The advantage is to increase the principal being paid on the loan which in turn will reduce the total interest paid on the loan whilch reduces the total number of required payments. So basically this allows you to save on total interest charges. But make sure your loan has no penalties for early payoff!
An interest only loan calculator will not help you to determine your overall monthly payments. This will only calculate your total interest payment. To know the total cost of your loan use a loan calculator.
Multiply the monthly payment you are required to pay by the percentage interest you are paying. This will give you the amount of your loan each month that goes toward interest. Subtract this number from the total monthly payment for your amount of principle.
IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.
Anything that you might need a bank loan to get.
In the US an interest free loan can be considered income of the value of the interest, whether charged or not, depending upon who is making the loan. Check with an accountant to insure that it is okay otherwise you can have the IRS checking your tax returns.
No. Fixed costs are general business expenses, while interest is on a loan. A loan is not required to run a business; So I would think it wouldn't be.
As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.
Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.
Simple interest means the interest is calculated one time on the total principal of the loan. Therefore, you would pay back $11,161.50 on this loan. However, simple interest loans are very uncommon; most loans in life have compound interest.
The loan whose interest rate is low is called low interest loan. If you got a unsecured loan @ low interest rate then it would be low interest loan for you.