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My opinion is that if you cannot pay for a car in 3 years you are buying too much car. I know in todays world the 4, 5, and even 6 year loan is common. But that is the very reason the average debt per person in the U.S. is $43,874. Household debt in the U.S. is 122% of disposable income. Experts agree that a debt of 100% of your disposable income is all that you can sustain over a long period. Don't fall into the trap that is bankrupting Americans at the highest rate in our history. Buy a car you can afford and not necessarily the car you may want. Live within your means and you will never be filing for bankruptcy like your neighbors who are driving their $50,000 BMWs.
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How do you clear a lien on a car when the loan was charged off so that you can register the vehicle and retrieve it from the impound?
Other than Paying off the loan, you DONT. Charge-off is an accounting term to explain why the lender didnt make any profit on the loan. As long as the vehicle is collateral for a loan, you dont get clear title.
Where should one go to put a down payment on a Chrysler vehicle in Oklahoma?
The length of the car loan, or loan term, simply refers to the amount of time you have to pay the lender back. If you sign up for a five-year term, in five years you'll pay the money back and will own the car free and clear. What the loan term doesn't mean is that five years from now you'll have to come up with all of the money.
Term Loans?
form_title=Term Loans form_header=Finance your business with a term loan from the bank. What type of term loan are you interested in?= [] Intermediate Term Loan [] Long Term Loan How much do you intend to borrow with your next term loan?=_ How long to do you hope to take to pay the term loan back in full?=_
What is the BMW lease rate compared to a bank loan?
When you lease a vehicle you are basically renting it for a period of time and financing a vehicle through a bank means you are purchasing the vehicle for personal ownership. The lease rate may be lower than a bank loan because it is short term ownership.
What is meant by the term security when obtaining financing?
Security indicates something of value that is pledged against the loan. Pawn shops take valuables and loan money against them. The item is held as security or collateral for the loan. If the loan is not repaid, the pawn shop will sell the item to get their money back. When buying a car or a house, the vehicle or property usually stands as the security for the loan. If the loan is not paid, the loan company will take the vehicle or foreclose on the property so that they can sell it and get their money back.
What is the term for a loan in which the interest rate does not change during the entire term of the loan?
a fixed rate loan.
Can a car be reposed for lack of insurance in ga'?
YOU NEED TO CHECK YOUR SALES CONTRACT / LOAN AGREEMENT. FOR THE MOST PART IT IS REQUIRED THAT YOU MAINTAIN FULL COVERAGE INSURANCE FOR THE TERM OF THE LOAN. THE ANSWER IS YES, A VEHICLE CAN BE REPO'D FOR LACK OF INSURANCE.
What is the term for a person who has taken a loan?
The term used to refer to someone who has taken out a loan is, borrower.
Factors In Getting An Auto Title Loan?
When times get tough and you run into the need for additional money, an auto title loan could help you get the funds you need. When considering an auto title loan, there are some points that you will need to keep in mind. An auto title loan is a loan in which your car will be used as collateral for the loan. This means that should you default on payments, the lender will be able to repossess your vehicle and sell it to recuperate the balance owed on your account. In the event that you fall into this unfortunate situation, it is important to remember that should the lender sell the vehicle for a price that is less than you owe on your loan, they can come after you for any deficiency balance. The amount you will be able to borrow on this type of loan depends on the value of the car you are pledging as security and maximum loan laws. For instance, if you are trying to get a loan for $5000 and your vehicle is valued at $6000, you will likely be able to get the loan. However, even if you have a car worth $15,000 and you are trying to get a loan for $12,000, the maximum loan amount may only be $7500 or $10,000, depending on where you live. Your lender will also take your credit history and stability of your employment and residence into account, as well the amount of other debt you have outstanding. Someone with poor credit and a short term job and residence will have more problems getting approved than someone with good credit and a long term job and residence. This will also have an effect on the amount they are willing to lend you in relation to the value of your car. Getting an auto title loan is easier than an unsecured loan because there is collateral. However, maintaining your payments is extra important as you can lose your vehicle if you fail to make payments. Taking a loan with a payment you know you can afford is the main thing to consider when thinking about taking out an auto title loan.
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.
Is a bridge loan a long term or a short term loan?
A bridge loan is a short term loan. The length of the loan can be a short as a few weeks to as long as three years, depending on certain factors. That said, most bridge loans are short in term and used in business to give a company time to secure long term, permanent financing.
What is TL?
TL stands for term loan. Term loan is a loan for a company. It's much like an auto loan for individual. It has predetermined terms, fees and rate.(palwest.com)
