All Questions
13
questions
7
votes
4
answers
3k
views
How to compare loan interest rate to savings account interest rate?
I don't understand how to compare my loan's interest rate to my savings account interest rate.
My savings account states:
The Interest Rate on your account is 4.0249% with an Annual Percentage Yield ...
- 173
8
votes
7
answers
6k
views
When is it worth taking out a loan for something I could pay in cash?
I'm trying to better understand the time-value of money and how to compare interest rates vs. investment returns.
In general, if I can pay for something in cash or short-term credit (paid off monthly),...
- 287
21
votes
9
answers
6k
views
What would be a recommended interest rate for an unsecured loan to individuals with mediocre credit rating and income close to expenses?
I have a friend whose new wife is paying an absurdly high interest rate on her auto loan. They've asked if I was willing to loan them money at a more reasonable rate to pay off that loan and have ...
- 1,206
3
votes
2
answers
156
views
Loan payment strategy: Private vs federal?
I am a young professional trying to determine the most efficient/cost effective method for paying off my student loans and would greatly appreciate any advice. Currently, I have about $170,000 in ...
4
votes
8
answers
1k
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 ...
- 3,808
0
votes
2
answers
96
views
Comparing Cost of Loans
How do I determine my Cost of Loan from paying a loan off early, or,
Assumption: No charges for early payments.
Let's say I have a $25,000 vehicle loan and 1.99% APR over 5 years (60 months).
Here ...
- 745
1
vote
2
answers
268
views
Credit Unions vs Bank Mortgage
I am a first time home buyer. My home-buying credit score is 620. I was recently preapproved for an FHA loan with my bank. The interest rate is decent at 3.75%, the only issue is I will have to pay ...
- 286
4
votes
2
answers
1k
views
Taking out a private loan to pay off student loans
My wife and I have a large sum of student loans (>150k together). She is now out of school and I'm in the latter years of a PhD program. So we both have steady incomes. My loans are from the ...
- 205
0
votes
2
answers
614
views
How to get 0% financing for a car, with no credit score?
Is it possible to get a 0% interest rate for car loan for a used car in the U.S.?
I've been working for 7 months and I just got my first credit card, so I don't have a credit score yet.
I'm planning ...
- 49
5
votes
2
answers
911
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 ...
- 873
15
votes
7
answers
4k
views
Why would a car company lend me money at a very low interest rate?
Why would a car company lend me money at 1-2% when they could lend it to the federal government at ~2.9% with zero risk?
user3474
2
votes
1
answer
863
views
Any smart way to get the interest down on our student loans?
Trying to figure this out. I have a student loan $24,000 at 6.55% with Nelnet, and my wife has $48,000 at 5.2% with Mohelo. We have a home worth $220,000 with $40k in equity, and the rest at $180k at ...
- 21
6
votes
7
answers
768
views
How smart is it really to take out a loan right now?
With the economy in its current state (i.e. horrific), interest rates on loans are very low right now. I have heard people say that right now is a 'good' time to take out a loan, and that it is a ...
- 163