This tag is a generic tag to be used when asking a question on Loans / lending. If there is a specific question the other related tags like home-loan, student-loans, etc should be used.

learn more… | top users | synonyms (1)

3
votes
2answers
29 views

Pay down the student loan, or buy the car with cash?

I have a student loan with about 43k remaining. I want to buy a vehicle that costs about 10k. I have excellent credit. The interest rate on my student loan is over 6%; I can get a vehicle loan with ...
4
votes
1answer
58 views

person on loan with cosigner

My son is buying a vehicle and the person on the loan as a co-signer broke up with him. My son has made almost all of the payments. Now when the loan is paid off, how does my son get his ex's name ...
3
votes
1answer
95 views

Equation or program for determining in which order to pay several debts

I have 9 different debts (5 of which are student loans) each with a different interest rate (ranging from 3.4% APR to 10.9% APR). I want to find out in which order paying them off would take the least ...
1
vote
1answer
32 views

Ask rebate in loan repayment

The interest rate made my loan to a very large amount from the one which i borrowed since I could not pay it for some time(I missed some EMI). Now I have money to pay it full, Can I ask bank to allow ...
1
vote
1answer
42 views

401K loan repayment Default

I have a 29,000.00 loan from my 401K That I am paying 800.00 per month on. My wife has been ill for 2.5 years and unable to work. Currently trying to get disability. However this has created a big ...
0
votes
2answers
30 views

ESPP (Employee Stock Purchase Plan) Funds on Mortgage Loan Application

Will the bank count these funds? My company ESPP works like this: 25% of my bi-monthly paycheck (after taxes) is withheld and sent to some kind of company escrow account. This is done for 6 months. ...
3
votes
1answer
106 views

Personal loan to a friend procedure

I see a few questions on this topic, but I am more concerned with the procedure and best practices. If I give this person the money first (~$10,000), can I still have them sign a promissory ...
28
votes
13answers
8k views

Do I pay a zero % loan before another to clear both loans faster?

I have $11,000 to put toward one of my three loans. I think I should pay off the 0% car loan and then in two months it will be zero and I can apply that $635 to the 2.5 % car loan and pay it down ...
0
votes
0answers
51 views

Can my parents lend me an intra-family loan for college?

Can I take out an intra-family loan from my parents for college without it being labeled as a gift? I have googled it quite a bit now(my favorite link is ...
1
vote
0answers
24 views

Guidelines on when to buy or rent an apartment (in Europe)

I am currently facing an important decision for my life: I finished studies and will soon enter industry to work. Due to the fact that I will likely earn some money on a regular basis, I want to ...
1
vote
3answers
61 views

Calculating interest accrued with extended Initial Payment Date

I'm wondering how do I calculate the interest accrued if the intervals aren't perfect. For example Principal - $100,000 Interest - 8% Compounding monthly Disbursal Date - January 1st, 2016 Initial ...
9
votes
2answers
184 views

Co-signer deceased

2 years ago an elderly woman that I helped take care of and I worked for her co-signed for me and my fiance to get a 4 wheeler. We have never missed a payment and Honda will say that we have perfect ...
0
votes
2answers
34 views

Calculating true rate of a loan with an origination fee

If I have a loan of 1000 at a rate of 5% for 3 years compounded monthly, but I pay a 100 origination fee, do I calculate the loan on the original loan amount, or the reduced amount (1000-100)?
0
votes
1answer
81 views

Bank allowed to keep title

I co signed on loan and put my truck title as collateral, the one I co-signed for had went back borrowed more money without me knowing, so my name is now not on loan so can the bank still keep my ...
-1
votes
0answers
24 views

How do I get my name off of a joint car loan? [duplicate]

My ex-partner and I have a vehicle together that he still owes money on. I was doing payments on it, but then I got my own vehicle. We split up; we haven't been together for almost a year. I gave the ...
1
vote
1answer
56 views

Loan on my inherited property

My father died in 2009 and left me all his property and belongings in a will. I have lived in the home and paid the taxes since then. Is it possible to get a loan against the property so I can fix the ...
3
votes
3answers
186 views

Can splitting a monthly payment into two lower interest payed?

For example if I have a monthly payment on a credit card or car loan and its 300 dollars per Months at an interest rate of 2.5% will making 2 payments per month of 150 help me pay less interest? I've ...
8
votes
4answers
3k views

Paying off a loan with a loan to get a better interest rate

I've never had credit or a loan till recently when I bought a new car. This has recently given me a much better credit rating after having the loan for a year with 5 years to go and 2 credit cards ...
0
votes
1answer
222 views

How do student loans get split in a divorce?

My question: Legally should a husband have any responsibility for his wife's student loan if it was taken out during their marriage? They are divorcing, the loan is in her name, and I, her mother, ...
5
votes
2answers
99 views

Student loan repayment plan

I recently graduated with a PhD in mathematics and its time for me to pay back my student loans. Being a mathematician, I sat down and did the math. I realized two things: There is no feasible ...
3
votes
1answer
123 views

Co-signing a loan with girlfriend. How do I protect myself?

I live with my girlfriend. We are in a committed relationship and we both see things progressing toward marriage. We recently found out that the house we live in needs a new roof. She owns the house; ...
71
votes
10answers
10k views

Why is being “upside down” on a mortgage so bad?

For the longest time (especially during/after the housing crash in the US), people would speak in hushed whispers or terrified pleas when they talked about being upside down on their mortgage. While I ...
1
vote
1answer
38 views

How do I calculate the past value of a loan?

I have a loan that was originally $100,000. It is worth $116,971.41 today. It has been accruing 6% annual interest, compounded daily. I do not know the start date. How do I calculate what the value ...
0
votes
2answers
76 views

Comparing Cost of Loans

How do I determine my Cost of Loan from paying a loan off early, or, Assumption: No charges for early payments. Let's say I have a $25,000 vehicle loan and 1.99% APR over 5 years (60 months). Here ...
1
vote
0answers
40 views

What is formula to calculate “In 5 years” amount on page 3 of the mortgage Loan Estimate form?

Loan Estimate form for mortgages in US have a "In 5 years" amount paid. What is the formula for calculating that based on other values in the form ? On page 3 of the example form at ...
0
votes
0answers
74 views

Repay My loan to my relatives for school debt

I am an international student from India studying at the United States. I have taken a loan of around 40,000$ from my relatives in the United States for my studies. Now I am looking to repay my loans ...
0
votes
1answer
195 views

How can I get out of the debt-trap as quickly as possible?

I have a credit card with 30% interest and a real estate loan with 11% interest. The amount of debt on my card is lower than the real estate loan. I want to redeem the instalments of the real estate ...
-1
votes
1answer
32 views

Does a one time additional payment reduce the interest paid on a Prosper or Lending club personal loan

I have a loan with Lending Club with a certain interest rate. So every month I pay the principal as well as about $200 in interest. Assuming the loan balance left is $20000 and the interest rate is ...
11
votes
1answer
1k views

What is the difference between an amortized loan and a non-amortized loan?

As an example, my parents told me that their current car loan is amortized. Does that make any practical difference to how they pay off their loan, as opposed to if their loan had not been amortized?
1
vote
1answer
73 views

Student Loan Balance question

My wife and I have recently paid off our auto loans and are trying to tackle our pesky student loan debt next. Following the "debt snowball" pattern, we've applied our monthly car loan payment to my ...
3
votes
1answer
331 views

Fiancée not on the mortgage but wants to be on the title

Just to clarify: She cannot be on the mortgage because she is on another mortgage with her mother. We will be paying for the mortgage together. As she is paying for the mortgage with me, she wants ...
1
vote
2answers
106 views

Reason to give for personal loan in USA to buy land in India?

I am buying a land in India for that i need personal loan for about 15k. I am not sure what should be the good reason to give to credit unions to get the loan approved. Please suggest and thanks in ...
3
votes
2answers
157 views

Strategy for paying off 120k in student loans

I am graduating this semester from an American school with 120k in student loans. The standard 10-year payment plan suggested to me via email and snail-mail is a little over 1k dollars per month -- ...
1
vote
1answer
59 views

Making a personal loan to my business from the proceeds of cashing out my 401k

I had to cash out my 401k and lent the proceeds to my graphic design business to keep it afloat. It was used replace a computer and to pay off business debt. Total loan is $22,000. We had a ...
3
votes
1answer
210 views

tax deduction for 30k loan

I recently sold my condo. I sold it for less than I owed but took out a 30k loan to pay off the difference (traditional sale, NOT a short sale). Are there any tax breaks or deductions I can take ...
-1
votes
1answer
122 views

Proper etiquette for loans from friends [closed]

I'm not sure that there is a universally accepted "proper etiquette" when it comes to repaying a loan from a friend, but I feel it necessary to be absolutely fair in respect of the time value of ...
2
votes
0answers
93 views

What are some motivating ways to track performance of paying back a loan?

I have a mortgage right now and I am motivated to pay it off as fast as possible. I have thought of a few key performance indicators that I store in a spreadsheet and check on each month. These ...
2
votes
1answer
43 views

How to calculate the effective interest rate of a loan that must be paid back with interest as lump sum

An example question asks: Student Bank has agreed to lend you funds to complete the last year of your degree. The bank will lend you $2,400 today, if you agree to repay a lump sum of $4,000 in ...
1
vote
2answers
66 views

How to get interest earned from start of repayment to a specific date on a declining balance?

I need a formula in getting the interest earned from start of payment of my loan to a specific date. I know the formula for the current due interest, which my company have given me in excel: days = ...
0
votes
0answers
18 views

Tax Treatment of Bad Shareholder Loans To S Corp

We just dissolved a 3 partner S-corp. There is COD income from cancelled shareholder loans to the company. This COD income will be transmitted to the shareholders on the K-1s. My question is how the ...
4
votes
3answers
118 views

How to know how much interest paid per payment in a fixed tenor personal loan

I recently took up a personal loan. I do not have any financial background and I do not have any issue paying the loan but I am just curious on how they come out with some numbers. To be precise, the ...
0
votes
2answers
95 views

Retirement planning 401 (k), ira, pension / Student loans

Currently I am making 58k/year with a chance for a 10% bonus (Pretty sure I will receive this bonus). I'm trying to decide how I want to set myself up for retirement. I'm 23 years old turning 24 in a ...
2
votes
3answers
146 views

Can I temporarily borrow from my IRA accounts? [duplicate]

I have several IRA mutual fund accounts in Vanguard Funds. To pay taxes on time, I want to borrow some from the IRA's, but then pay it back within 60 days. Does the IRS allow this?
0
votes
2answers
74 views

I have a 2008 HHR under finance it needs a new engine

Ive had it for a year now and a check engine light came on they found a misfire which will require a rebuilt engine. I need to get rid of this car quick as it can go out any day. I owe 8000 on it and ...
0
votes
1answer
52 views

car loan but 2 people on title

Can one person take out a car loan but have two people on the car's title?....If I am on the title my son's car insurance drops significantly but he wants to take the car loan out himself (to build ...
3
votes
0answers
89 views

How do I determine how long it will take to pay off my all my loans?

Right now I have a spreadsheet with the loans I have, the interest rates the are each at, and how much I am putting toward each in monthly payments. I then calculate how long each loan will take to ...
1
vote
2answers
129 views

Smartest Place to Put Tax Refund

Background: I graduated from university 9 months ago with roughly $30k USD in student loan debt, with interest rates from 3.1% to 6.5%, minimum payments are $300/month. Loan balances are from $2500 ...
5
votes
1answer
424 views

Remedies for Defaulting on a 401(k) loan

I changed employers and am unable to pay back my 401(k) loan within the 60-day period allowed. I realize this will default the loan and I will receive a 1099-R, have to pay taxes and penalties. The ...
0
votes
0answers
50 views

Calculating interest accrued for 30/360

my typical interest calculation is Actual/Actual or Actual/365. I'm curious to how 30/360 should be calculated if the duration is not from beginning of the month to the end of the month. For example ...
0
votes
0answers
33 views

refinance US auto loan in Canada

I will be living/working in Canada for the next 3 years. A friend of mine now working in Canada pointed out that, with the falling value of the Canadian dollar, his US auto loan has been accelerating. ...