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.

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5
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2answers
7k 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.) ...
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1answer
1k 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 ...
5
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1answer
226 views

Selling newer car and buying used car to reduce monthly payment

I purchased a 2015 Ford Focus in August of 2016 with a loan for $15,700 for a term of 71 months. I've been paying $257 a month and have the loan down to $12,370. I decided to go back to school to do a ...
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2answers
263 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?
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2answers
18k views

What is this option offering me on my loan repayment?

I was just updating my auto-repayment for my student loan, when I was given the following option: ((Note: The image highlights two options: "Apply as Refund" and "Apply as Payment")) I am not sure ...
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2answers
4k views

How do I sell a car that was purchased with a loan?

I bought a car earlier this year, and I have been making payments on it regularly for about 7 months. However, I want to sell the car to a private party and buy a cheaper car paying cash in full. The ...
5
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1answer
404 views

Is the interest on a non-bank loan for a house still considered tax deductible?

I'm trying to buy a house that's listed as not inhabitable in its current state. I want to buy it so I can repair it and live in it. I have all the financials I need, and I have excellent credit, but ...
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3answers
4k views

Will paying off a loan early hurt my credit?

I recently purchased a vehicle and took out an Auto loan from the local credit union. I have run into some extra cash and can actually pay off the car completely. I have a very little credit history,...
5
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2answers
12k views

Are companies like EquityZen legitimate and useful?

There are a list of companies claiming to provide liquidation for employees who have ISOs in private startups but don't have the means to exercise them (because of the ridiculous amount of phantom tax ...
5
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1answer
330 views

Can a jobless person get a home equity loan if he has other sources of income such as stock dividends?

Suppose a jobless person has a fully paid property. He wants to take out a home equity loan. Will the bank reject his loan application due to his lack of salary income as a jobless person? This person ...
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1answer
601 views

Financial loan/pension jiggery pokery?

Without my asking my bank has offered me a £10,000 loan over 3 year at 3.8% APR fixed. They say that over 3 years the total amount payable will be £10,586.52. This sounds quite good VFM. On the other ...
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2answers
193 views

Student loan repayment plan

I recently graduated with a PhD in mathematics and its time for me to pay back my student loans. Being a mathematician, I sat down and did the math. I realized two things: There is no feasible ...
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2answers
736 views

Should I attempt to consolidate my own debt, or hire a professional? (Are there caveats to consolidating your own debt?)

I have some credit card debt across 3 accounts. Currently they're all at 0 APR, but the promotional rates are set to end soon, and I don't want to open any more accounts. In this situation, I'm aware ...
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1answer
289 views

Is it common for student loan debt to be paid with another loan found at lower interest?

I currently have 22k in student loans at 6.55% interest. I checked my credit score and it was 706 a couple of weeks ago. I am a recent college grad with a decent paying job right out of college. What ...
5
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1answer
174 views

How to tell if you can trust a loan company?

What do you look for? Good UI design? BBB accreditation? Yelp, NYTimes mentions? What should I expect of the customer service when making my decision to take out a loan? What information should I ...
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3answers
7k views

Is installment the same thing as amortization?

Trying to make sense of the difference between installment and amortization. They seem to be used interchangeably in some places but to me it seems like amortization should be amount that you pay off ...
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4answers
185 views

Is there such a thing as a truly preapproved credit card or loan?

I receive quite a few "preapproved" credit card and personal loan offers in the mail. These invariably include an application form and a disclaimer that the card or loan might not be granted if ...
5
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2answers
276 views

How does a financial crisis affect banks' willingness to lend money to private individuals for real estate purchases?

I am interested specifically in whether banks are more, less or just as willing to lend money during financial crises. Google doesn't seem to return an exact answer to this question and going over ...
5
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2answers
311 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'...
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3answers
355 views

Pay off home loan early

I currently own a house in northern VA that's paid in full. I want to buy a new house in a development being built in MD. A friend recommended getting a loan for the new house and put mine on the ...
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2answers
6k 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 ...
5
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1answer
192 views

Loan from Canada to UK

I live in Canada. My brother in the U.K. is thinking of purchasing a house with his wife. They are both teachers and careful with their money but don't yet have money for a down-payment. I am ...
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2answers
1k views

How can someone with a new job but no credit history get a loan to settle another debt?

I was recently hit with a large personal debt, something that can't go against my credit score, but might if it ever went to court/collections. However, it came unexpectedly, and I am now looking for ...
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2answers
1k 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 ...
5
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1answer
472 views

What are some motivating ways to track performance of paying back a loan?

I have a mortgage right now and I am motivated to pay it off as fast as possible. I have thought of a few key performance indicators that I store in a spreadsheet and check on each month. These ...
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3answers
645 views

What is today's price of €15.000 given 15 years ago?

15 years ago my father gave about €15.000 to a family member in exchange for her share in an inheritance (not materialized to this day). Now this family member has changed her mind and she wants to ...
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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. ...
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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 ...
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6answers
1k views

Pay for a cheap car or take out a loan?

I have $2,000 in total in my savings account for a car but I am starting a better paying job in three months and I will need a car to get to it. At the moment, I am biking to my current job. I am just ...
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4answers
12k views

What are some examples of unsecured loans

I am writing an essay on unsecured loans and am now trying to find some examples, so that I may then talk about the pros and cons for each example. I have already mentioned credit cards and an ...
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4answers
402 views

Mortgage as present value of resale worth

I would like to ask someone who is knowledgeable in home loan and mortgage financing. Consider a home with an appraisal value of $ 400k. Let the down payment on this mortgage be $80k (i.e. 20% of $...
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4answers
2k views

As a fresh graduate, should I get my first credit card? [duplicate]

Recently, I sat down with couple of my friends that are also a recent graduates. We talked about credit cards and it caught my attention. They told me that we should get our first credit card as ...
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2answers
7k views

How to remove late payment of student loan from report (credit report dispute failed)

About 6 years ago, I became 'late' on some payments to the then Sallie Mae. I am current now (have been ever since) although because it was three loans from the same company, there are three bad marks ...
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4answers
403 views

What to do with this cash- pay off ONE card, or pay down a few?

I've got a $5k payment coming through with about $12k in CC debt, over 4 cards. 1 card is at $3000 (total line is $4k), 14.8% interest rate, another at $3450(total line is 4.5k), 19.3% interest rate, ...
4
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3answers
574 views

Using Loan to Invest - Paying Monthly Installments by Selling Originally Bought Shares

I'm trying to determine how much profit or rate of return is required from a financial instrument, say stocks, to break even with a loan taken out for this. I'll use specific numbers to simplify. ...
4
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2answers
896 views

Why shouldn't I consider a 401k loan to myself within my bond allocation?

I have seen broad advice against 401k loans. I question this. Why shouldn't I consider a 401k loan to myself within my bond allocation? Assuming I have trust in my employment cash flow and taxable ...
4
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3answers
607 views

Can banks deny that you've paid your loan?

As expressed in the title, can a bank deny it that you've paid back the loan? Or how can you make sure that won't happen? My sister recently got married, but she freaked out when her husband told her ...
4
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2answers
383 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 ...
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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 ...
4
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2answers
3k views

If the creditor goes bankrupt, am I still required to pay back the principal I owe?

If I borrow money from a credit union (and make monthly payments) and the credit union goes bankrupt, am I still required to pay the money back? If the organization is bankrupt, to whom would I be ...
4
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8answers
930 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 ...
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5answers
2k views

New car: buy with cash or 0% financing

Here's my current dilemma: should I buy the new car I'm looking at with cash or have 0% financing for 72 months? For reference, here is some info about me: I am currently living at home. My plan is ...
4
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2answers
5k views

Is this “approved” online loan a scam? I was asked for my user name and password

I'm pretty sure what the answer is, but I don't want my desperation to cloud my judgment. I was approved for a loan after giving my bank account and routing info. They requested to verify the account ...
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3answers
4k views

Buying a property for 3 years and then selling

I have recently taken on a fixed-term contract for three years, which is giving me a salary significantly higher than I am used to. After the three years, however, it is very likely that my salary ...
4
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3answers
423 views

What costs should I consider when planning to maintain a vacant condo for a few years?

I have a job offer in a different city. I currently own a condo that I may return to but that would be really nice to have as a hub for returning to visit family as well as I have a family member who ...
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4answers
10k 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 ...
4
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2answers
641 views

Does a 401(k) loan count as debt when calculating Debt-to-Income Ratio?

Does a regular 401(k) loan count as debt when calculating one's Debt-to-income ratio when applying for a mortgage? The loan is within the organization that manages the 401(k), and it does not show in ...
4
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3answers
422 views

Homeowner's association funding a project in a condo: Bank wants an individual guarantor. What to do?

From time to time my HOA (homeowner's association) needs extra money for a project (eg painting fences, fixing roofs, plumbing repair, etc). They typically respond by raising the monthly HOA dues for ...
4
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1answer
7k views

I signed on as the co-signer on a car loan and somehow ended up being the primary name on the account

I know a person should never co-sign for anyone. I always have. This is why I feel so stupid but I signed on to a car loan 4 or 5 months ago for my ex. I was against it but the fact she was hanging my ...
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2answers
196 views

Question about plausibility of an iffy financial transaction in a crime novel

This is a question about a financial transaction in a novel. At the denouement of the book, An elderly, naive, innocent, middle-class couple who have been bilked by a loan racket run by extremely ...

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