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Is it best to retire a loan toward the end of its term or much before it?
JUSTINHENRY
If you mean "pay off" it is better to do it before the lien is up. You pay less interest.
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∙ 12y ago
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Should you retire a loan towards the end of its term or much before it?
Unless there is a tax benefit that you want/need, you should retire a loan as soon as possible. I am assuming that there is no prepayment penalty, which may impact your decision. It is costing you money (in interest) while you have the loan.
What would be preferable to retire a loan towards the end of its term or much before?
The earlier you can retire a loan, the more money you will save in interest. Assusming it's simple interest, in the first years very little of the payment is going to reduce the principle. Toward the end of the loan term, most of the payment is going to principle and very little to interest, so the benefit of paying it off early at that point is limited. On a long term loan like a home mortgage, you may find that over the course of the first year, the principle goes down by about the amount of one month's payment. That means that if you can pay the equivalent of one month's payment extra toward the principal, you will have reduced payoff time of the loan by a year.
How would you refinance an auto loan?
You can refinance an auto loan at any place you can get an auto loan. It may be best to use an agency in which you have already gotten a loan through before.
I'm looking for a VA loan, can you tell me where I can find the best price?
Look at loan comparison websites for a good idea on the rates available. Before applying for a loan, it is best to check your credit history. If you have a good history, you will get the best rates.
How can one qualify for the best rate on a personal loan?
To qualify for the best rate on a personal loan, it is advisable to consult an insurance broker who will make an affordable offer optimized for your personal loan. Also have a general overview of the Bank leading insurer before you opt to getting a personal loan. It depends on what kind of personal loan you are looking to get a rate on. Usually the banks or insurers will offer you the best advise before you even consider buying a personal loan.
Is it viable to retire a loan with a repayment penalty?
Only the borrower can answer that question.
If you make a loan payment before it is due will it be counted as the upcoming payment?
No, it get put toward your principle balance. The payment is still due the next month.
If a loan has a prepayment penalty attached to it could it still be viable to retire it and why?
Perhaps. The difference in the prepayment penalty and the amount of interest paid until the loan is satisfied is a major consideration. If the difference is small,early payoff might not be the best option.
Getting the Best Rates on Car Loans?
Having an updated copy of your credit score and report is essential when applying for a car loan. Your credit score will determine how much you can borrow toward the price of a car and how much interest you will pay on the loan. The higher your score, the lower your interest rate will be. Over the life of a car loan, this can save you thousands of dollars in interest fees. When you are shopping around for a new or used car, get a copy of your credit score and report. Knowing before you go is the best way to get the best rates.
What happens if collateral used for loan is sold before the loan is repaid?
You are still responsible for paying the loan as before.
Whom should I approach for home loan?
How much loan do you need to take? Have you taken a loan before? You approach any of the reputed banks in UAE that follow Islamic finance guidelines. They will offer the best loan benefits and will be transparent in their dealings.
Where can one find the best car loan rates?
The best way to get the best car loan rates is to apply for various car loans through different banks. If you go to the dealer and speak with their financial specialists, they can send your application to various banks to see who will give you the best rate. This will only count toward 1 inquiry on your credit report.
