References - Automotive

So you reached the stage where you've decided to change your car. But you never seem to have enough money, so you'll have to add to your existing debts. You don't really want to borrow any more because it's such a struggle to repay, but you really need a car

And now for the good news; it's possible to save money on your next car...provided you know what to do.

1) Using A Loan

Most private cars are bought with borrowed money, either in the form of a personal loan or a special car finance scheme

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

offered by a variety of dealers/lenders. Here's how to get the best finance deal for your new vehicle.

a) Shop Around For The Best Interest Rate

Lenders are always competing for your business. It's a buyer's market, so don't accept anything more than the going rate for someone of your financial status.

Use the internet to search for the lowest rate available. And bear in mind that lenders are constantly trying to attract new customers with special deals.

Doing your homework and compa

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ring a range of different deals (always using the APR rate and the overall cost over the life of the loan) will allow you to get the best deal.

One advantage of using a personal loan rather than a car finance plan is that your loan and the rate of interest you'll pay can be pre-approved before you go shopping. This means that you know how much the loan will cost you before you go shopping, and you won't have to haggle with the car salesperson. The also removes the risk of them being able to confuse you into paying more for

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

your car than you intended.

b) Improve Your Credit Rating

Having a good credit rating is one of the most important ways to save money on car loans (or any loan for that matter). The better your credit rating, the better deals you'll be offered on your borrowing.

A good credit score = A low interest rate.

Again, take a look through the internet. There's a wide range of information on how to build up your credit score.

For now, just remember than it's important to pay all y

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

our loans on time (late payments of defaults will damage your credit score). It's also important to keep your overall borrowing within reasonable limits. After all, from the lenders point of view, someone with heavy debts represents more of a risk.

c) Gather Together As Big A Deposit As Possible

The more money you have to put towards your new car the less you'll have to borrow.

So in the months prior to changing your car, save as much money as you can to reduce the amount that you have to borr

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

w. Every extra dollar you can put towards the deal may save you repaying two dollars.

It's also important to take your current car into account. The more you can sell it for (or trade it in for), the less you'll have to borrow to fund your new car. So with that in mind, here's how to get the best trade in value.

Take care of your car. Drive it carefully, and keep it well maintained and serviced

Before you visit the car showroom, do your research. Find out how much your car is worth. Find out

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

it's trade value and the amount that a garage could sell it for. There figures will give you a rough idea how much the dealer should offer you for your old car

Find out how much the dealer is willing to give you for it's trade in value. And if a car dealer offers you a laughable sum for your old car just move on to the next dealership

Whatever happens, don't haggle hard to get the best deal on your finance and then hand it back to the dealer by accepting a poor trade in value. It's an unwritten rule o

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

f the car trade; the less the dealer makes on the sale of a car/the finance agreement, the less trade in value they'll offer.

2) The Fund The Depreciation Trick

I must warn you that this technique is only for people who have an advanced understanding of money and finance.

If you can't afford to buy your next car, and don't want to pay the high rate of interest on most personal loans or car finance agreements, here's what to do;

a) Choose a car that depreciates as slowly as pos

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

sible. You can find this information in many car magazines or on the internet. Alternatively, you can work out your own figures using the prices charged for second hand models in your area.

So let's say you decide to buy a new car that will be worth 66% of its value after three years (assuming it stays in good condition and covers an average amount of miles). That's great.

It costs $30000. So you could get a personal loan at perhaps 8%, which might cost you $1100 per month over three years. But that seems rather

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

steep, so you move on to the next stage of this idea.

b) Take a personal loan to cover the cost of the depreciation over the period you plan to keep the car. The car costs $30000 and will be worth $20000 when you sell it three years later. The depreciation will cost you $10000 over three years.

So you take a personal loan for $10000 over three years at a cost of $367 per month and move on to stage three.

c) Fund the rest of the cost by extending your mortgage on an interest only basis.

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

he car costs $30000, you have $10000 from your personal loan, which leaves $20000 to find.

As a mortgage is secured borrowing (less risk for the lender) the interest rate is much lower. Assuming a low mortgage rate, another $20000 might cost $130 in interest per month.

Overall, it will cost you $497 per month to fund your car using this method.

Now you'll notice that mentioned an interest only mortgage. This was to keep the cost of the loan down. All you need to do is to keep the debt from getting any

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

bigger until you sell the car.

Three years later when you sell the car for $20000, you can use that to reduce your mortgage and get back to the position you were before you got the car.

So instead of it costing you $1100 a month (or an average of $544 a month when the sale price of the car is taken into account $1100 x 36 = $39600 - $20000 = $19600/36 = $544) throught the personal loan route, it will only have cost $497 each month. Saving an average of $47 per month (or $1692 over the three year period), and ma

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

king it much easier to meet your monthly repayments.

In effect, what it does, is to save money by temporarily shifting the bulk of the price (the retained value) over to a long term loan (your mortgage) at a lower rate of interest, until you can repay it by freeing up the value of the asset (selling the car).

At the same time, the short term loss (the depreciation over 3 years) is repaid over the short term (three years) using the personal loan.

As I said, this is an advanced technique, but it will s

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ave you money on your next car. But let me say four things;

One: Only use it if you don't have the money to buy your next car and don't want to pay the high interest rates of a personal loan/car finance agreement.

Two: It will only work if the value of your property is enough to allow you to increase your mortgage.

Three: It also increases the risk that you won't be able to pay your mortgage and your home will be repossessed.

Four: And there's the risk that your

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

could lose money if your car is written off and you don't receive adequate compensation (but the same could happen if you borrow money to buy a car, regardless of how you borrow it).

3) Stay Ahead Of The Game

The ultimate way to save money on your next car is to be in a position to buy it without a loan. And that's not as far fatched an idea as it might sound.

The idea is to gradually save money over the years that you keep the car, so that by the time you come to sell it, you'll have enough mo

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ey (along with the trade in value of your old car) to purchase your next car outright. You then repeat the process with the next car.

Let's say you have a car worth $20000. You plan to keep it three years, by which time it will be worth $12000. Now allowing for inflation, your next car might cost perhaps $22000. That means you have to build up $22000 - $12000 = $10000 over the next three years. You will then be in a position to buy your next car without having to borrow any money.

This means you'll have to save

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

$270 a month ($10000/36 = $278) over the next three years. Open a special bank account and keep it specially for the purpose of renewing your car. Add a certain amount to it every month and you'll never have to waste money on a car loan again. It's also a good idea to choose a car that will hold as much of its value as possible during the time that you keep it.

But you may have noticed a slight problem with this idea. After all, if you have to repay a car loan every month, it's going to be difficult if not impossible to sa

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ve another $270 a month.

But there are two ways to get ahead of the game.

a) Save as much as you can each month, so that each time you change your car, you have to borrow less. Over time you'll reach the position where you don't have to borrow to buy a car.

b) Once you finish repaying a loan that you used to buy your car, keep it for as many years as possible. During that time, keep saving the money that you were using to repay the loan each month.

A example should help. You b

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

uy a car for $10000 using a three year personal loan for $367 per month. So after three years you own the car and have repaid the loan. So instead of changing the car or using the freed up income for other purposes, keep paying it into a different account for your next car.

After three more years you should have nearly $14000. That should be enough to replace your car with a similar size and model without using a loan. You are then ahead of the game.

All that's left is to work out how much to save each month fo

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

r your next car. Just use the following figures;

Decide how long you want to keep your new car - 36 months

How much it will be worth then - $8000

The cost of your next car - $17000

In other words, you need to save 17000 - 8000 = 11000/36 = 305. So allowing for interest on your savings, you should aim to save $300 per month. And I can guarantee that you won't resent the cost each month, especially when you know it's going to benefit you and not swell some lender's profits

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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