On the reasons behind student loan debt issues "The default rates are quite high. the asset has a useful life. So, for a house, we don’t pay for a house in 10 years. We pay for it over 25, 30 years.
What if I default on the loan? If you default on the loan. This means that if you agree to guarantee someone’s car loan, you could be unwittingly guaranteeing their mortgage, other personal loans,
Anyone who finds themselves unable to make car loan payments will need to know what happens should they decide to default on their loan. There are a few possible scenarios depending on the circumstances, but in general, it’s safe to say that being forced to default on a loan is not an ideal position.
Buying a car when you have student loans is pretty similar to buying a car any other time.. You still spend the time looking at cars, test driving them, and negotiating with the seller. You decide whether to buy new or used; to lease or buy; to get a sports car or a family car.
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What many student loan borrowers forget is that student loan debt is basically a secured debt – it’s secured on the borrowers future earnings. So, similar to a mortgage where the house is collateral,
If you do not meet the terms of your loan contract, may default on a car loan. Each contract stipulates the exact terms of default – whether it is a certain number of missed payments or failure to pay off the loan on time. Defaulting on any loan causes many negative financial repercussions for a borrower.
It is entirely legal to default on a car loan, although there are major consequences for doing so. All car loans are secured by the vehicle itself, so the auto loan company reserves the right of confiscating the vehicle if you stop making payments on your loan.