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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.

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
68 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
331 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
185 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 ...
41
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
87 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
2k 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
158 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
75 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
426 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 ...
88
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
94 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
35 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
153 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
335 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
475 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
103 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
166 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
110 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
534 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
309 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
267 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
111 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
112 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
90 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
57 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
121 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
120 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 ...
0
votes
0answers
38 views

Re-financing medical student loan from FAFSA to private lender?

I'm investigating the "best" approach towards my medical student debt. My outstanding debt is $400,000 with an interest rate of 6.8%. Presently, FAFSA is my Lender. I'm on the 10-year plan, which ...
1
vote
2answers
109 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
122 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 ...
1
vote
1answer
82 views

Loan calculation with percentage [closed]

I want to know monthly payment with percentage. Let's say I took loan of $200 and I have to pay monthly for 5 months and amount pay back is $260. Over here $60 is interest. I could make out that I ...
-1
votes
2answers
134 views

Why don't corporations borrow from their savings? [closed]

Here is a question I have had for a long time: Most companies typically sell stocks to raise capital or go to the bank for a loan. But doing the latter - at least to me - puts the company at a ...
1
vote
1answer
252 views

What is nelnet doing with my auto-debit student loan payments?

I recently (A few months ago) bumped up my loan repayment. My repayment just started this year. So, I took a look at how nelnet is allocating my auto debit, and my payment history looks like this: ...
2
votes
0answers
352 views

Buying a new car - price dropped while awaiting delivery

People! I've been doing okay financially and recently ordered a new car (Middle of April). While the vehicle is expected to be delivered in the next 2 weeks, I noticed that the dealership website has ...
0
votes
1answer
371 views

Algorithm to calculate the Interest on Loan with a Balloon Payment

I am trying to understand the algorithm used by My Calculators.com - Balloon Payment Calculator If I enter the following details: Loan amount: 4556.75 Number of months: 5 Interest rate: 5.75% ...
0
votes
2answers
122 views

How do I find out what is the minimum credit rating for a grad school loan (or undergrad) without a cosigner?

I'm in the US, and I'm trying to make a decision about my educational strategy. I have a basic idea of what I can do for unsecured undergrad bank loan, and what credit rating I would need. How can I ...
5
votes
1answer
552 views

Can I remove a cosigner from a car loan? Will it affect my credit?

I will be moving from NY to California for a job that starts 3 months from now. I flew to California to finance a car from a dealership, but since I had not found an apartment yet, I had no california ...
3
votes
6answers
498 views

In what order should I decrease my loan debt?

I currently have federal student loans, and a personal loan I took out for college. Below are my percentages for each. I am wondering which loans I should start paying off first to ultimately not ...
2
votes
1answer
81 views

How long should someone wait to apply for a secured credit card after having been deliquent on a loan payment?

Someone failed to make payments on a college loan for an extensive period (8-10 months). Their credit score has, as a result, dropped to 550-575. They have since paid off their overdue balance and ...
8
votes
2answers
272 views

How should I inject working capital into my company?

Me and two partners started a company earlier this year. Each of us owns 33.33% of the shares. Right now we are generating enough income to cover our monthly expenses, but we have already signed new ...
0
votes
1answer
95 views

In what circumstance would a company want to establish an SPE to engage in following investment?

I was reading a book explaining Special Purpose Entities (SPEs) and an example is used in the book: a firm could sell loans it has made to customers to an SPE that issues bonds to purchase the ...
2
votes
1answer
701 views

Is there a difference between a 360/360 day count convention and a 30/360?

Are these just different names for the same thing? Lending Management Software company told me their software does not do 30/360, but could do 360/360 which would be the closest match. I am thinking ...
-2
votes
1answer
352 views

Is it considered mortgage fraud if you work for your friend who can assign you higher income?

I posted this on another forum and want to get input here as well. Let's say there's a boyfriend and a girlfriend who have kids together. Boyfriend is self-employed but doesn't have 2 years of ...
0
votes
1answer
63 views

How do interest calculations differ between loans and savings? [closed]

At the bank or financial institute how are the interest calculation is different from loans and savings? Are they calculated the same way?