Resources for Loan Financing

Recent Loan Financing News

07/05/2009

Loan Financing Answers

Open Question: my credit score is about 620 but i only make $9 an hour about how much will i get financed for a house?

i am also wanting to buy the house with my fiance but his credit is about 560 can i put him on the loan for extra income or will his score bring mine down how should i go about this more

Open Question: Unemployment is soaring. Interest rates should be low. Why has 0bama run them up so people can't get loans?

... for houses, business investment, etc? Is he trying to ruin any chances of a recovery? Treasury bond rates are up almost 50% ( 1.5 percentage points) since he took office. http://finance.yahoo.com/q/bc?s=^TYX&t=6m&l=on&z=m&q=l&c= more

Open Question: How can I buy a car using my house that is already paid off, is there a way that I can use my house as collat?

I paid cash for my house and I am now looking to buy a car. My credit is really bad and I doubt that I be able to get financed for any kind of car loan.Can I use my house that is paid for as collateral for my car purchase? more

Open Question: Help me! Will I be eligible for grants?

I'm going to be entering college in the fall of 2010, and I'm really trying to figure out the steps I need to take in order to be able to afford my first choice college (Biola U, in CA) at $35,000 a year. Here's my situation: -I live in Iowa. -I have a college fund, in my name, that could contribute $10,000 a year. -I would receive an estimated $5,490 in academic award from the school. -My dad is...was... a CEO homebuilder. We used to be wealthy, but because of the present economy things aren't so great. We had no income this year, and lost about $1.4 million dollars in trying to keep the company afloat. We fully own our million-dollar house, so we have that (and are not intending to sell it)... but at the present, we are living off of savings, with no income. My dad will probably soon be considered a dislocated worker. My mom is a homemaker. -I have a 3.45 gpa and 1390 SAT, 29 ACT. -My dad is very much against getting financial aid in the form of loans, unless they are modest and can be paid off, by me, while in college. That basically means I can borrow up to $5,000 a year. -I'm on the hunt for any scholarships that I'm eligible for. -I desperately want to go to Biola. I know I could easily go to a state school or somewhere cheaper, and I know many kids don't get to go to their dream school... but I want to know if it's possible for me. I am fully confident of my acceptance... it's just the money we're talking about. I need to know an estimated federal grant amount, and then I can begin estimating how much work I need to do in order to earn the rest. The new FAFSA isn't available until winter, and I would like to know NOW what I need so I can get a headstart on figuring out finances. more

Open Question: What's my best financial move concerning a land and home loan?

My wife and I are looking to purchase 2 acres and build a home. We already own 18 (cattle use) free and clear. The two acres (with planted 20yr old pines) we are looking to buy will be where we would like to build our home. The home would be built by a national home builder (Shumaker Homes). We just don't know what the best approach is as far as financing. Buy the land, first, all together? Try to get it an some type of agricultural loan for the whole thing? Any advice would be appreciated. Thanks in advance. more

Open Question: GMAC @ 2.9% or my credit union at 4%?

I just bought a 2009 Tahoe, financed thru GMAC at 2.9%. I have never used GMAC always went thru my personal bank or credit union. Amid the excitement of my new ride, I had a co-worker tell me of this horror story that involved GMAC and how they repossessed his house for being short $.30 on a payment and never called or advised him of being short, now mind you he had never been late. Long Story short he had to move out of his house, go thru trauma of that, then hire an attorney, go thru that expense, went to court took about 8 months, but in the end he got his house and won in court GMAC was accused of fraud. SCARRY!!!!! That said, I get home yesterday and get online only to find 100000's of horror story's involving illegal acts that GMAC has committed and never has had to answer for their actions. I am terrified, being I have not made my first payment to them yet I am seriously thinking about having my loan redone at my credit union, Any thoughts???? Does anyone have anything good to say about GMAC??? Help??? Opinions please???I feel better already, in fact my loan officer at my credit union had called just days after my loan was approved with GMAC and told me to come on in he had my paperwork together for me to sign, this was about 2 weeks ago.....First thing Monday morning, Im on my way to my credit union, I hope he still lets me have it.....I think its best to go thru them anyway, they are local, they are growing in my community and they need my business as well as I have been with them for a long long long time......I had no idea that GMAC had this type of reputation......thank all of you for your WONDERFUL answers......Well, Mr. "N" get your wager on the table.....due to I know for a fact his house did get repossessed over the .30 and not only that every payment he made from that point forward was sent back to him and refused to be accepted.... Also I know for a fact that GMAC AUTO FINANCE is looking for an in house attorney....thats right, right there in detroit mi.....GMAC is going down and some big names are gone and it is ran by idiots that do not even live in this country.....so wager up..... more

Open Question: Is there a limit to the rate of interest allowed on an auto loan in california?

i am not the best at making my payments on time, but I do always make it. What i would like to know is it legal for my interest rate to be 50%? I pay $230 a month & on the statement it shows $115.goes to the finance charge and the other half goes to the loan. I thought we had laws in place to protect me from "Loan Sharks" am i wrong? more

Open Question: Where to buy house & lot in the philippines?

I want to buy a house and lot in an installment / monthly basis but i want to deal with real estate companies here in dubai and finance thru pagibig housing loan. more

Resolved Question: Paying More On A Car Loan?

Hi, I am about to buy a new Honda Accord at the end of July. I plan on using Honda's 3.9% interest for 60 months financing (if it is still available). I went to the dealership and was quoted $425.93 a month for 60 months. I plan on paying at least $700-800 car payments for the first year. Also, I will have a bonus and income tax return that I plan to put towards the vehicle within the year. This should total an additional $2,000 to $4,000 off the car loan. I am trying to figure out two things. Will doing this lower my monthly payments? Also, will this reduce the amount of interest owed every month? Basically in a year I hope to have payments near $300 a month. Is this possible? Thanks in advance! more

Open Question: I badly need help, I am totally struck financially?

I have a residential property with a good big house of 2000sq ft built area and 6 sites adjacent to it all around 45 cents and present worth of 80-90 lakhs. I am a Graphic designer and was managing all these years making a living out of it. Now the business is zero and I am not able to switch on to any other business which needs investment. I approached few banks but they ask me to produce bank statement for the last 6 months and IT returns. I have never kept up all these things correctly. I have not filed my returns for the past 2 years, nor I have any income proof to show to avail any loan against my property. I don't know how to get finance assistance from banks even though I have my own property worth 90 lakhs. I am 45yrs old with a wife and 2 children studying in School. Can anyone help me suggest some solution please. more

Open Question: How to pay for home repairs after buying?

I am planning on purchasing a house, however it is in need of some restoration work. The asking price is $590k, however it's been for sale for a few years due to its enormous size and cost to restore/maintain. The restoration work that is needed costs some serious dough, is it possible to add the amount required to the mortgage and instead of financing a $590k house, finance a $690k house so I can get the roofing and siding repaired? Or would I have to take out an additional loan, and if so which has the highest limit with lowest interest rates. Also, to people who think I'm crazy for needing $100k for a roof and some siding, the house is roughly 6700sqft, plus garage that's about the size of a McDonalds. more

Open Question: How to pay for home improvements after buying?

Open Question: Why are Democrats trying to drive people under Fannie Mae and Freddie Mac?

http://news.yahoo.com/s/usnews/20090702/ts_usnews/obamashousingrescueexpands6thingstoknow "1. Fannie/Freddie only: Despite the higher loan-to-value ceiling, the original framework of the program remains in tact. For example, only borrowers with loans owned or guaranteed by government-controlled housing finance giants Fannie Mae or Freddie Mac can participate. At the same time, borrowers need to be current on their mortgage to qualify." Now I'm no expert but it sounds to me that if they do that, all they are succeeding in doing is forcing people to invest with Fannie Mae and Freddie Mac so that they can do more. I don't get this, why would Obama and his Democrat cohorts try to drive people towards Fannie Mae and Freddie Mac. These two are the reason we are in this mess to begin with. Now the Democrats want us to get under their hedge of money even more???? What is wrong with these people? How do they make their decisions? THERE HAS GOT TO BE MONEY AND POWER INVOLVED BECAUSE NOBODY IS THAT STUPID!!!! YOU VOTED THEM IN AMERICA, NOW REAP YOUR REWARDS, WE SEE IT COMING, AND YOU WILL FOLLOW THEM INTO YOUR OWN DEMISE AMERICA. more

Open Question: Are person to person Loans safe to use?

so i am 14 years old and looking to start my own paintball business next year. so my bigest problem is that i need a rather large amount of money to start up. (about $22k). so i was searching for financing options and found person to person loans. then i searched person to person loans and found this site called kiva.com. i was wondering if it is safe to use. more

Open Question: Where is the best place to get motorcycle financing?

I am 18yrs old and I'm trying to make my first big purchase and buy a motorcycle but no one wants to give me a loan because I have no credit. Is there anywhere I can for sure get financing? more

Open Question: 19, Trying to fix credit problems, help!?

Hi. I know that I've made plenty of icky credit mistakes and I'd rather not be judged. Instead I would just like constructive, helpful advice so that I can figure out how to get out of the rut I'm in. It all started when I was 18. My dad had died a year earlier and my mom got re-married so I had to leave her house. I had no money and no means to be out on my own. I think I had 350 dollars when I left. Thankfully my current roommate has been paying my share of the bills for a while now. I still owe him of course but that's not my BIGGEST concern. I've had 2 credit cards way over the limit for more than 6 months now. I also had 2 bank accounts that were charged off because I went over on debit charges and wasn't able to pay them and I took out a payday loan for 500 dollars that I haven't paid back yet. I still owe $425. On top of that I owe my rabbi money for taking care of my rent and utilities one month when I couldn't. That's $1,500. I work a part-time job and am getting ready to start school for the summer. I should get student loans for that. I know it seems like I'm very irresponsible but the things I had to borrow money to pay for and use credit for were basic necessities like rent, food, toiletries and medical care. I'm not a frivolous person. My mom never really helped me figure out finances. I had a collection agency call my roommate today. I have no idea how they got his number. I just want to take care of things. I'm really scared of being taken to court. I want to have a decent credit score. I just don't know what to do or where to start. Please help. Thanks! more

Open Question: What kind of mortgage rate could I get?

I know the average interest rate for a mortgage loan is around 6%, but what kind of rate could I get with excellent credit? I am looking into taking out a mortgage for a $250,000 house, and my credit score is in the high 700's, with a spotless credit history. What kind of interest rate should I be able to obtain? Is 6% pretty much the standard rate, regardless of credit? I'm looking for answers from someone who works in financing/loans, or someone with excellent credit who has a mortgage. more

Open Question: What is the procedure of transfer?

My Husband (Co applicant)and my brother in law(Applicant) took a home loan from Birla Finance a year back.We have a good Repayment track record.Now me and my hubby want this property to me in our name and I want to replace my brother in laws name with mine and repay the loan.My brother in law is also ready for it and he is ready for giving NOC if required.But the bank is not allowing us by saying it is not possible and harrasing us.Is it justified?What can we do to take the responsibility of repaying in my and my hubby's name and the ownership too to us only?Any way out? more

Open Question: College financing help.?

I am a 20 year old male nurse student. i am 1.5 mos away from starting my first quarter taking the LPN classes at Ogeechee Technical college in Statesboro,Ga. Hope Grant Program in Georgia will allow me a $100 book allowance and all tuition paid for. I will have to pay some lab fees etc. but my main point is my financial difficulties will not be with the tuition costs. I have Filled out My FAFSA am waiting on my pell grant amount among other grants i may have qualified for. Ogeechee Tech doesnt take federal funded loans and only goes through ONE(yes you read it right) Private lender (Wells Fargo). I was pre denied because of a low credit score that was due to my mistrust of my father. Is there any way i can talk to a loan officer regarding a higher interest rate, or even put two co-signers on my loan application/agreement.My parents absolutely refuse to take out a Parent Plus Grant, though thier credit is pretty much flawless. I have indeed filled out Scholarship forms and am waiting on the reply from those. the cost of living for me down there will be roughly 7 grand for the year. Any help is most appreciated. more

Open Question: i need a money loan???

im looking for my first car and im trying to finance the car through the bank nyt every car i choose the bank wont finance it its ither to old to much or to many miles and i dont have the money for brand new cars .....i am into old cars and i came across and old 87 car that i like for 2,500 i have 900 but i need the rest is there any place were i can have a money loan thats not through the bank like a real not a scam place that can give u a money loan and a way u can pay like you would pay the bank back pleaseee do major help.....and no internet scam sites more

Open Question: Bought Certified Used car. Blew up 9 days after. "Warranty" won't cover. Can I get my money back somehow?

I bought a Ford Certified Pre-Owned Vehicle. (2005 Ford Escape V6). I put $8,000 down and financed the remainder. I drove it for 9 days. I was on my way to Arkansas, and the engine blew up. It was towed to the nearest Ford garage. It has the original power train warranty still and the 3 month bumper to bumper warranty that came with it for being a certified vehicle. I was told it wouldn't be covered, because it was a radiator hose that became disconnected, and I should have noticed the temp. guage on hot. The temp. gauge was on cold, not hot. I figured it was just loose. Anyway, it will cost me $6,022 plus any additional parts that may be needed, since hoses and tires are not covered under either warranty. Why would hoses not be covered under a warranty? They are part of what makes the car run! Is there possible way to get my money back and cancel the loan? I just need a car that runs! I bought that car, because I figured it would be reliable. Guess not... Please help. ChanceI was using cruise control on the highway doing the speed limit. Everything was running perfect, except the gauge said cold. I figured if it was hot, it would say hot, and it couldn't be cold, since it had been running. I knew it was a loose connection. Or not... Then, right before it blew up, the engine started reving up to 6,500-7,000 RPMs. That only happened for less than two seconds. Before I could take cruise control off, the engine blew up and started pouring smoke out. There was no power. Is there any law that I can use in my favor since I only owned the vehicle for 9 DAYS!!!??? more

Open Question: How can I finance my business?

I will have a professional business plan all written out but nothing to invest other than inventory that I have begun to collect. The inventory I do not purchase will be on consignment and not paid for until it sells. I am hoping to open my store in about 2 years. I will also have my bachelor degree in Marketing Management by the time I apply for loans. Currently my credit is not great (all payments on time except for my mortgage which went 90 days late before I signed for modification- high debt to income ratio also). I will not have much collateral as my home will not be worth much more than what I owe on it. I will have a partner (for co-signing purposes) who has fantastic credit but she would prefer to be limited liability. Please offer tips on repairing my credit and how to get funds. I feel like it will be impossible to start a business without having either collateral or a huge investment up front. Just a ballpark estimate of funding required would be at least $20-30,000 (6 months expenses plus a decent amount for advertising and initial start up.) Are grants and government loans available? Should I hold off getting married? If I am a single woman will that help my chances of getting loans? My finace doesn't have great credit either and we do not plan to run the business together. Also can someone tell me more about how business loans are repaid? Is there a grace period when you open a new business? Will student loans prevent me from opening my business? Would I be better off continuing my education part time (Masters) to defer my loans while I am starting this business? Thanks! more

Open Question: Do you have to know the VIN of the car I want to buy to get a car loan?

I am trying to get an auto loan but I'm not sure of the exact car I want to buy. I want to be prepared when I go the dealership. I don't want to have to test drive cars, then go get financing elsewhere. more

Open Question: Can I find non-park model RVs at an RV Dealer?

In order for me to get a loan from my local bank, these are the following qualifications I must have: http://www.bankofamerica.com/vehicle_and_personal_loans/cf/eligibility.cfm?template=rv_loans I must have: 1. No commercial vehicles 2. No RVs for business use 3. No park models or truck campers 4. No conversion or delivery vehicles, gray market, or lemon law vehicles 5. No salvaged, rebuilt, or branded title vehicles RVs which are made by manufacturers who are out of business or have filed bankruptcy are not eligible for financing. 6. Applicants must be U.S. citizens or Legal Permanent Residents more

Open Question: has anyone used the petti micro finance inc ?

I have been talking to frank petti via email and phone about a loan and i was just wondering if it is legit ....can anyone help more

Open Question: How do I improve my credit score?

I was one of the 18 year olds that filled out every credit application and racked up the balances quickly and would forget to make payments or just couldn't. Now that I'm older and understand the value of credit, I am very conscience of my credit score and my finances now. However, my credit is tarnished from poor decisions (3 were delinquent accounts, 2 in good standing, and 1 car loan that I've never been late on). I've paid off all my cards, closed two accounts, and left two open. I now pay any balance on my cards every month, if I even use the card at all. I need to get my credit up so I can think about buying a home. Any suggestions on boosting my score???? more

Open Question: Monthly payment on a $3000 car finance?

The car I want is $5000. I want to pay down $2000 and finance the remaining $3000, I'm a college kid with decent credit but my mom is willing to cosign for me and her credit is pretty good...I'm looking for a loan term of 36 months, I have 2 jobs and make about $1000 a month...how much do you think my monthly payments would be with interest? more

Open Question: I am planning to buy a flat at Kamote Navi Mumbai, but when I approach banks for Home loan, many leading banks?

are not funding for that place, whereas various leading financial institues like GIC, IDBI home finance are lending,I kindly request all you friends for your expertise suggestions/ advise to know about the legal status of that place and why there is this differences. Thanks in advance.Kamote is the place near to Khandeshwar Station in Navi MumbaiKamote is the place near to Khandeshwar Station in Navi Mumbai more

Open Question: How to add my name to house title?

Hi, I'm in a very messy situation and not know what to do or where to start, would be great if you could help. My Fiance brought a house and we are getting marry in 3months, I will be paying the mortage as well as bills and others things, but the house Loan is under is name and title is under his name. Due to limited of time and we are to settle within a month time the lender refused to add me on the house loan because they need more time to do the paperwork. anyway so we have decided to not have me on the title for now and work on it after settlement day. I went to see the Solicitor and was told I need to be on the loan to be on the title, that means we have to re-finance and pay stamp duty again...!! we are newly wed couple and with the wedding on the way we would love to save as much as possible There has to be a way to do this right? I'm very worry "what if" things don't work out yearsss later, i will walk away with nothing, because the house is not under my name. I know nothing about marriage law and I dont know what my right is if anything go wrong what should I do.? I love my fiance very much and of course I hope we last forever and after.. but again who knows? I do hope someone can shed some light for me Thanks P.S Im in Australia VIC more

Open Question: Can i get a mortgage for more than the purchase price if it's less than the value of the property?

I'm looking at a repossessed house which is on the market for 48k. According to the HIP it was bought in 2004 for 20k and was repossessed 1year ago. By my reckoning, there shouldn't be too much owing and the lender may be willing now just to recoup their losses as they've been trying to sell for a while. The problem is that the house needs repairs to make it habitable and i'm looking at ways to finance the works. If i put in a cheeky offer which is accepted of say 30k, could i borrow say 40k on a mortgage which is still less than the current value of 48k? I'd be putting down a deposit of 4k which would be the necessary 10% on a 40k mortgage. Alternatively, would it be necessary to take a personal loan for the repairs and refinance when the work is done, paying off the loan by remortgaging?D'uh, why didn't i think of asking the bank?? I'm seeing a mortgage advisor tomorrow but asking on here first is going to help me to know the questions i need to be asking them. Perhaps another answers user has had a similar experience?Thanks Robin, The house is in the North East of England, North of Newcastle.Enough with the spamming please! more

Open Question: Negotiating an auto deal after signing a contract?

I went to a dealer to talk about buying a car. We specifically talked about buying a 2009 mustang with a manual transmission. They had me fill out some paperwork for financing and then returned the next day. They said I was approved for a loan and that my car would be ready in a minute. At this point I had only viewed a select few cars, none btw had manual transmission etc. We reviewed some more paperwork from a bank that approved me for a "loan". I accepted the loan, not a car, i thought. No test drives have happened or anything. I am quite a pushover it seems because I left the dealership in the car, cos it really wasn't that bad. Now I have found out that the "new" car has been wrecked. Obviously on a test drive since there is no carfax report on it. They did a poor job of fixing the wreck. I have not given them my down payment because they would not allow me to pay with my debit card, they wanted cash or check. Since they don't have my down payment do I have any grounds to dispute this wrecked auto? It's obviously worth less than top dollar. Thanks, MarcusShould I contact a lawyer or anyone before going back? Also they have my trade in, which I owned. It's a 1985 Porsche.thanks for the quick responses btw.Here is my plan. Tomorrow, go to the dealer with a quote on the repairs from a private shop to fix the vehicle correctly, A copy of the carfax report, Some balls. I will be polite yet stern and have a pre-contacted lawyers number in my phone JIC. What do you think?REJECTION - The new car buyer may discover a problem with the vehicle within the first few miles of his purchase. This would allow the new car buyer to reject the goods. If the new car buyer discovers a defect in the car within a reasonable time to inspect the vehicle, he may reject the vehicle. This period is not defined. On the one hand, the buyer must be given a reasonable time to inspect and that reasonable time to inspect will be held as an acceptance of the vehicle. The Courts will decide this reasonable time to inspect based on the knowledge and experience of the buyer, the difficulty in discovering the defect, and the opportunity to discover the defect. The following is an example of a case of rejection: Mr. Zabriskie purchase a new 1966 Chevrolet Biscayne. After picking up the car on Friday evening, while en route to his home 2.5 miles away, and within 7/10ths of a mile from the dealership, the car stalled and stalled again within 15 feet. Thereafter, the car would only drivedrive in low gear. The buyer rejected the vehicle and stopped payment on his check. The dealer contended that the buyer could not reject the car because he had driven it around the block and that was his reasonable opportunity to inspect. The New Jersey Court said; To the layman, the complicated mechanisms of today's automobile are a complete mystery. To have the automobile inspected by someone with sufficient expertise to disassemble the vehicle in order the discover latent defects before the contract is signed, is assuredly impossible and highly impractical. Consequently, the first few miles of driving become even more significant to the excited new car buyer. This is the buyer's first reasonable opportunity to enjoy his new vehicle to see if it conforms to what it was represented to be and whether he is getting what he bargained for. How long the buyer may drive the new car under the guise of inspection of new goods is not an issue in the present case because 7/10th of a mile is clewithin the ambit of a reasonable opportunity to inspect. Zabriskie Chevrolet, Inc. v. Smith, 240 A. 2d 195(1968) It is suggested that Courts will tend to excuse use by consumers if possible. Do you think this will help my case? more

Open Question: IMF to issue bonds: will this accelerate the dollar's demise?

"IMF Board Authorizes Debut Bond Issuance to Fund Aid (Update1) " http://www.bloomberg.com/apps/news?pid=20601087&sid=ankFTAhAUk68 to quote By Timothy R. Homan July 1 (Bloomberg) -- The International Monetary Fund’s board of directors approved the issuance of bonds to the lender’s 186 members for the first time as it seeks additional sources of money to lend during the global recession. The board made the move in a vote today and did not place a limit on the note sales, Andrew Tweedie, the Washington-based IMF’s finance chief, said on a conference call with reporters. The bonds are part of a wider effort to seek $500 billion in new funding as the lender helps countries from Iceland to Pakistan combat the global financial crisis. The securities, the culmination of months of talks between the fund and its members, will offer the largest emerging-market nations a new way of making IMF contributions while they seek greater say at the fund. China, Brazil and Russia have favored the bonds instead of regular contributions as they wrangle with other members over redistributing the IMF’s voting power. “We expect other countries will follow suit, perhaps other emerging markets,” John Lipsky, first deputy managing director at the fund, said in a Bloomberg Television interview today. “Also, some developed and advanced economies may find this an attractive way to participate in international support for the IMF’s efforts.” Buying Plans An IMF official, speaking on condition they not be named, said the board initially considered limiting the bond sales to $150 billion, based on the level of interest from member states. Board members decided against such a cap because IMF needs will evolve over time, the official said. China’s government has said it will buy $50 billion in notes. Russia and Brazil last month said they would each buy $10 billion of bonds from the IMF. India has also indicated it would contribute to an IMF bond program. The four nations make up the so-called BRICs. “This is a victory for the BRICs, particularly China,” said Claudio Loser, the former director of the IMF’s Western Hemisphere department. “Because they will be investing in the fund they will have, directly or indirectly, some say in the governance of the fund that goes beyond their quota.” The IMF’s “quota” system allocates voting rights to member states based on their financial contributions. The note sales probably would not reach the $500 billion in new funding that the lender is seeking, Lipsky said. Drawing Rights The notes will be denominated in Special Drawing Rights, or SDRs, which represent a basket of currencies consisting of the U.S. dollar, the euro, the yen and the British pound. Note sales denominated in SDRs would be paid interest on a quarterly basis, the IMF said. Chinese officials have sought a greater role over time for SDRs in an effort to reduce the U.S. dollar’s dominance in the global economy. The current official rate for SDRs is 0.37 percent, set using a weighted average of three-month rates in the component currencies. That compares with the 0.195 percent rate for three- month U.S. Treasury bills. One dollar is currently equivalent to about 0.65 SDR. The IMF makes money on its loans by charging countries more than the SDR interest rate. The fund’s board agreed June 22 to keep its lending rate unchanged at 1 percentage point above this year’s SDR interest rate. (end quote, click the link to read the whole article) Did you notice that they decided to NOT place a limit on the note sales? more

Open Question: What can we do, were drowning in school loan debt>?

My husband wanted to get his microsoft certification and he went to a school that advertises they will finance. He was told the school cost 20,000.00 and he could take out a Sallie Mae Loan and his payments would be around 200 per month. 3 months after school was over, hid payment doubled, then it tripled! He called and tried to get them to abide by the original agreed upon amount and he said I can only pay you 300.00 per month, they wouldn't hear anything he had to say. The balance is now up to 47,000.00 and they now want 700.00 per month. I have no idea what to do, this can't be fair. My husband is a 13 year veteran and works everyday, has a great job, but their is no way we can afford 700.00 per month and the debt just keeps getting sold to collection companies and the fees get bigger and bigger! Please help! more

Resolved Question: My husband and I need some advice about getting an auto loan.?

We have an old Saturn that is a piece of junk. We drove it for as long as we could. It had an oil leak and when we put oil in it, it basically spits it out. We can't drive a car without any oil so we need a new one. My husband is in the military and he's leaving tomorrow for 22 days and then he'll be getting depoyed sometime soon after that. Before our car died we tried to go ahead and get a new car, but our bank and a car dealership denied our loan applications because, since my husband and I just got married, it didn't show on his LES that he was getting BAH and BAS. Plus my husband has bad credit because he was stupid with money. However, I have taken over our finances and we are paying off all his small consumer loans and credit cards. I do not have a job and I've only had one credit card so I don't have that much credit. But the little credit I do have is really good! Well now that we have no car, we need a loan so we can get one! The military finally updated my husband's LES so it shows that he's making BAH and BAS. We have over $1000 left over a month. And that's after paying all the bills, rent, groceries, everything! We've applied for a loan, again, with our bank. They say they'll have an answer in 24hours but it's been 3 days and my husband leaves tomorrow! I don't know what to do if the bank denies us again. more

Open Question: FASFA Question: when reporting your finances are u supposed to report all your students loans and tuition etc?

dont they already know that info? more

Resolved Question: Can a private individual get mortgage insurance? If so, how?

I want to sell some of my investment property with seller financing. Given the current state of the economy, I would love to get some mortgage insurance. How would a private individual who is extending a loan to another private individual go about getting mortgage insurance on the loan? more

Open Question: Brought a Motorcycle on Finance can i sell it?

brought a motorcycle on finance but on the details its says fixed loan, can i sell the bike and carry on paying for it once it is sold?? more

Resolved Question: Roommate Question: Can she do this?!?

Can she do this to me?! My roommate recently financed a used truck and just today got back from a 2 week cruise. She's on this kick live life like today is the last day thing cause she had a friend die. Well, anyway I wrote her this email while she was gone. Good news is! Remember how I wanted to ask my boss to borrow money to pay off my truck payment? Well I finally did it, and he said yes! BUT he only loaned me half of it. So, I have to make payments to my boss to pay him back, and I have to make payments to the truck to pay off the balance. I figured out all my bills and at the bare minimum, I have 395 left over every month. My boss is getting 200/month, and the truck people want 247/month. It's a little bit over my budget but I can make it work by giving myself less spending money, and living very frugally. I will have everything paid off by April, 2010. Debt-free by my 30th birthday! So that's the good news! On to the bad news. I'm going to ask you to take the cable box out of my room, maybe the TV, too. Cutting out the Direct TV bill will help me to come up with that little bit of money that I'm short. And I haven't even figured in the cleaning lady at all. I'm not going to be able to pay for her anymore. I'll be more than happy to do the cleaning myself! Actually last night I did the bathroom tub and sink, tonight I'm sweeping and mopping, and I'm going to clean out the refrigerator. I think having the TV gone will be a good thing for me because I'll less distracted and be able to study better. We can plan it out so it's the end of the billing cycle, and I'll of course pay the following bill. Hope you're having fun! I'm super excited that I'm finally getting this debt taken care of and my ex now has NO reason to bother me! Yay! Ok, so that's the end of my email.This is what I got in reply: I sympathize and understand what you're going through because I also am going through tough times with my expenses as well. I need someone who can help me more financially than less, therefore, I decided that in order for me to catch up with my expenses and climb out of debt, I would have to raise what I'm asking in rent for the room. At this point, I need someone who is financially able to pay more a month, so that I won't have to struggle with carrying such a heavy financial burden. I realize that this this would hard for you to fit into ur budget, so I understand completely if you have to look for another place. Well, talk more when u come home. Okaaay so wtf is this?! She wants me to become a part of her income? What do I do? Just because she's living beyond her means does that mean I should have to help her live her lavish life style? I'm trying to get out of debt by cutting costs! I'm so mad. No, I'm not on the lease.Thanks everyone for your support I am so distraught over this! No, I cannot find this anywhere else. She found the apartment at a great price because she is friendly with the landlord. But everything happens for a reason. I hope she can't find a roommate in time to help her with bills, and I hope that they are the worst roommate ever who trashes the house and never pays bills on time just like herself! Ha! Everyone please feel free to email me because I'd love to talk about it some more. On a happier note, my boyfriend of 2 years has agreed to look for an apartment with me, I've been trying to get him to move out for the longest! Maybe it was God's will? more

Open Question: I want to buy a restaurant. How do I go about finding financing?

I have been in the restaurant business my whole life. I have managed large chains and opened new locations for such chains. I am now looking to purchase my own place. I am only 28 years old, but I have over ten years of management level experience in the industry. However, I have no collateral. I owe some money to the IRS, and I have a bankruptcy from a few years ago. My recent credit is better, but all that other stuff is still on my credit report. I know that I can develop a pretty convincing business plan, but without any collateral or stellarr credit, I don't think I can probably get a traditional bank loan. Perhaps I am wrong. If someone has experience with this type of situation, please let me know. How do I go about finding financing and/or investors to make my dream a reality? Would it help if I formed a corporation or LLC first? Any and all advice is appreciated. more

Open Question: where to get a $4000.00 Car Loan?

[Lafayette, Louisiana area] Currently i have never financed a thing so i have no credit and no cosigner. looking at getting a used chevy s10. any ideas where i can get the loan? or if i can get it. more

Open Question: Value on a 2006 Ford Fusion SE?

I'm looking for Private Party Value of my car. It's a 2006 Ford Fusion SE, Silver with Black Leather interior, manual transmission, power door locks, windows and seats. tilt wheel, cold a/c, stock 6 disk cd changer, the darkest legal tint, 48K miles, 4cyl. I was recently involved in an accident with the car however; everything has been fixed and it actually looks better than it did and drives the exact same. The only reason I'm wanting to sell it is to pay off a debt owed to my company in a lump sum and then I will get a loan and finance another car. I looked up the value on www.KBB.com and it showed fair condition was $8,610 good was $9,485 and excellent is $10,160. The car looks and runs great so it's in good condition but the title is no longer clean so I don't know what to ask for it. Help? Thank you in advance. more

Open Question: finance brokers reputations?

so we all hear and read about all the finance brokers that is all just a scam... Yes I would like to think maby I have better luck with them. Is there actually anyone out there who does have something good to say and someone who did actually get the loan they wanted after paying the upfront fees? more

Open Question: Will I get approved for an car loan without a cosigner at 19?

I'm looking to finance a used Honda Fit that costs $12,000. I will have $6000 to put down on it in August. I have $5,500 in Stafford loans and only owe $120 on a credit card with a $600 limit that I've had for five months and have only once carried a balance over to the next month. I also have a credit card from a retail store with a limit of $250 for three or four months and its balance is $0 right now. I make $1200 a month after taxes and pay no rent. I've worked at one of my jobs for a year now, and the other one two months. Oh yea, and I've tried checking my FICO score but I haven't had my credit card long enough for them to determine the score yet. I'm waiting till August because that's when I will have had my first credit card for six months. Also, I will probably be getting pre-approved for a loan, I have nothing negative on my credit reports, and my Experian PLUS score is a 681 (That was before I paid my credit cards down.) Do I stand a fair chance? I don't mind paying a high interest rate until I can establish better credit and refinance. I'm looking for a four year loan as well. Thanks!An Experian PLUS score is for consumers only, no commercial lenders use that score. And like I said, it was when I had balances of nearly 80% of my total credit limit, and that was only for one month. Now my debt to credit ratio is only 16%, or $120. Anything under 20% looks extremely good to lenders as it shows financial resposibility. I was looking for answers from people that knew a little bit more about this as I've done my research... more

Open Question: Can I get a loan with very bad credit but high income & large downpayment?

Hi- My lease is coming up on my current car and those payments are $537 per month. I've made them on time and I am looking to buy, not lease my next car, due to the miles I drive for my job. My company does reimburse us for a portion of vehicle expenses as well. I'm embarrassed to say that my credit is very bad (high 4's-5) but I make 125-140K per year and have had income in this range for past three years. I've been working on repairing my credit mistakes from college, but that is my current score. I've been with the same company for 7 1/2 years and in my residence for 1 1/2 yrs. I am looking for a car in the $35K range and can put down 20% - 40% if necessary. Please, no lectures. I'm just looking for what I should expect in the current economic situation when I walk into the dealership. When I leased my car 4 years ago I made half of what I make now, and although it involved some negotiation, GMAC financed my lease along with what I owed on my previous vehicle (which is why my lease payments were so high.) My monthly bills total approx. $2,500, which includes my current car payment. Thank you for your feedback. more

Open Question: Can I get a car loan with bad credit but very high income and large downpayment?

My lease is coming up on my current car and those payments are $537 per month. I've made them on time and I am looking to buy, not lease my next car, due to the miles I drive for my job. My company does reimburse us for a portion of vehicle expenses as well. I'm embarassed to say that my credit is very bad (high 4's-5) but I make 125-140K per year and have had income in this range for past three years. I've been working on repairing my credit mistakes from college, but that is my current score. I've been with the same company for 7 1/2 years and in my residence for 1 1/2 yrs. I am looking for a car in the $35K range and can put down 20% - 40% if necessary. Please, no lectures. I'm just looking for what I should expect in the current economic situation when I walk into the dealership. When I leased my car 4 years ago I made half of what I make now, and although it involved some negotiation, GMAC financed my lease along with what I owed on my previous vehicle (which is why my lease paymenys were so high.) My monthly bills total approx. $2,300, which includes my current car payment. Thank you for your feedback. more

Open Question: How do I go about trading in the car I am financing for a new car?

Whats the process? What will happen to my current loan? more

Resolved Question: Raising money for investment?

I am looking at investment properties. I won't qualify for a mortgage because those places are cheap and I'm out of a full-time "real" job right now. Also I have a recent mortgage for $1500/month. I need to raise $60,000 for this investment.I have 12 months of my own mortgage saved up so I'm not worried about that. What I have besides that is: - $9,000 in the bank (not counting my mortgage) - I could get $8,000 for my car (which is paid off) - I could withdraw my 401K and end up with $15,000 after penalties, state and federal taxes. That still leaves me $28K short. I don't want to take the 401K route. The savings and getting rid of the car are perfect options though. I intend to buy this place and rent it out. It will pay for itself in 4 years and will give a return far more than any bank or 401K can give. What are other options I could consider to finance a $60K investment property? Fannie Mae has the homepath program but again they won't give me a loan. Thanks. more

Voting Question: Can a credit union repossess both car loans if only one is in default? OREGON?

I am the cosigner on my ex husband's loan (UGH!) and he is in default. My car loan is financed through the same bank. The vehicles were purchased at separate times and through separate dealerships. Can the credit union repossess my car too if his gets repo'd due to nonpayment? We are in Oregon if that helps. more

Voting Question: Can i sue my co-signer for taking the car even though he's not made any financial contribution?

A while back, me and my friend co-signed for my car. I had no established credit so therefore he agreed to sign the loan with me. Everything was okay as far as the car went he signed and i paid, january of 2009 i ran into a hour cut and had some issues paying on the note. nothing serious just a couple of days late and then even more hour cuts in march. Well i was making the payments its just they were hitting 30 days late because i get paid bi-weekly not on the 1st and 15th, so my paycheck always made it late. However the bank stated that i had to catch up or they would place the car under repossession. I made the arrangements and caught the payment up. they payment ended up being returned and i never received any further information until i called the bank after the incident with the co-signer. they payment was 43 days late but NEVER up for repossession. A man comes to repossess the vehicle claiming its from the bank. Well i call the bank they say there's no such notation on the account they're just looking to resolve the missed payment that was never received. After investigating the issue, comes to find out the co-signer is the one who placed a repo on the car using the finance companies name. The reason being is me and the co-signer got into a dispute and i told him we are no longer friends strictly business. The car has been paid for by myself for the past 16 months in which then he picked the car up. Well he submitted the late payment. The car was never up for repossession and he claims that he's taking the vehicle over because i've damaged his credit score and the bank was going to repo, saying that i've dropped his score as much as 300 points. Just because i've been late on a few payments. The car was never actually repossessed and my credit score is higher than what he is claiming his is and i started out with no credit whatsoever. My question is, Since the vehicle was never in danger of being repossessed and i'm the only one who's been making payments on the vehicle until his recent payment that he submitted which i'm guessing he's hoping to use as legal rebound, Can i in fact sue him for the damages he has caused by the act of taking the vehicle away from my possession. We never agreed to anything, but the fact is the vehicle was paid for. It was being paid for and it was current except for the recent payment of 43 days late. However, my take is he co-signed which means he agrees to be just as responsible for the car as am i. But due to his actions of taken the vehicle i've lost my job for the most part, i was never notified of his intent therefore its put my through alot of stress which i was thinking i could claim punitive reimbursement and on top of that, its left me without a way of getting around causing a huge inconvenience to me and my daily life. his name is on the title so i understand he can take the car if i am FAILING to pay for it. However, the fact of the matter is, i was paying he never offered to help with the situation instead he has taken the vehicle. When i called the bank the day they said that it was current so i wanted to find out how so, that's when i found out he submitted the payment that friday. What i would like to do is sue for the 16 months of payment i've paid on the vehicle plus misc things that were taken with the car. Which it totals to around 7500 for the payments and misc stuff on the car. I figured with inconvenience and other damages i could sue for more. But with this situation, I am liable to have a case on suing him for the damages of basically stealing the car when there was no financial issue other than late payment, and only 30 days late? Since he was on the contract he could of contributed to keep it from being that way, however he waited and then submitted the payment in full and i know he has the money to help but he choose not too. Now i'm without a car, a job and no way of getting around efficiently when i need too. Do these actions seem suitable for my case as its presented? I would either like to sue him for damages or make it possible that he pay the next 12 months of the vehicle payment and have the car returned into my possession and at the end i be forced to refinance or sell if i'm not able to refinance. more

Voting Question: What do you think of this quote from the New York Times from 1999?

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.'' Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. ''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'' http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260 more

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