Well, i guest you get this Loan advice from a Certified lender.
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
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"Personal" interest is NOT deductible.
In general the interest rates for a personal loan would be higher than for a business loan. The risk of losing money with business loan is not as high as with personal loan.
You pay it to whoever you owe it to, mail a payment
yes, you pay part of what you owe and interest.
Fixed personal loan interest rates are typically higher than variable rates. If interest rates rise, your personal loan rates will look like a bargain, but on the other hand,if interest rates fall, your bank loan will look expensive.
The interest rates on an unsecured personal loan vary greatly from loan to loan. If your loan is through a Credit Union, it can be as low as 1.9%, whereas if it is a high-risk loan secured through a private business, the interest rate could be as high as 30% or more.
What the interest rate is and loan agreement
It is still a loan. as long as you owe, interest accrues.
Not in Canada.