All Questions
41
questions
2
votes
0
answers
534
views
Can we hand over blank cheques to a bank when applying for any kinda loans?
I applied for a 4 lakh car loan with HDFC Bank, but before they will approve it, they require four blank cheques with my signature. Is it safe to give the bank those cheques?
1
vote
1
answer
176
views
Is car loan the better option when one has already saved enough to cover the purchase
Let's say someone has saved $100 000. There is no specific purpose for this saving
Now there is a car that cost $62 000
Financing the car entirely via a bank loan would cost around 50% of the salary ...
- 11
0
votes
2
answers
198
views
Why offer at a lower interest rate on a loan then the expected ROI of investing in the stock market?
A quick google search told me that the expected ROI of investing in the stock market is roughly just under 10% That's admittedly a bit higher then I had anticipated, but quick scanning of their ...
- 1,206
1
vote
2
answers
144
views
Is there a way to not receive a credit score drop when paying off an auto loan by keeping the account active in another way?
I know the credit score drop is minimal if you have good credit and will recover eventually, but it just occurred to me that perhaps there is a work around like updating the account or restructuring ...
- 121
2
votes
2
answers
357
views
What is the procedure of getting an auto loan?
I am a new international student in the US. My credit score is 702 in the Capitalone credit wise and 710 in the CreditKarma website. I am a fully funded PhD student and have an annual income around $...
user109157
1
vote
1
answer
83
views
Can a bank continue to allocate payments to interest even after they have taken what the contract states?
I purchased a car, borrowing money from a bank for the auto loan.
Long story short, I asked the bank for a detailed history of my payments, and they sent me a document that shows every payment I've ...
- 111
1
vote
2
answers
361
views
18 years old with a 10k down payment towards a Challenger
I’m 18 working a under the table job, making $2,400 a month, and have been saving up for a brand new or fairly used challenger, I want to put down 10k and finance the rest but have had a few issues as ...
- 11
72
votes
1
answer
10k
views
My friend cosigned for a defaulted loan. Should he declare Chapter 7 bankruptcy?
Background:
My friend Abe co-signed an auto loan for about $25k with his "friend" Bella, in the USA state of Maryland, about 4-5 months ago. The car was for Bella's use. The deal was that ...
1
vote
1
answer
416
views
My mother's car was totaled
My mother was in a car accident and died. Her boyfriend's name is on the title and financing of the vehicle. She made all of her payments on the car. Is he entitled to all of the money since the ...
1
vote
2
answers
333
views
Auto loan technicalities in the US
I know what loans are (you borrow money and pay it back plus interest over a period of time), but I have a few questions about the specifics:
When you are approved for an auto loan and you proceed to ...
- 506
7
votes
2
answers
16k
views
How to determine lease vs buy for specific scenario of a Tesla Model 3 I plan to keep 3 years
I want a Tesla Model 3. Like this guy How to determine car loan length as a function of how long I plan to keep a car I (using his words):
...plan to keep for 3 years (see below for why)
I am ...
- 173
1
vote
0
answers
83
views
Why would my pre-approval auto loan be denied, but chance of actual loan approved?
I have an income of roughly ~70k, a little over $50k after taxes. My only debts are housing expenses (rent and utilities) which total around $800 out of >$4000 a month net income. Recently, I was ...
- 19
0
votes
1
answer
116
views
Does installment loan amount affect credit score?
I am looking to finance a new car purchase. The total cost of the car comes out to $18k, and I am able to put up to $10k down. Assuming that my goal is to maximize my credit score in the long run, ...
- 103
2
votes
3
answers
3k
views
My ex husband put me as a co signer on his car loan and I didn't know anything about it. What can I do? [closed]
My ex husband put my name on his car loan as the co signer without me knowing.
What can I do?
- 29
3
votes
2
answers
234
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 ...
- 31
0
votes
4
answers
477
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 $...
- 129
16
votes
3
answers
2k
views
Why do new car loans, used car loans, and refinanced loans have different rates and terms?
If I want to refinance a car that is two years old, and getting a new car loan is better APR then a used car loan and even a refinanced loan, why does it matter which way you go? Isn't a loan just a ...
- 1,199
2
votes
2
answers
276
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
1
answer
147
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 ...
- 133
1
vote
1
answer
271
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 ...
- 245
46
votes
4
answers
12k
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 ...
- 2,889
40
votes
6
answers
18k
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, ...
- 620
5
votes
3
answers
798
views
Is it worth it to take a car loan to improve credit ratings?
I've been considering buying a car recently, but I know that, as I am young, I don't currently have a credit score, as I really haven't needed credit up until now.
So, would it be better to take a ...
- 262
18
votes
2
answers
6k
views
Insuring a girlfriend's motorcycle
My girlfriend has a motorcycle that she bought a few months ago with a loan (she put down $2k and now her payments are ~$82 a month).
A few months later, she realized that she cannot keep the bike ...
- 525
2
votes
1
answer
154
views
Titles, Financing and Insurance. How do they work?
I am about to buy a motorcycle so I filled out a financing application with my dad as the co-signer (I'am 19 and have no credit history). However, the dealership informed me the only way they could ...
- 21
8
votes
5
answers
4k
views
Paying off a loan with a loan to get a better interest rate
I've never had credit or a loan till recently when I bought a new car. This has recently given me a much better credit rating after having the loan for a year with 5 years to go and 2 credit cards ...
- 1,199
2
votes
2
answers
8k
views
How are RSU's factored into Income during loan qualification?
I'm new to the tech industry and was wondering how RSU's factor into loan qualification.
RSU's particularly at more established companies are essentially cash. They may change with the stock price ...
- 461
2
votes
2
answers
88
views
How flexible is the loan industry?
I'm wondering how flexible loan officers (or departments) are to providing better rates for more information. For example, is something like a 1% reduction in rate for an auto loan be a reasonable ...
- 135
15
votes
1
answer
4k
views
What does it mean if a lender asks for a "title" from your purchase?
My boss at my company has agreed to lend me money to buy a car to use for work, where I would pay him monthly for a couple of months until it is paid off.
Upon giving me the money, he asked me to ...
- 153
0
votes
1
answer
3k
views
How do I get my name out of a bank car loan?
I financed a car and have the title in my name only. My Significant other and I were making the payments together. I had been letting him drive the car while we were together, but after we broke up he ...
57
votes
12
answers
28k
views
Should I pay off a 0% car loan?
I'm ahead on 0% interest car loan. I don't have to make a payment until October. I currently owe $3,000 and I could pay it all off. Should I do that or leave that money in my savings account that ...
- 571
5
votes
2
answers
2k
views
What can I do about recovering a vehicle that I co-signed for on a personal loan?
I took out a personal loan with my ex-boyfriend to buy him a truck (I know, I'm stupid). I am the primary on the loan because I had the better credit score so it lowered the interest rate.
We are 8 ...
- 51
0
votes
2
answers
4k
views
Can I change my loan term from 60 to 36 months?
I am on a 60 months plan with USCCU and now they are offering APR rate of 1.36% for 36 months on used and new vehicles as shown here. Is it a good idea to change my loan term from 60 to 36 months ...
- 405
5
votes
2
answers
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 ...
- 1,027
1
vote
1
answer
141
views
Auto/car loan or mortgage applications and consolidated hard pulls
I heard on the radio recently that if one applies for an automobile loan or a home mortgage, multiple loan applications show up as one hard pull on your credit report. Is there a time period where all ...
- 957
3
votes
1
answer
5k
views
Will be getting a car loan with my folks as the primary account holder. Can the car be titled to me?
I am currently saving, and waiting until I have about $10,000 to put down on a car, and then I will be make a fairly large purchase on a car (around $28,000 Subaru WRX).
I am 23 years old now, but ...
- 141
3
votes
3
answers
959
views
Building Credit for a Young Person with No Credit
I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
- 215
2
votes
1
answer
1k
views
Why can I refinance my recent car loan at a lower rate than I had received originally?
I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time.
I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
- 895
14
votes
4
answers
1k
views
Did my salesman damage my credit? What can I do?
I am in the process of purchasing a new truck. A few months ago I put a $500 security deposit down on a truck. I was told that the truck was at a neighboring dealership and that it would take 2-5 days ...
- 895
10
votes
1
answer
8k
views
Why are my auto loan payments calculated differently than my mortgage payments?
Last year I got a home loan that follows the standard Rule of 78s amortization schedule. I can easily predict how much of my mortgage payment will go to interest and how much to principal.
A few ...
- 295
3
votes
3
answers
257
views
Will I incur late fees, now that I am making infrequent/late payments on my auto loan?
I have been unemployed for 6 months now. I have been making infrequent payments on my auto loan. I am suppose to be paid up in May of 2012. My lien holder never sends me my balances or a bill, so I ...
- 31