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 ...
- 7,716
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 ...
- 49.1k
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 ...
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 ...
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 $...
- 143k
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 ...
- 139k
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 ...
- 5,301
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 ...
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 ...
- 209
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 ...
- 50.7k
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 ...
- 8,824
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 ...
- 24.2k
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, ...
- 36