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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.

1
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1answer
206 views

car purchase loan versus car collateral loan

We're looking to buy a used car and wonder if there's any difference in rates and/or impact on your credit score to buying the car with cash and using it as collateral for a loan or getting a loan to ...
0
votes
1answer
81 views

How to hold value for borrowed cash used to fund school tuition

I need to pay for the tuition for a 2-year graduate school program. Since I don't have to, and can't, pay tuition of 2 years in advance, but need to pay interest, I want hold the value of my ...
2
votes
1answer
105 views

Get a loan with low interest rate on small business

I'm sure everybody has or had this situation before. Basically, all my income (which is around $7K / month) is being washed off somewhere: rent payment + car payments + different insurances and so on. ...
5
votes
2answers
2k views

Should I temporarily stop or decrease 401k investment to pay off a loan?

I have a loan with a 9% annual interest rate compounded monthly with about $7050 left on it. My minimum monthly payment is $356, which is all I've been able to afford lately, with the occasional bump ...
0
votes
2answers
205 views

Is there any loan that leverage tax for H1b holders?

I am here in US through H1B. I have a decent amount of loan back in India. Also I am paying a lot in Tax here. Is there any way I can get any loan here in US and pay off my loan in India and reduce ...
0
votes
1answer
654 views

Calculating Interest Accrued for a late payment

I'm trying to calculate the interest accrued on my amortization schedule manually. I can calculate it fine if payments are exactly one month apart but this payment is More than 1 month apart. This ...
44
votes
4answers
9k views

Would using an expensive car as collateral for a small loan to get cheap parking work?

There's a rather old joke which is being told in many variations and my question would be whether events narrated could actually happen in real life. I'm not in the US so I don't know all the details ...
22
votes
13answers
21k views

Prepaying a loan: Shouldn't the interest be recalculated like a shorter loan?

Maybe I'm incorrect in my thinking, but I have a question about prepaying a loan. When you take out a mortgage on a home or a car loan, it is my understanding that for the first years of payment you ...
1
vote
0answers
67 views

Do I need loans for a good credit score? [duplicate]

I've never required legal loans from banks/businesses (eg: home loan, car loan) Will this affect my credit score if i've never been in debt but later on in life decide to get a loan? Edit: Also, ...
5
votes
4answers
406 views

Does it make sense to compare the “returns” from debt payoff with long-term stock market investment returns?

I've been thinking long and hard about whether to pay off my student loans with the smaller interest rates as quickly as possible or just pay the minimums and start investing. After reading bunch of ...
0
votes
1answer
324 views

Does par value include interest?

Is it only the principal amount, original cost of the bond at the end of maturity date or does it include the whole sum with the interest payments?
0
votes
2answers
126 views

Calculating Interest Accrued With an Uneven Interval

I'm trying to calculate the interest accrued on my amortization schedule manually. I can calculate it fine if payments are exactly one month apart but this payment is less than 1 month apart. Last ...
5
votes
2answers
210 views

Need help on understanding how math is done on this example

I am not sure how the math is exactly done for the interest to come out like that. Also, what is the capitalized interest? EDIT: What is an outstanding principal balance?
12
votes
6answers
4k views

Should I invest in my house, when it's in my wife's name?

I loaned my wife about £50k in order to do work on the property she owns. I did this with a documented loan agreement, and she was not my wife at the time. Now we are married, I moved in, and sold ...
0
votes
1answer
1k views

Does closing car loan lower credit score?

The final payment on my car loan is due in December but I made a payment for the total payoff amount this month to close the account. The only account I currently have open is a credit card. Before I ...
4
votes
2answers
1k views

How to save the most money paying off a 20% interest car loan in 1-2 years?

Long story short: My girlfriend has a 20.53% APR car loan. No one will refinance the loan because of the value of the car, roughly $5,000. Theres still 50 months left on the loan. Total left with ...
0
votes
1answer
113 views

How much do whole life policy loans typically cost?

I've been looking into whole life insurance policies. I keep hearing that policy loans are very cheap, but haven't heard any actual numbers. What rate are policy loans typically loaned out at right ...
2
votes
2answers
738 views

Should I pay off my student loan in the UK before getting a mortgage?

I've had a search around and there is a similar question here and maybe here. However, I think this use-case is slightly different (not to mention those answers are US based), and also the answer to ...
2
votes
1answer
47 views

Transfering funds from India to the US

I am a US Citizen doing business in India as well as US. Can I transfer funds from India to USA which I have borrowed in India. Is there a limit on one time transfer of funds from India to the US?
6
votes
1answer
699 views

Why do banks require justification for a HELOC?

When you apply for a HELOC, the underwriters will ask how you intend to use the funds. However, the draw period for a HELOC typically lasts 10 years. It is foreseeable that someone takes out HELOC to ...
0
votes
0answers
56 views

Gather money for a flat or loan [duplicate]

I currently live into my mother's apartment alone. For some years she will live in other country and I will have this for myself. I plan to buy a small flat and then to rent it until I can gather ...
3
votes
1answer
132 views

What should I know before applying for a student loan? Should I pay off all or as much of my CC debit first?

Before taking out a student loan, would it be best to pay off as much of my Credit Card as possible to help get the best APR%? I have 1 CC with a $5000 limit unused. I have another with $7500 on a $...
3
votes
2answers
488 views

My employer doesn't provide an electronic pay stub and I need one to get a car loan

I have gotten a pay stub from every job I've held previously, but my new job is a small business and they do not give electronic pay stubs. I am given a handwritten statement showing what is withheld, ...
1
vote
0answers
552 views

how to deal with february in accrued interest calculation (30/360 day count convention)

How would you deal with the month of february in a daily interest calculation on a loan that compounds monthly? I would think that with 30/360 day count convention, each day in february results in ...
-1
votes
2answers
635 views

How come more interest than principal is paid at the start of repayment? [duplicate]

How come more interest than principal is paid at the start of home loan repayment? What's the rationale?
2
votes
1answer
78 views

Insurance with home loan

I had taken a home loan from axis bank and it is disbursed on 22-3-2017. I got demand draft and I given it to builder. During the loan process bank employee asked me to purchase a property ...
1
vote
1answer
329 views

Money transfer from India to Dubai

I have to go back to India due to job loss and have to repay my bank loan in Dubai. How can I transfer money from my savings account to my bank in Dubai?
3
votes
2answers
258 views

What is the best way to help my dad consolidate his credit card debt at a lower rate?

So my father and I are somewhat in a sticky situation. He has accumulated roughly $30k debts on his credit cards. He makes decent money now but the problem is paying about $650 a month in interest ...
4
votes
2answers
44 views

Criteria for commercial loan so that interest is deductible?

A family member wants to lend me money for a business venture. I want to be able to deduct the interest I pay him as a business operating expense. However, I understand that the IRS is often skeptical ...
6
votes
4answers
204 views

If I were to get into a life situation where I would not be able to make regular payments, do lenders typically provide options other than default?

Lets say I had a home loan and suddenly lost my job. I have a few months savings, but for whatever reason am aware that I will not be able to make regular payments and will default on my house if I ...
3
votes
1answer
616 views

I have made all the payments on a car I cosigned. Do I have to fight for possession of the vehicle?

I cosigned on a vehicle for my ex, yet he has made no payments. I have made all the payments so far even though he has always had possession of the car. I will continue to pay if he gives me the car, ...
1
vote
1answer
201 views

My ex took out 401(k) loans from his 401(k). Does this ruin the integrity of the account and make it co-mingled?

We are splitting 401(k). He took many loans and used the money for family bills. Does this make it a marital rather than separate property because of the loans?
42
votes
6answers
9k views

Can a car company refuse to give me a copy of my contract or balance details?

I have an auto loan with a car company that after looking at all possible amortizations, doesn't match what my payment should be. I'm talking with 40% interest rates, adjustable interest rates, ...
4
votes
4answers
251 views

What is a Student Loan and does it allow you to cover a wide range of expenses relating to school?

Is a student loan a type of loan or just a generic name used to refer to a loan for someone who is going back to school? I am planning to go back to school and picking up living expenses by living ...
5
votes
1answer
267 views

How do I get my student loans that were waived due to disability, not to be treated as income by IRS?

I went to college, graduated and had a bunch of student loans. I got them waived, on account of being permanently disabled. Now the loan organization is going to report this as income to the IRS. I'...
1
vote
2answers
190 views

Does it make sense to refinance my car to a longer loan term?

I want to refinance to drop my $350/mo something payment and $80/mo interest down. This is a 6 year loan now at 4 years. Assuming my credit is more decent then what it was when I took out the loan, ...
3
votes
2answers
433 views

Calculate the Loan Amount for a given Monthly Payment where the Balloon Payment is a Percentage of the Loan Amount

I'm trying to calculate how much you can borrow for a given monthly payment, including a balloon payment, where the balloon payment is given as a percentage of the final loan amount. The calculation ...
4
votes
5answers
2k views

Should I leave my full time job to finish school quicker? [closed]

I currently have a well paying full time job as a web developer, I am also currently going to college part time taking about 6 credits per semester. At this rate it will take me much longer to finish ...
2
votes
4answers
354 views

value of guaranteeing a business loan

I am a co-founder in a small business that has a number of investors. We are looking at doing an expansion that includes an capital raise and a SBA loan. The loan is roughly 5 times larger than the ...
3
votes
2answers
1k views

Calculating amortisation payment amount, where first payment date differs from loan start date

I'm trying to reproduce the schedule, but I cant seem to get the same Payment and Interest for each month. The tricky part here is that the Loan start date is 9 Feb 2017 but the first payment is only ...
2
votes
1answer
237 views

Can I lend personal savings to my U.K. Ltd company and have the loan repaid into my pension?

Is it possible for me to make a personal loan to my own UK Ltd. and then have the UK Ltd. pay it back by depositing it in my pension? I am an employee of the company and draw a minimal wage: around £...
4
votes
4answers
1k views

Loan repayment help

My dad got a loan against his house for $40k and let me borrow 10k. The terms were that I would pay him back the $10k I borrowed. I have since paid $16,800 and my dad says I still owe another $5,800. ...
1
vote
2answers
91 views

What are my best options if I don't have a lot of credit lines for housing loans?

I've been denied for a pre qualify loan by Bank of America for a house recently due to having insufficient credit lines. I do have a credit score that is good and everything else is fine. I think it ...
3
votes
2answers
406 views

I'd like to loan my son and daughter-in-law money to pay off credit card and student loan debt

I'd like to loan my son and daughter-in-law money to pay off credit card and student loan debt. Total is 40k. I want to avoid tax problems and they would be responsible to repay or repay upon their ...
0
votes
2answers
86 views

Is it possible, anywhere in the US for a funding firm to not have a license number showing somewhere? [closed]

I want to get some financing for my small business, I can find hundred of websites that offer such... but their webpages have absolutely no addresses, no license numbers, no names, just a fictitious ...
4
votes
1answer
89 views

Does setting up a company for your own improves credibility?

I have been working as a freelancer for quite a while now. Today, when I am trying to get a car loan, the agency asked me: Are you currently employed and have regular salary? (No) Do you have a ...
1
vote
0answers
134 views

Bank Loan for Father's property

Is it possible for me to acquire a bank loan for purchasing a house from my father if it is not ancestral property?
0
votes
3answers
161 views

Credit Card usage before taking a mortgage in the USA?

As a first time home buyer, I am hearing many things about the financial steps to take before applying for a mortgage. I have been told that its better to not use credit cards at all for about two ...
1
vote
1answer
65 views

Are there any regulations regards end of loan payment procedures?

When I was a student, one of my student loans was a Federal Perkins Loan. I was done paying the loan fully about 5 months ago. Since then I called couple times to the university asking about it, and ...
1
vote
2answers
181 views

Why the “Education Loan Servicing” company switched to billing me 1 cent per month?

I had a school loan that was handled by EdFinancial. I had made monthly payments on this until there was just about 12 cents of debt left. [Update:] The payments were a flat amount each month (of ...