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.

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4
votes
3answers
443 views

How should I calculate the opportunity cost of using a 401(k) loan?

I've seen a number of financial articles that discuss the "opportunity cost" of using a 401(k) loan; however, I don't seem to recall ever seeing a good formula or calculation that can be done to ...
5
votes
3answers
8k views

How to deal with my job change & 401k loan that I can't fully pay back?

It's been 60 days since I changed my job and I have an outstanding 401(k) loan of $30K(+30k non loan amount). I have only $20K to pay and my 401k plan won't accept the partial amount. I still didn't ...
2
votes
3answers
535 views

Quick formula for calculating total interest in my head

Is there a rough, quick and dirty, formula that I can do in my head for calculating the total interest on a loan? Something like: TotalInterest = Principal * (Yearly Interest% * Term In Years / 2); ...
1
vote
0answers
44 views

Best software to import finances [duplicate]

Possible Duplicate: What are the best software tools for personal finance? I'm looking for a tool to manage my personal finances with. I've got various loans, credit cards, a few ...
3
votes
1answer
131 views

In what state do usury laws apply?

Let's say that I live in Connecticut and take out a loan with a bank in another state (for this example, let's say New York). Is there a general principle on which state's usury laws would apply, or ...
5
votes
2answers
352 views

Do I have an option to transfer parent plus loans to myself?

My wife and I are currently about to start our payments for student loans. All of our loans are federal student loans through Direct Loans. We also have a parent plus loan, which is technically under ...
0
votes
2answers
69 views

Are there loans for buying businesses?

You want a house or something, you get a mortgage. But what if you're buying up a hotel, or a restaurant? I see these things for sale online at reasonable prices but not so reasonable that I could ...
4
votes
1answer
435 views

Why am I getting “Pre-approved” loans from random financial institutions in the mail?

Lately I've been getting letters in the mail saying that I've been pre-approved for a $2000 dollar loan by some random bank or financial institutions. I've never given out my address to anyone. I ...
3
votes
1answer
442 views

Does it make sense to get a 401k loan for land purchase?

Does it make sense to use a 401k loan as a downpayment on land that you intend to build a house on? I am currently in one house, however, I do not have much cash to make a downpayment on land that ...
3
votes
4answers
133 views

What is a 401(k) Loan Provision?

I'm considering a few job offers for post-college, and I'm wondering how this (Roth) 401(k) plan stacks up against the average offering: After one year of service, [Company] will: ...
3
votes
1answer
14k views

My Co-Signer is the Primary Account Holder for my Car Loan - Does this affect my credit?

I recently financed a car purchase, and my father co-signed for me. I received the first bill, to find out that he is listed as the primary account holder with the finance company, although I am the ...
3
votes
3answers
253 views

Building Credit for a Young Person with No Credit

I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
2
votes
1answer
887 views

How can I get a loan secured with free and clear land?

I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property. The land was last appraised at $980,000. I cannot pay a ...
2
votes
1answer
313 views

Any smart way to get the interest down on our student loans?

Trying to figure this out. I have a student loan $24,000 at 6.55% with Nelnet, and my wife has $48,000 at 5.2% with Mohelo. We have a home worth $220,000 with $40k in equity, and the rest at $180k at ...
1
vote
4answers
1k views

Can a friend put up collateral for my secured loan?

I'm the friend. My mom needs a loan from me and figures involving a bank might avoid some headaches. She wants me to lend her 20K. Wire it to the bank. Then the bank will (presumably) lend her 20K. Do ...
7
votes
4answers
2k views

New car price was negotiated as a “cash deal”. Will the price change if I finance instead?

I am planning to buy a new car. I went to a dealership and when talking to a sales person I said I can pay cash. He knocked down the price quite a bit. Since the dealership did not have any low APR ...
-1
votes
1answer
197 views

How to read interest/principal payoff table

I have this data (modified dates) in my transaction history: (APR=.99%) I have made 4 payments till date. 4th Paid on: 06/25/2001 $1000.00 Principal $1000.00 //Paid ...
5
votes
2answers
5k views

What does a 30/360 day count convention mean?

I've been trying to understand day count conventions, but the Wikipedia article is confusing. It was my understanding that interest is usually compounded daily - I don't quite understand how it fits ...
25
votes
8answers
2k views

Optimal way to use a credit card to build better credit?

I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
12
votes
4answers
1k views

Can someone help me understand my student loans?

I have more loans than these but I am wondering how to handle these three (all with the same bank): 3%, last payment ~$36, current balance $6153, original amount $5500, payoff balance $6170 2.5%, ...
4
votes
2answers
158 views

Which loan should I offset?

Imagine I have two loans, one is 300k and the other is 50k. I also have an offset account with 35k in it. All income is going in to the offset account and so it should rise rapidly. If i offset the ...
2
votes
1answer
142 views

How to calculate outstanding Graduate Plus Loan balance currently in deferment?

Can someone tell me what I'm doing wrong here? If I have a $56,500 loan and the interest rate is 7.9% how much will I owe after 8 months? I thought this would be fairly simple. I would ...
5
votes
2answers
11k views

Can I get a housing loan for my father's property?

I want to apply for a home loan, but the property is registered in my father's name. Is it possible? Can anybody help clarify my understanding of home loans?
10
votes
1answer
1k views

How do Islamic Banking give loans for housing purposes?

Islamic banks do not give loans they invest in financial activities of their clients. Am I correct? If yes, then how can they provide loans for housings? Home loans have nothing to do with business. ...
0
votes
0answers
37 views

Credit score impact of shopping around to get the best home loan? [duplicate]

Possible Duplicate: Multiple mortgage pre-approvals and effects on credit score My wife and I are starting the process of buying our first house. We would like to shop around a bit to get ...
1
vote
1answer
158 views

Why can I refinance my recent car loan at a lower rate than I had received originally?

I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time. I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
0
votes
2answers
327 views

Formula for recalculation of a bad loan, i.e. where payments were missed?

I need to know if exists any formula to calculate interest rate, principal interest, total amount to be paid, in the case of a bad loan. Ex: In a bank exists a 20 year home - loan. The client was ...
2
votes
2answers
736 views

Go for Fixed or Floating interest in Mortgage

Which type of loan is best, a Fixed interest rate or a floating interest rate? In India most banks offer mortgages that start with a 12% floating rate or a fixed rate mortgage with a 13.5% interest ...
-1
votes
1answer
208 views

What's the Effective Interest formula used by this loan calculator?

I used a loan calculator which gives an effective rate of 80.781 whereas wikipedia http://en.wikipedia.org/wiki/Annual_percentage_rate gives a rate of 49% for these parameters: borrowed: 100 fees: ...
-1
votes
1answer
207 views

Credit Card: Charge from the bank

Let's say I have a debt of $50. Let's say I don't pay for my credit card debts. Next month they will charge me interest upon the money I should have paid ($50 + interest). Now let's say I pay more ...
1
vote
2answers
609 views

PCP or Bank Loan for Car Purchase?

I'm trying to figure out the best way to pay for a car we're about to purchase. I had a figure in mind of between £6-7k when looking at cars, so I also knew I wanted to pay around £200-£240 per month ...
1
vote
2answers
144 views

Refinancing a vehicle, longer term with extra in the kitty, or shorter term and just make scheduled payment?

My truck is currently financed with $31k owing @ 9.9% interest over 72 months = $565/month I've been approved to refinance my vehicle with the following $31k owing, down payment of $3.5k & 5.9% ...
9
votes
3answers
2k views

First time home hunters. Pay debt or save for down payment

tl;dr We want to buy a house. We've done all the pro's and con's of home ownership. We have 1/2 a down payment and some highish loan payments Would it be wiser to pay down the loans and go ...
4
votes
2answers
2k views

What are the tax implications of lending to my own LLC?

Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
10
votes
4answers
536 views

Did my salesman damage my credit? What can I do?

I am in the process of purchasing a new truck. A few months ago I put a $500 security deposit down on a truck. I was told that the truck was at a neighboring dealership and that it would take 2-5 days ...
0
votes
2answers
124 views

Is there any kind of unsecured stock loan?

I am interested to buy some shares in the future. Can anybody tell me is there any kind of stock loan which doesn't need collateral?
6
votes
7answers
367 views

How smart is it really to take out a loan right now?

With the economy in its current state (i.e. horrific), interest rates on loans are very low right now. I have heard people say that right now is a 'good' time to take out a loan, and that it is a ...
4
votes
1answer
162 views

High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?

I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
1
vote
1answer
192 views

What does “parity” mean with regards to student loans?

I read in a newspaper that interest on part-time student loans was made the same as a full time student's loan in order to "achieve parity between part-time and full-time student loan programs" ...
1
vote
4answers
315 views

What is Loan to Value Ratio?

Suppose if I am taking a $50,000 on loan for home or for car or for anything,I have read it many times that LVR is 85% or 80%.what does it mean actually? Is it applicable for Indian citizens too?
2
votes
2answers
4k views

How can I pay off tuition fees from a past semester so that I can enrol in school again?

I still owe my tuition fees for a university of California school from fall 2010. I have been out of school since then with two semesters to go before I can graduate. I've been trying to take out a ...
1
vote
2answers
478 views

How to structure a loan for my owner-financed business sale, so we are paid sooner than later?

My wife and I are in the process of selling our business to a buyer. We have agreed on an amount to sell the business for, and to owner-finance the balance. The buyer has already taken over ...
2
votes
2answers
151 views

Choosing the duration of a loan, how the monthly payments evolve in function of the loan term?

I would like to visually discover how the monthly repayments of a given loan (for a given amount ; taking about a fixed rate loan) evolve in function of the total duration of the loan. I assume it is ...
1
vote
2answers
795 views

How do you hedge against student loans?

How do you hedge against student loans? I know people were able to hedge against the housing loans that busted so how do you do the same with student loans?
1
vote
1answer
85 views

Are “hard money loans” meant only for real estate?

I am interested to know whether Hard money loans are meant only for Real Estate or other fields too.
6
votes
1answer
4k views

Home loan transferred to Freddie Mac — What does this mean?

I got a letter saying that my mortgage loan was "sold to Freddie Mac or to Freddie Mac as a trustee." Other interesting wording is that "the transfer of ownership... has not been publicly recorded." ...
0
votes
1answer
66 views

Home loan application factors for self-employed

What factors are considered in applying for a home loan where the primary income of our household is from self-employment? Details: Salaried, W-2 employee of an S-Corp (50% owned) Corporation is ...
8
votes
2answers
958 views

Why would you take a loan secured by your savings account?

I see at least a few credit unions offering these savings-secured loans. I can kinda see the advantage to taking a loan against a CD with penalties for breaking, but share and savings accounts have me ...
5
votes
5answers
2k views

When to trade in a relatively new car for maximum value

I am considering purchasing a new car in the next year to replace my current car. I currently own a 2010 model year vehicle which I estimate to be paid off early spring 2012. My question is, in ...
2
votes
4answers
1k views

Should I pay off my car loan within first year or wait until at least one year has passed?

I have the capability of paying off my car loan of around $15,000 by end of June next year, however this loan started this month. I have heard loans/accounts kept open for more than a year are on ...