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Questions tagged [loans]

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.

2
votes
1answer
36 views

Calculating Interest with Compute Method as Canadian - Semiannual

i'm trying to validate a software Interest Calculation. The defaults given are as followed. Interval: Monthly Nominal Annual Rate: 10% Disbursal Amount: $500,000 Disbursal Date 01/01/2018 Payment ...
2
votes
1answer
133 views

If I pay my car loan off will my credit drop?

I've been thinking lately about paying my car off. I owe less than 6k. The payment each month does not really hurt me and I was going to just keep it for on time payments to help my credit and my ...
0
votes
1answer
42 views

How to get my head around FRAs

I'm completely befuddled by FRAs - forward rate agreements. Take a look at this definition ....But, how EXACTLY does that fix an interest rate for me at all? There's nothing in that definition that ...
2
votes
2answers
174 views

Can I reduce the tax penalty on a 401k loan default by making an additional contribution?

I changed jobs recently, not of my own volition. I'm now rolling over a 401k account with my previous employer to one with my current employer. Three years ago I took a 401k loan with a 10 year term ...
0
votes
2answers
154 views

Would it be more beneficial to pay my car loan off first in this situation?

Okay here is my situation. I have a vehicle I'm currently interested in. It's around 42k. My vehicle that I own is worth around 28k KBB. I only owe around $5600 on it. I have the money to go and ...
1
vote
1answer
87 views

In a loan, how does account/admin fees work? [closed]

For a loan, how does monthly/yearly account fees work? Do they get added to the loan balance and will then affect the interest?
2
votes
1answer
193 views

Paying off student loans in anticipation of home purchase

I graduated college in May and have been working full time since. I have $19,000 in student loan debt, all subsidized/no interest yet, that goes into repayment soon. I am also getting married next ...
1
vote
1answer
156 views

Pay off student loans vs pay myself and try to get PSLF? (is my math right?)

I am trying to decide between paying off my student loans in 5 years vs attempting to quality for Public Service Loan Forgiveness (PSLF), which I could conceivably do in 5 years. My options are to 1) ...
2
votes
2answers
124 views

How long do I have to pay back a 401(k) loan?

I have a loan taken out on my 401k through Fidelity. The loan originated on this date: 12/19/2017. I will be leaving my current workplace and moving to a new workplace that uses John Hancock 401k. ...
2
votes
1answer
50 views

Pay off loan with MESP 529?

I made a bad decision and took a 401k loan last year. I question whether I could pay off the loan with a 529 account I have through Michigan education savings plan. I would not be pulling any money ...
31
votes
9answers
10k views

Is it a good idea, to buy a flat with a loan, whilst using the rent to pay it off? [closed]

I have been thinking about taking a loan to buy a flat which I would rent out. My reasoning is that the loan would be paid off over time by the renters. After perhaps 30 years, I'd be left with a ...
0
votes
3answers
160 views

Process of 401k loan removal

I understand that me taking a 401k was not a good idea so please as much as I know people want to tell me that I already know. I made a mistake...and did take a 401k loan out of my current employer. ...
0
votes
3answers
151 views

Auto loan finance for building credit

I recently moved to the USA and I have no credit history. I want to buy a car that costs $18,300. My down payment will be $12,000 and I will finance the balance at 15.4% (extremely high!) over 36 ...
6
votes
2answers
835 views

Bank loan responsibility for corporation partners

I own 25% of a small corporation. My partner (who owns the other 75%) and I took a loan with a bank (TD). We both had to give personal guarantees. Am I only responsible for 25% of the loan? If we go ...
-1
votes
3answers
243 views

Does this derivative contract between friends make sense?

Suppose there is someone with an investment horizon of 10 years (Retired Bob), and another person with an investment horizon of 30 years (Hungry Joe). Retired Bob doesn't want to take risk, but Hungry ...
0
votes
1answer
58 views

Leasing a car on a personal lease vs withdrawing LTD funds to buy it for cash?

Every book, radio show or podcast for people wanting to become/stay wealthy would advise against leasing a car. I agree a car itself is an expensive toy and lease even adds to this equation, but... ...
30
votes
11answers
10k views

Is it a good time to replace my used car?

We have a 2005 Chevy Impala with 105,000 miles that we purchased in 2011. We have made many repairs such as replacing the transmission, repairing the radiator, heating and AC system, thermostat, belt,...
1
vote
1answer
74 views

Why isn't auto insurance included in DTI

The debt-to-income ratio includes monthly payments such as your mortgage, car payments, student loan repayments, and child support. However, it doesn't include payments such as auto insurance. I ...
0
votes
3answers
333 views

How to get out of short-term loans?

I have about 15 small loans ranging in between 4k-10k in local currency, with most being 4k or under. Besides this, I'm currently paying 56k in local currency for a house (I can't cancel/pause this ...
5
votes
2answers
186 views

Loan for mortgage from father to son

My brother got an amazing loan to buy his house from dad for $200,000 but he only pays $150 a month ($100 capital + $50 interest). My question is, is this legal? Doesn't the IRS see this as more of a ...
42
votes
12answers
13k views

Should I buy a house now before prices rise even more?

We rent an apartment in Frankfurt, Germany and we are contractually bound to it for another 1.5 years. We are 33 and 35 years old and there will be children soon. We make around 110k € annually (...
1
vote
1answer
91 views

Lump sum vs interest free loan

I'm considering buying a service which will cost around £6000 (which I consider to be a significant amount). There is a financing option available which allows the amount to be paid off over 24 months,...
1
vote
2answers
53 views

How to Calculate Interest Only Payment - Formula

I am trying to make a calculation for a monthly and biweekly - INTEREST ONLY. My Values: Loan: 30,000 Annual Rate: 2.99% Term 2 Years, 4 Months Calculation: 2 Years 4 Months = 2.33 Years Monthly ...
5
votes
2answers
3k views

What's the deal between the bank and the dealer when you finance your car loan with your bank?

I'm an absolute beginner to car loans, and I was wondering what's going on between the financing agencies and the dealers when I finance my car loan. (My questions are about car financing in the US.) ...
1
vote
1answer
281 views

How to calculate EMI for Quarterly, Half yearly and Annual payments and generate amortization schedule?

I am a software engineer by profession. I am a newbie to finance. I am trying to create a loan amortization schedule. I have the formula for EMI= P*(r*(1+r)^n)/((1+r)^n)-1. How to apply it for ...
0
votes
1answer
77 views

Borrow money to move abroad

I live in the UK, and I am planning to leave the country next year for another European country. I have lived in this country for more than 5 years, and I have an excellent credit score. I have also ...
3
votes
6answers
435 views

Why is it so hard to get a quality loan as an individual?

Currently federal funds rate is 2%, this is about what it should cost for a bank to borrow money from the government. I doubt lending money costs them much more than this. Loans taken by corporations ...
89
votes
15answers
33k views

Spouse wants to pay all debt in a month but I don’t. Is this a good idea?

Between both of our student loans and car loan, we are in the hole about $48,000. My spouse is adamant about paying off all debt in the next month or two since we currently have about $55,000 in the ...
0
votes
2answers
95 views

primary loan holder [duplicate]

My husband thought that he was co-signing for his son's car. It turns out that they made my husband the primary loan holder but the dealership only put his son's name on the title. His son is now ...
1
vote
1answer
38 views

How to calculate interest on Monthly Effective loans where duration greater than compounding

I have an amortization software and trying to manually calculate the interest accrued it calculated. The Key values are: Compounding: Monthly Nominal Annual Rate: 10% Day Count: 365 Principal: 500,...
2
votes
1answer
175 views

How can I get a home equity loan on a manufactured home?

I am looking for a loan on a 3-bedroom 2-bath, 1200' 1995 Fleetwood Manufactured home. I have qualified for a $10k loan for a new roof & other improvements but the interest rate is 42%. In ...
1
vote
1answer
344 views

What happens if I demolish a mobile home with an outstanding loan?

I own a double wide manufactured home that is desperate need of repairs. Parts of the floor are falling through, the central air doesn't work, and I recently discovered black mold inside the walls. ...
8
votes
3answers
484 views

Are founders typically completely on-hook for business loans, when a business fails?

Let's say an individual takes out a business loan, incorporates (or whatever), hires a team and works awhile. Eventually the venture fails. Is this individual completely on-hook for the millions he ...
1
vote
1answer
115 views

How do you calculate a monthly loan payment when using Actual/365 or Act/Act day count convention?

It is pretty easy to figure out a monthly loan payment based on the standard formula, when using a 30/360 method, because the monthly interest rate is always the same since each month has 30 days. ...
1
vote
1answer
97 views

Is it a good idea to make a lump-sum payment to pay off a personal loan, even if I want to build credit history?

I have recently received some money that I could use to repay my personal loan, however I am not sure if doing that, is a better idea than continuing paying the loan normally, with instalments taken ...
3
votes
2answers
167 views

Car loan finance question

My mother asked for me to sign for her a car as a co-signer. I spoke to the dealership finance rep to confirm price and payment information. My mother was at the dealership I was not I was at home in ...
2
votes
2answers
155 views

Partially vs. Fully Amortized Loan

Isn't the article beneath wrong to interpret a Fully Amortized Loan as a loan with 7 years maturity? Isn't the correct comparator a Fully Amortized Loan with 30 years maturity, and 30 years ...
3
votes
5answers
556 views

Co-signer defaulted: Can I take the item back?

My friend bought a bed online and needed help financing it. I agreed under the pretense that I was a "co-signer" on the loan. Turns out I was the actual person taking out the loan. At this time, we're ...
0
votes
4answers
318 views

Is buying a powerful motorcycle on loan is a good idea?

I am thinking of purchasing a Ducati motorcycle. Its price, including taxes, is about $22K. I don’t own a car so I have no car payments. I had a $50k education loan which I paid off. I have about $...
1
vote
2answers
270 views

Where can I borrow a few thousand dollars for moving expenses?

I am working at a software consulting company and they just informed me that I am going to need to relocate for my new client project. Problem is that it is on the other side of the country, over 1200 ...
0
votes
1answer
138 views

How to enter loans made, loans received, and capital contributions in GnuCash?

I just started using GnuCash to keep track of my personal expenses and to do the books in my business. I have no accounting experience, but so far it's pretty simple. I've entered the balances on my ...
1
vote
1answer
115 views

Rate of return on a loan

If I lend you $100 at, say, 10% annual interest for a 3 year term (36 months), your monthly instalment (usual amortization schedule) should be $3 per month for 36 months, for a total of $116, right? ...
1
vote
1answer
92 views

Loan with floating interest [closed]

I have taken a 7 years loan of 450 000 for a car in January 2017 with monthly payment of 7077. The interest rate was 8.25% which means that the total repayment is 593878 after 7 years. As from ...
1
vote
0answers
58 views

UK: National Insurance on employee loans when there is no interest benefit

HMRC states that you have to report on a P11D and pay Class 1A National Insurance on the value of any benefit when a 'beneficial loan' is made to an employee. https://www.gov.uk/expenses-and-benefits-...
1
vote
1answer
124 views

What is the formula for loan payoff with daily compounded interest and annual payment?

I am trying to get the loan repayment amount for below data : Loan Amount: $20,412.65 Payments (#): 10 Annual Interest Rate: 2.5% Loan Date: 07/02/2018 First Payment Due: 09/02/2018 (next payment ...
2
votes
1answer
131 views

How does Sallie Mae calculate its payment?

Short Version Can anyone figure out how Sallie Mae comes up with its personal loan payment amount? Long Version I have a friend who took out a personal loan with Sallie Mae, and their payment ...
1
vote
2answers
124 views

Am I Likely to Qualify for Home Loan?

I'd like to move to a new home and would like to finance it via a loan. My current home is worth ~$285,000 according to internet and my current home loan balance is ~$100K. My financial situation is ...
57
votes
5answers
14k views

Borrowing money in one country to pay off debt in another

I'm currently living in Germany and can borrow a substantial amount of money at almost no interest, effective 3.4%. In my home country I have several mortgages, basically at the moment funding ...
1
vote
1answer
124 views

Can you Pay off an Auto Loan Without the Account Number?

My dad got me a Honda for my 18th birthday. I wish to pay off the remaining balance as a nice gesture and also so I can get a new car. I would like for it to be a surprise. I believe the loan ...
1
vote
2answers
83 views

How to get Loan for more then 1 CashFlow Apartament?

I see that experienced people buy MANY flats using loan and then provide them for rent and that rental payments cover loan payments. But when I asked the bank to do it, the bank is glad to provide ...