I am 22 years old and was wondering if I should lease a new car or finance a new car eventually owning it. Which is better for someone my age?
Both are good ways to own the car in the end, but it will depend on incentive programs available for both buying and leasing. If you plan on owning it in the end and are not open to another lease when your first lease is up, then finance to own for sure over leasing. Many manufacturers have 0% interest financing up to 60months. If you are a first time buyer then you might not quality without a cosigner, lease is the same criteria, you need strong credit to get the best rates.If there's no cosigner available, some manufacturers have first time buyers programs, or your local credit union might have better rates. I recommend financing for you, and there are a few pros over leasing in your case. First is you will be showing a larger amount financed on your credit report. When you lease, you are only financing a portion of the car and you will only show that portion on your credit report. Larger amounts for you means better credit history of purchasing a large dollar item. Secondly, your payments are consistent. If you do a 60 month term your payments might be $400/mo. If you lease, your payments might be $300 for 36mo, then when you finish and go to finance the rest for another 24months, you'll get some payment sticker shock. You can of course do a long term on the balance, but then you'd be paying a lot of interest and have payments for a long time. Third relates to the 2nd point. During a lease, your payment doesn't change for the term. With a finance, as you build credit, options start to open up. If your initial rate was 8.99 because you were a first time buyer, 18 months into the loan you've built credit, and you qualify for a credit union's 2.99 special. Well, you can refinance your balance to the 2.99, drastically lowering your payment.There are benefits to both. I'm currently leasing a car, but that is because the lease was dramatically better rate vs finance. And I don't plan on keeping it (Nissan leaf, EV tech is still newer). Also for premium cars it is better to lease as they lose value very quickly.
Where can I get an Unsecured Loan of $80,000.?
We're in an unusual situation. We've lived in our home with his grandmother(home owner) She died recently leaving us her House-$55k & 2 Cars -$12k Theres no mortgage but theres $80 k attached to the house(line of credit, security interest)To transfer the title we need to pay it off Once we have the title in our name we get a mortgage. We only need the funds for a month or so then we will have the funds from the mortgage to pay it back in full. A few notes - We don't have much in collateral we own a $15,000 truck. Really there isn't much risk for the lender since we will have access to more then enough money to pay them back very quickly and We can prove the home will be transferred to us following the loan being granted. We do NOT want to sell the property. My husbands great grand father built it and it has been past down for generations. He grew up there and our children have lived there for their entire lives. It is not impossible so please no comments indicating that a need a fairy godmother or a gene or anything. I know it is not impossible and I would bet money on that ! Our credit is in good standing mine is 795 and my husbands is a bit lower at 657. We are self employed and done have great income about 17 k gross each plus another 16 k in benefits (child tax etc) so that makes it a bit more difficult. If it turns out to be a less like $70k we could manage to make that work. We currently have 33k in personal debt- this will be consolidated into our mortgage.
Should I take out a $28,000 student loan my freshman year of college?
Now. I really love this school. We are talking about Roosevelt University, Downtown Chicago.. I love the fact that its in the city, I love the fact I'm a quick train-ride away (so no need to live on campus), I like the fact there's a gym, I like the emphasize on social justice aspect of the school, and I like that my intended major of sociology is at this school. Now since my father was recently granted disability and now receives a check, he was awarded a large lump sum of money which granted me nothing from FASFA. Another note, I have about $8,000 saved in my bank account. If I'm doing the numbers right, tuition at Roosevelt University is 25,950 per semester.... I'll need a loan of about $28,000 to afford my freshman year/ less maybe? (I live at home with my parents)... Sophomore year and beyond I can consider taking out smaller loans around $15,000,-17,000.... factoring in that I may qualify for financial aid and possibly have a few scholarships and extra money. Total I'm looking at $74,000+ in student loan debt, being a slightly generous and frugal with my numbers. Also I have not factored in the interest rates yet, so I'm looking at paying about $80,000 for my college education... The BIG question is..... Is it worth it? Someone graduating with a degree in my desired future career makes around $52,000-56,000 salary. Can I afford that? I'm looking at less expensive schools, but it doesn't seem worth it to go to any of those schools because I feel like there is so much more opportunity being in the city and that attending this university with a good name attached to me will be best. Am I being sold into a life of debt and worrying? or is this reasonable and practical for what I want?
Only received $1,000 in financial aid with low income!! Really!?
I understand that 42 AGI is not very low income, but much lower than most families I know. My point was that he received only a thousand dollars rather than 5,000-10,000. Yes, we are very happy with the 20,000 scholarship -- but that was for merit. One college gave us no merit and then gave us 20,000 in financial aid. I didn't realize that if you get merit, you get much less, almost nothing, in need based; and if you get no merit, you will get equal amount of Financial Aid. I was hoping to get both so that he could go to his dream college. For both state or dream college he will be commuting from home. Also, of the 42 AGI, 30K of it was early retirement hardship withdrawal which is not earned income. Earned income was only about $3,000. I did write them letters stating this, but may speak to the counselors again. I don't want to appear ungrateful for the large scholarships, but was hoping for more than $1,000 for the need based.
Is this fair if a couple with a child makes 19,000 a year they are eligible for...?
So what's the incentive to get off of public assistance? It makes sense to just sit on your bum - the 19K family is actually getting 19+17K=36, while the couple earning 36 is paying 15-25% of their pay in taxes.
Trading in a car with Negative Equity.?
Hi I have a 2005 Jeep Grand Cherokee. I am thinking about trading it in and getting a Honda civic just because I drive 70 Miles round trip per day at the least. Right now my Jeep gets about 18 MPG but the Civic will get about 30 MPG. I am speaking numbers based on Highway since that is a majority of my travel. Well anyways I owe I believe 17k on my Jeep and KBB says good condition is about 10K. So I am negative 7k. I was thinking about buying a used civic for around 14-15k. Does this make sense to do? I am not planning on putting a down payment but rolling my neg equity to my new loan. Please let me know if I am making a good choice in getting a different car to make up for gas mileage. My Jeep is beggining to have problems such as alignment, air flow isnt strong coming out anymore and sometimes a noise in the engine compartment. I dont want to have to pay to get it fixed. I would rather the dealer fix it when i decide to trade it in if i should!! Thanks
Getting a home loan on low income?
I'm a 20 year old female. I have been working at McDonalds as a manager for 2 years switching from full time to part time due to school. I recently left work for 4 months to do some traveling, however I'm back now working full time. I make about 17 grand a year. My credit score is 720+ I have no debts, no open loans, no bankruptcies. I have 10 grand as a down payment. I want to know if I can get approved for a home loan. I'd like about 100,000 however I will take 40,000 and buy a condo with it. I don't mind making it a 30 year loan if that will improve my chances. Any advice or feedback on my chances of getting approved?
What is minimum salary to get personal loan?
The minimum salary required to get a personal loan depends on lender-to-lender. For instance, the minimum salary to get a loan from HDFC bank ranges between ₹15,000-₹20,000 depending on your location.However, you can apply for a small amount personal loan upto ₹2 lakhs with monthly income of ₹10,000. The approval depends on the following factors:You need to be a salaried individualYou need to be above 25 years of ageYou need to have a good credit history.To know more about a small amount personal loan, you can read the following: https://indialends.com/small-amo....
Can I get financed for a 62k BMW M4 with Zero down?
I'm looking into trading in my BMW 335i for a 2015 M4... I currently owe 17k on the 335i.. And my 335i currently KBB valued at 18-20k.. Is it possible to just trade in my 335i and get the rest of the M4 financed with no money down ? My credit score is 650 and I bring in 30k a Year, about 2500$ a month? With only a 300$ rent bill I pay, you its Possible ?