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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.

4
votes
2answers
1k views

How does the amount of down payment of a car affect loans/interest?

My credit rating is poor but I'm looking at a car that is around 27,000. If I have a large down payment (40%) to put towards the purchase of the car would I still get approved for a loan for the ...
26
votes
6answers
7k views

Does borrowing from my 401(k) make sense in my specific circumstance?

I know the standard answer and understand that I will be losing out on that compound interest, but I am young and only need to borrow a few thousand. here are some more details: Need to borrow $6500 ...
-4
votes
1answer
153 views

How much I can borrow calculation is wrong [closed]

I have calculate a Borrower capacity with basic idea. I have follow the defination : "The Borrowing Power Calculator calculates a possible maximum loan amount available based on both income and ...
0
votes
4answers
362 views

Is it possible to borrow money to accrue interest, and then use that interest to pay back the borrower + fees?

Say I want to borrow $225,000.00 to accrue interest on a 1.20% APY account. I promise the lender that I'll pay them a fixed-rate of this interest with agreement that I cannot withdraw nor touch the ...
1
vote
1answer
183 views

Saved Interest & Saved Time is wrong while other calculation is right - Extra Repayement loan calculator

I have create a calculator for loan repayment its working properly.When I create for the extra repayment didn't give a result as I expect. Question : Saved Interest & Saved Time is wrong while ...
3
votes
4answers
741 views

Looking to buy a property that's 12-14x my income. How can it be done?

I currently have insignificant income due to the fluctuations of my line of work -- entrepreneurship. I do not have any steady income and can't guarantee minimums always -- but I have done some ...
2
votes
1answer
728 views

Excel calculating interest rate on loan

Not sure if this is the right place to ask this type of question, apologies if it isn't. I am following this explanation on office support to answer my own question. Using the values they use, what ...
1
vote
5answers
254 views

Why is proof of income requested for certain loans but not others?

I have over 100K in credit available, and have NEVER been asked for proof of income. In fact, my income is far below 1/8th of my credit line. I can probably buy a Rolls Royce with credit, which is the ...
1
vote
1answer
255 views

How to buy a flat with a loan from NRI friend

I am intending to buy a flat worth 60 laks rupees in India, I am an Indian Citizen. I have 35 laks rupees in my bank (sale proceeds of a flat) and I want to fund the remaining 25 laks as; 15 laks ...
0
votes
1answer
117 views

Can't find Split or Combo loan calculation [closed]

I have to calculate a split loan calculator.As I know that,Split means combo we are get benefits of both interest type.I have calculated a many things are right but problem with Total Payable interest....
1
vote
4answers
595 views

Borrow from 401k for down payment on rental property?

I'm saving up to buy a rental property, it will take a few years. I've been maxing out my 401k contributions at 18k per year plus employer match. I've got plenty in the fund to borrow from it to make ...
4
votes
1answer
158 views

Student loan repayment question (UK)

I have significant student loan debt. I am on plan 2 repayment and just received my first payslip. I earn £22k and so by their rules I need to pay back 9% of my annual salary over £21k that being in ...
0
votes
1answer
108 views

Bankruptcy with liability and credit

Suppose you took a loan and have to to pay it off uniformly. You made more money than you initially thought when you took the loan and have yet to pay 50 000 $ off, but have 20 000 $ credit on an ...
2
votes
2answers
763 views

In the UK, could low-income pensioners (or those near a low-income retirement) find a student loan useful for boosting their finances? [closed]

A couple of things in the news recently: Martin Lewis' analysis that most students will never pay their loans off. The Pension Minister's suggestion that the WASPI women retrain. got me wondering.......
12
votes
1answer
659 views

Car was stolen and recovered, is now evidence in an investigation and I still have to pay even though I don't have access to it

What happened: 2 months ago my then girlfriend (now wife) was carjacked at gunpoint. The car was found the next before 48 hours in another town, in circumstances that merit the police to take my car ...
2
votes
2answers
312 views

Deceived by car salesman

I thought I was a co signer for my daughter to help build her credit but she is not on the loan I founded out a year later She is upset, faithfully pays the note and gets no credit for it. I did ...
0
votes
1answer
695 views

Effective interest rate for mortgage loan

I'm currently deciding between taking loan with down payment and no down payment. To get behind the idea, I read a case study from a finance textbook. I get the basic math and understand concept of ...
1
vote
1answer
3k views

Can I pay a loan under someone else's name? (assume the dispenser of the loan is malicious)

I bought a car last year (well, my dad bought it), and the loan (for the full amount) was dispensed under his name by Toyota Financial Services (TFS). Anyway, TFS allows you to create an account as ...
2
votes
2answers
116 views

Should I use a TSP loan?

I am considering using a TSP loan versus a credit union loan to finance the purchase of our next vehicle. I am trying to weigh the relative costs (both direct and indirect) between the two options. ...
2
votes
2answers
214 views

Getting a loan/lease to non-investment (like buy a car) work in young ages (Salary is also too low)?

Note : Please forgive me for my bad English and feel free to anyone to correct mistakes. Background : I am working as a Software Engineer is Sri Lanka. My monthly salary is about $400 and may ...
3
votes
2answers
356 views

Optimal down payment amount

I need to buy a car; this is a necessity, my current one is on its last legs. I have enough cash on hand to comfortably pay for any car that I would consider purchasing. However, there is value in ...
0
votes
7answers
479 views

Why “N-year” loans (and other complications)? Why does a loan need so many parameters?

If the title sounds ridiculous, please hear me out before downvoting. Let's start simple. You have too much money on your hands and want to start a loan business. If you neither want to gain nor ...
3
votes
2answers
182 views

Pay off taxes with new home loan

Bought our home for 230k in 2010. It will now sell for 390k. We are interested in buying our "dream home", which is 520k. At this time we have $6k in owed taxes. Is it possible during the sale of ...
-5
votes
1answer
328 views

How do I borrow $25,000 for three years with 0 APR? [closed]

I need to borrow 25,000 dollars in the USA for three years with 0 APR. Is there a way I can do that? Thanks,
1
vote
1answer
151 views

What is difference between loan fees and interest?

I am using Mint. There are several categories for the loan. My understanding is that both Loan Fees and Charges and Loan Interest are what I pay to the bank. What is the difference between them? ...
8
votes
2answers
1k views

What is the formula for calculating the total cost of a loan with extra payments towards the principal?

If I have a 30 year mortgage of $200,000 with an APR of 4.446% I can calculate how much my monthly payment will be and how much the total cost of the loan will be. But what if I have an extra $200 to ...
2
votes
1answer
74 views

Auto Loan and Balance Transfer

I have an auto loan of $15,000 which I am paying off monthly. It's one of the areas of my personal finance that's just been on auto pilot and haven't really put much thought into, the money comes out ...
1
vote
1answer
61 views

Do personal bank loans affect credit score more than collection notices?

I have a (hopefully) simple question. In terms of a credit check (for a mortgage or similar) would a current half-paid personal loan for several thousand dollars look better or worse than several ...
2
votes
3answers
833 views

Looking for Excel formula to calculate the benefit of making additional payments on a loan with interest daily compounded monthly

I'm looking to make extra payments to my student loans. I currently owe $30,000 at 5.25%. I pay $250 on the 15th of every month. My loans accrue interest daily that are then compounded monthly. I want ...
1
vote
1answer
147 views

What dictates 401K loan interest rates?

I have seen it commonly mentioned that 401K loans are offered commonly at Prime + 1% rates? But is that required by law? What section of the tax code addresses the upper and lowerbounds on interest ...
0
votes
1answer
145 views

Car loan out of my name

I bought a car with my father consigning for me. I have been separated from my husband for 18 years. I'm getting the divorce currently and I found out my husband can possibly get the car. Since my dad ...
0
votes
1answer
121 views

Refinance Car Loan

Refinance Question Car Loan: Two years ago, you purchased a $20,000 car, putting $4,000 down and borrowing the rest. Your loan was a 36-month fixed rate loan at a stated rate of 6.0% per year. You ...
4
votes
1answer
2k views

How does the bank/IRS know whether a bank transfer over $14k is a gift or loan repayment?

Suppose I want to help a relative, an international student, pay his college tuition before he arrives in the US (let's say the amount is $20k, i.e., over the $14k tax-exempt limit for gifts). He'll ...
22
votes
7answers
8k views

Would it make sense to take a loan from a relative to pay off student loans?

Together my wife and I have about $80,000 in student loans. My mother in law is in the process of selling her house. We proposed the idea of borrowing ~$50000 from her, once she sells, so that we ...
0
votes
1answer
30 views

Convertible note: instead of equity, convertible into a product. Tax consequence for the issuer?

if a US issuer sells a convertible note which isn't convertible into equity, but convertible into a quantity of product the issuer makes, what are the tax consequences upon conversion? When the ...
-1
votes
1answer
98 views

Should I wait till after I buy my investment property to get a new job?

So I'm considering buying an investment property. We plan to borrow 100% using our existing property as a security. However, this isn't an issue with cash flow - it's just for tax purposes (we'll ...
3
votes
2answers
241 views

Is it a good idea to get an principal and interest loan for an investment property?

At the moment, we have an investment property where we're paying 4.5% interest on an interest only loan. I'm considering moving to another bank which offer 3.88% fixed for 2 years but it can't be ...
0
votes
0answers
44 views

Giving an LLC a loan as a manager (but not member)

I have the following structure in mind: [ Holding company - LLC multimember (me + two relatives) - passthrough with me as manager ] V [Operating company - LLC multimember (holding + relative) - C ...
1
vote
2answers
130 views

Letting your bank withdraw money from your check for a bill?

What is everyone's thoughts on having your bank withdraw money from your check weekly to pay a bill. In other words I have a signature loan and they withdraw 20 dollars from each check to put it ...
0
votes
1answer
810 views

Exact meaning of no prepayment penalty in installment loan

What exactly does the phrase "no prepayment penalty" mean? To illustrate, let's consider the following example: I borrow an installment loan of $1000 and it says that I need to pay $300 monthly for ...
5
votes
1answer
442 views

Payday lender took all my money

I have foolishly taken out several loans from 'payday lenders' which escalated into me paying off loans with other loans and I am now trying to dig myself out of that hole. I am in Scotland. I have ...
3
votes
2answers
15k views

Is a loan from a friend taxable in India?

If a friend of mine transfers money (say 5 to 10 lakhs Rs) to my savings account, does that amount count as my income and do I have to pay tax on it? Will the Tax authorities question me ? Should I ...
-1
votes
2answers
184 views

Starting a large business with a not so large income? [closed]

It's something people here don't like talking about, but how would one accomplish the funding of a highly expensive business when they themselves don't possess a high income? It would seem that this ...
0
votes
1answer
132 views

If I am supposed to pay a loan by a certain date, does it mean I have time till the end of that day?

I took a small loan from my prepaid credit card provider. I forgot that I have to have enough funds on the card by today so the loan money can get deducted automatically. Unfortunately for me this ...
3
votes
1answer
198 views

Borrow money to invest in a business venture with equity?

Is it generally considered a financially-sound thing to do for one to borrow money to invest in a business venture, which may not be their own? For example, Jane borrows $50K to put in to a startup ...
21
votes
9answers
7k views

Should I pay off my car loan within the year?

I saw another question like this, but I am in a bit of a different situation. I am 19 years old, in college, and have no credit history. I saved up enough money to buy a car, but decided to get a ...
1
vote
3answers
284 views

Selling a Home For Its Value vs Selling a Home For Its Mortage

Say I buy a home at the listing price of 100K. Let's assume that the loan amount is 150K. Later, when selling the home, let's assume that the market has not changed and that I sell the house for ...
0
votes
1answer
56 views

Will one’s education loan application be rejected if one doesn't have a payslip providing collateral?

Is it possible to reject education loan by SBI/IOB for abroad if don’t have payslip where parents are doing small business but provided necessary collateral which is worth twice the value approved by ...
6
votes
1answer
115 views

Can I take a loan against my building to reinvest in my business?

I own my business building, it is a restaurant. It is worth about $400,000. I have average credit. Can I use my building to take out a loan to reinvest in my business? How easy is the process if yes?
16
votes
7answers
6k views

Using 0% APR credit card(s) to pay off loans to avoid interest

Not sure if this is possible but it did come to mind out of curiosity sake. Assuming you have a $10000 loan for example. You open up a 0% APR card for 15 months with a credit value of $15000 for ...