs have changed.

Savings and investments

Review your savings and investment accounts. How is your KiwiSaver performing? Most providers now give you the option to make adjustments. And, don’t forget, you’ll automatically receive an annual government contribution of $521.43 when you contribute at least $1,042.86 to your KiwiSaver account each year. Don’t have a KiwiSaver account? Find out more here.

Subscriptions and memberships
These sort of things can add up really quickly. Cancel any you no longer use or need. Remember, you can always re-subscribe to your favourite streaming channel when a second season of that series you’re watching starts up again.

Automate your finances
It’s easy to set up automatic transfers to your savings and bill payments. The last thing you want is missed bill payment because you forgot to pay it.

Set new financial goals
Firstly, congratulations for any financial goals you have achieved this year so far. Now’s the time to think about new ones and create a plan to achieve them. It may seem daunting at first, so break a big goals down into a series of smaller ones. You’ll find it easier and will be more motivated to reach them.

Regular check-ins
Schedule calendar notes in your phone at regular intervals throughout the year to review your financial progress and make necessary adjustments.

Remember, financial spring cleaning is an ongoing process. However the good news is, that if you keep on top of things with regular reviews, you’ll be better prepared to achieve your goals.

If you have a loan with Oxford Finance, did you know you can access your account online? Check out our Existing Customers page on our website to find out more. Alternatively, if are experiencing an unforeseen change in your financial situation, don’t leave it too late to contact us or call us on 0800 88 44 66.