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Why are monthly payments usually higher when you buy a vehicle than when you lease a vehicle?
Wiki User
∙ 16y ago
because when you buy it, it's yours. when you lease it, you give it back to the leasee. In the latter case you are just paying for the opportunity to use the vehicle.
Wiki User
∙ 16y ago
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What loan conditions would result in higher monthly payments?
Higher interest rates.
What does a student loan consolidation interest rate determine?
A student loan consolidation interest rate determines the amount of your monthly payment on your student loan. Higher interest rates would result in higher monthly payments.
How can one calculate car payments?
The first thing you do is to figure out the amount of money that comes into the household monthly. Next how much is spent out on various bills, etc. then figure how much is left for a car payment. Next figure out the down payment. The higher the down payment the lower the monthly payment. Begin checking out cars in your pay range. If you go with a dealer check on rebates. Take the full price of the vehicle deduct any rebates and the down payment then divide by how many months to pay and this will tell you how much your monthly payments will be.
What is the term option in a reverse mortgage?
Reverse mortgage proceeds may be taken as a single lump sum, a credit line, monthly payments for life (tenure) or payments for a set amount of time (term payout). You can also receive payments from the reverse mortgage as a combination of all. i.e 25% lump sum, 25% credit line, 50% monthly payout. The lower the term requested the higher the monthly amount. After the term is over no further payments from the reverse mortgage will be received. Source: http://www.allrmc.com
What are the advantages and disadvantages of a 1020 Mortgage loan?
{| ! width="30%" | Loan Program ! Advantages ! Disadvantages | Fixed-rate mortgages * Predictable monthly payments * Less risk if market conditions cause rates to rise * Rate does not change * You pay more in interest * Higher interest rate * Unable to take advantage of lower interest costs if market changes to lower rates Adjustable rate mortgages * Flexibility * Lower initial monthly payment * You pay less for short term ownership * May be easier to qualify for higher loan amounts * More risk * Inability to predict future housing costs * Potential higher payments (at max. interest rate) Stated income mortgages * Don't need to verify income * Higher rates * Need a low LTV to qualify Combination loans(such as an 80/10/10) * Avoid PMI * Potential tax advantages * Possibly higher monthly payments * Two monthly payments instead of one |}
How much income do you need to buy a house?
It depends on your recurring monthly debt (minimum monthly payments). This number divided by your gross monthly income give you your debt-to-income ratio. This ratio can be no higher that 57 (but in most instances 45) with the proposed new mortgage payment in order to qualify.
How much income do I need to buy a home?
It depends on your recurring monthly debt (minimum monthly payments). This number divided by your gross monthly income give you your debt-to-income ratio. This ratio can be no higher that 57 (but in most instances 45) with the proposed new mortgage payment in order to qualify.
Will bad credit affect getting a car loan?
Yes. You may not be able to obtain an auto loan. If you do get approved you will have a higher interest rate which will result in larger monthly payments.
Where can one apply for a mortgage even though they have a low credit score?
One should contact a local lender and talk to a loan consultant. Ask them if they have any options for people with low credit scores. Remember that if you are approved for a mortgage loan at a higher rate of interest, you will be paying much more interest, and usually higher monthly payments.
What bankruptcy can you file to keep your home if you are behind in payments?
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
How it is it possible to finance a car if a poor credit rating is making it difficult?
When you have poor credit rating, you might have to be prepared to pay higher down payments and maybe higher monthly dues. But be prepared in all cases to be paying higher rates because of the poor credit rating!
How does the credit system work for automotive?
The automotive system is linked to your overall credit. It is easier to get a loan if you have good credit and your payments will generally be smaller. You can still get a vehicle with bad credit but it might be difficult getting a loan and the payments will be higher.
