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What exactly does amortization loan do?
An amortizing loan is a loan where the principal of the loan is paid down over the life of the loan, according to some amortization schedule, typically through equal payments.
Why is interest typically paid on a loan?
Interest is typically paid on a loan to compensate the lender for the risk of lending money and to generate profit for the lender.
What is a loan amortization in reference too purchasing a car on credit?
When purchasing a car on credit, a loan is obtained and the loan is paid off over time. For example, a car loan paid off over 5 years, with monthly payments, is considered to amortized over 5 years.
When can I eliminate mortgage insurance from my loan?
You can typically eliminate mortgage insurance from your loan once you have paid off enough of your mortgage to reach a loan-to-value ratio of 80 or less. This can be achieved by making extra payments or through appreciation of your home's value.
How do you get out of responsibility for a loan if you are a cosigner?
The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.
When can I remove my mortgage insurance?
You can typically remove mortgage insurance once you have paid off enough of your loan to reach a certain loan-to-value ratio, usually around 80. This can be done by making extra payments or through a reappraisal of your home's value.
How long after the borrowers death is the co signer liable on a loan?
Until the loan is paid.Until the loan is paid.Until the loan is paid.Until the loan is paid.
When a car on a loan through the bank or dealership is called?
When a car is financed through a loan from a bank or dealership, it is referred to as a "financed vehicle" or "loaned vehicle." The lender holds a lien on the car until the loan is fully paid off, meaning they have a legal claim to the vehicle if payments are not made. During this time, the borrower is typically required to maintain insurance and make regular payments as agreed in the loan contract.
How to get a spouse off a car loan?
The loan must be paid off and refinanced in one nameThe loan must be paid off and refinanced in one nameThe loan must be paid off and refinanced in one nameThe loan must be paid off and refinanced in one name
How do you prove someone is being paid under the table?
Proof that someone is being paid 'under the table' could be obtained through video/audio records which would probably best be obtained by a licensed private investigation agency.
What are the loan accounting entries that need to be recorded for this transaction?
The loan accounting entries for this transaction typically include recording the loan amount as a liability and the cash received as an asset. Interest expense and loan repayments are also recorded as the loan is paid off over time.
Can you sell a vehicle if the cosigner refuses to sign off on the loan?
The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.
