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What else can I help you with?
What is the collateral for an auto loan and how does it work?
The collateral for an auto loan is the vehicle itself. When you take out an auto loan, the lender uses the vehicle as security in case you are unable to repay the loan. If you default on the loan, the lender can repossess the vehicle to recoup their losses.
Can I voluntarily default on my 401k loan?
No, you cannot voluntarily default on your 401k loan. If you stop making payments, it will be considered a default, which can have negative consequences on your finances and retirement savings.
Can you default on an auto loan if there is a cosigner and you are the primary?
Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.
A student loan is considered default after?
In the US, a Federally Guaranteed student loan is considered default after 270 days on non-payment. If you need help with your delinquent or defaulted student loans, click on the link below.
What is loan default?
If you don't pay a loan when due, you default on the loan.
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
What is the collateral for an auto loan and how does it work?
The collateral for an auto loan is the vehicle itself. When you take out an auto loan, the lender uses the vehicle as security in case you are unable to repay the loan. If you default on the loan, the lender can repossess the vehicle to recoup their losses.
Can I voluntarily default on my 401k loan?
No, you cannot voluntarily default on your 401k loan. If you stop making payments, it will be considered a default, which can have negative consequences on your finances and retirement savings.
Can you default on an auto loan if there is a cosigner and you are the primary?
Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.
Why does a loan become callable?
A Federal student loan is considered in Default at 270 days of nonpayment.
A student loan is considered default after?
In the US, a Federally Guaranteed student loan is considered default after 270 days on non-payment. If you need help with your delinquent or defaulted student loans, click on the link below.
What is loan default?
If you don't pay a loan when due, you default on the loan.
Can you get a car loan if a student loan is in default?
Auto finance companies are very leary to lend to people that owe the government, so the answer is most likely no. Yes of cours you can get car loan if a student loan is in default there are many online sources which provide car loans for students.
Why would a bank give an auto loan without requiring a lien?
This would not be considered an auto loan by the lender. This would be considered a 'signature' loan. If you have good enough credit and a good relationship with your bank, they will loan you money without collateral.
If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
Will an auto loan that has multiple borrowers appear on each of the borrowers credit reports?
Yes. If there are multiple borrowers responsible for the loan, regardless of how they are part of the loan (either co-signer or a joint borrower), the status of the auto loan will appear on their respective credit reports. However, if the auto loan is guaranteed by another person other than the borrower, the guarantor will NOT have the auto loan appear on their credit report UNLESS the loan goes into default.
What is the Florida law pertaining to grace periods on used auto loan?
The Florida law pertaining to grace periods on a use auto loan is centered around Florida's 10 day grace period. The money for the auto loan must be given to the creditor before 10 days or else the loan goes into default.
