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If i have a loan on my car can i trade it in,auto loan 590 credit score do,average canadian car loan interest rate zones,calcul pret auto axa numerelor - For Begninners

Author: admin | Category: Loan Calculator Canada | Date: 30.08.2014

By Kevin M Nearly everyone on the web and in the financial press is telling us to get out of debt.
Maybe this is just my thinking, but a car loan is really the most “strategic debt” that you have.
These loans could be debts taken to buy furniture, household appliances or to replace major components of your home, like a furnace or central air conditioner.
That may not be a problem if the collateral is furniture or a boat—you can live without those. Though we may not think of it this way, it is a reality that student loans are unsecured debt. Sure, credit card lenders have remedies they can pursue against you, like nuking your credit, torturing you with collection calls, charging default interest rates and implementing judgments and garnishments.
Usually, you can also settle your credit card accounts for less than what you owe, and there are even agencies—some of them non-profits—who will help you arrange this. A couple of other things to consider in connection with a mortgage, one being that the payment is paying for something tangible—the use of your home.
Finally, if you plan on selling your home in the foreseeable future, there’s probably no point in working to pay down the mortgage.
I agree with some of this post, but would say the most important tip overall is a solid plan and a commitment.
If someone is planning to sell their home in the foreseeable future, paying down the mortgage may yield the highest rate of return on the payments. Missing payments for any period time is going to trash your credit score and ability to borrow for a long time. The issue you raise does a good job of addressing when one is in disaster mode, and trying to avoid losing their car or house. After the high interest cards are gone, I’d build up savings before aggressively paying anything in advance. Hi Joe–I think most people who have accross the board loans–car loan, credit cards, student loans, etc, are almost by definition already in disaster mode!
It would be a shame to come out the other end, debt paid, but realize there’s was a lot of money left on the table in missed matches. This just my opinion, but I think that if you’re in a substantial amount of debt, which differs with everyone, paying off debt should be the priority. My wife and I simplified the debt elimination process by using Dave Ramsey’s Total Money Makeover. As opposed to our previous attempts to get out of debt (prior to 2008) this worked the best for us and we eventually became debt free because of it.
The approach I took in this post is to factor in the likelihood that if you’re deep in debt, there are probably other issues. My wife and I are looking for ways to increase our income while we grow our health coaching business. While I do agree with your logic, I think you would have to calculate how long it would take to pay off the car vs paying off your highest interest rate loans. So much of the discussion on pf sites centers on interest rates, assets, debt, etc, but I’m of the opinion that your income is your primary asset. I’m sure you guys are all wondering how much I paid for my townhouse, and also what my mortgage payments and budget will look like going forward. This is a rough working budget based on my net monthly income, and I feel like I’ve accounted for everything. The remaining $7,000+ is set aside to pay for my closing costs, moving expenses, very minor renovations (will need to hire someone), and a few items of furniture that I do not currently own and need – like a bed. Looking forward to more discussions with you … in the meanwhile, I have a TON of work to do on my own travel fund. My recent post My Pricebook- Edmonton Grocery Prices Comparison- April 17- 2011- Food has gone up again!
There will definitely be small things you didn't account for that will come up once you move in. One thing we've found with our end-unit townhouse compared to our old apartment is that you lose heat off the exposed outer wall. I can understand why you would want to pay off the car loan, having debt to pay off just bites, especially when there’s a mortgage to pay off. Remember you can start deducting all of these: property taxes, utilities, insurance on mortgage etc. I very rarely have personal care expenses, and when I do, yes, I would try to lump them into groceries or miscellaneous.
Other expenses have been things like small family emergencies, friends visiting, and vacations, even if small ones. Your budget looks really close to mine… almost identical really, and regional (and gender) differences could make up the rest.
Byrocat, thanks I was going to mention about property taxes too… Krystal, you should put more aside for your house fund to account for bigger house repairs, unless you plan to take those out of savings. I'd like to know why you decided on the fixed mortgage rate as opposed to the variable rate.
I went with a fixed rate because I work on a strict budget that does not offer flexibility in terms of a fluctuating mortgage payment. Yes, I probably could have learned to adapt to a different style of budgeting, but for me, I chose security – which comes at a cost.
Actually, depending on where you got your mortgage a variable rate mortgage can still have the same mortgage payments. If a company reports earnings of $1 billion, does this mean it has this amount of cash in the bank? An outflow of cash occurs when a company transfers funds to another party (either physically or electronically). A cash inflow is of course the exact opposite; it is any transfer of money that comes into the company's possession. Cash Flow vs Income It is important to note the distinction between being profitable and having positive cash flow transactions: just because a company is bringing in cash does not mean it is making a profit (and vice versa). For example, say a manufacturing company is experiencing low product demand and therefore decides to sell off half its factory equipment at liquidation prices. The cash flow statement differs from these other financial statements because it acts as a kind of corporate checkbook that reconciles the other two statements. Cash flow from operating activities - This section measures the cash used or provided by a company\'s normal operations.
Cash flows from investing activities - This area lists all the cash used or provided by the purchase and sale of income-producing assets.
Cash flows from financing activities - This section measures the flow of cash between a firm and its owners and creditors. The "Net Cash from Operating Activities" reveals that Microsoft generated $14.6 billion in positive cash flow from its usual business operations - a good sign. Digging Deeper into Cash Flow All companies provide cash flow statements as part of their financial statements, but cash flow (net change in cash and equivalents) can also be calculated as net income plus depreciation and other non-cash items. Generally, a company's principal industry of operation determine what is considered proper cash flow levels; comparing a company's cash flow against its industry peers is a good way to gauge the health of its cash flow situation.
Even a company that is shown to be profitable according to accounting standards can go under if there isn't enough cash on hand to pay bills.
As it doesn't tell the whole profitability story, cash flow doesn't do a very good job of indicating the overall financial well-being of the company.
In other words, the cash flow statement is a compressed version of the company's checkbook that includes a few other items that affect cash, like the financing section, which shows how much the company spent or collected from the repurchase or sale of stock, the amount of issuance or retirement of debt and the amount the company paid out in dividends.
The Bottom Line Like so much in the world of finance, the cash flow statement is not straightforward.
At the same time, while investing in a company that shows positive cash flow is desirable, there are also opportunities in companies that aren't yet cash-flow positive. Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate.
I owe about $6k in back taxes, and simply don't have the money--it's hard for me to find even minimum wage jobs in the current economy, and I am burdened with consumer debt.
Any time you fill a form to the IRS - read the instructions carefully, for each line and line.
If you have both consumer debt and IRS debt, you can file Chapter 7 bankruptcy to get rid of all of it. The IRS has a limited amount of time to collect on a debt, so if there are old taxes, you may be better off getting into CNC status, which it seems like you would qualify for and let the debt expire on your own.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count). Not the answer you're looking for?Browse other questions tagged united-states taxes car irs assets or ask your own question. If time travel is possible in the future, no matter how distant, why haven't they come back to tell us?
Feeling pressured to publish thesis results by advisor I don't want to work with anymore. I want to pay it off, but the company is telling me that my balance is the same whether I pay it now or pay it over the next 17 months.
To give you a correct answer, it is helpful to explore the type of auto loan you currently have.My sense is that yours is a simple add-on interest auto loan as opposed to a simple interest loan.
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Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on certain links posted on this website. Get out so you can save more, so you can retire early, so you can improve your credit score, so you can just get out of debt. A car loan is a secured loan, which means that if you stop making the payments for any reason the car will be repossessed by the lender.
A debt chain reaction will be set off if you lose your car, one that you may not be able to recover from any time soon. And like a car loan, they’re secured and that’s why you want to pay them off ahead of unsecured debts. But if it’s your computer that you use for business, or your air conditioner in the summer time, life will get ugly in a hurry. Because they tend to be large and generally carry low interest rates, most people prefer to leave them alone and take every one of the ten, 15 or 20 years they have to pay them. Even though they’re typically the size of car loans or even larger, there’s no asset beneath them that can be sold to pay them off if you get into financial trouble. But they can’t take away your livelihood or kick you out of your home—that lowers them in the pay off hierarchy. In addition, though lenders can seek legal remedies against you, they often avoid going too far lest they push you into bankruptcy protection. You’d have a rent payment if you didn’t own your home, so it’s not like the mortgage payment is something extra or extravagant.
Plan, budget and stick to it, it may be some time in the future before you are debt free, but it is better than paying lump sums of sporadically. Even though the rates are low, the total interest paid over the life of the loan is often more than the principal.
Always best to look at it from outside the box, and to look at your individual situation and see what makes the most sense. The vesting makes it tough, and of course it depends on the company and the number of years already worked. The baby steps were simple and it allows us to focus on accomplishing and focusing on one important thing at a time. Being intrinsically motivated to pay off debt is the key so whatever motivates someone to do it is the way they should do it.
I’ve been careful in not mentioning any specific numbers until I knew the deal was final. The income I based this budget on is guaranteed based on my FT job, PT job, solid ongoing contracts and does not fluctuate lower than this amount.
We started by offering $251,000 and after 2 days of negotiations and 4 counter offers, I ended up paying $259,000. This still left approximately $10,000 in various other savings accounts, including my Emergency Fund. Because I am buying this place on my own, I decided to use part of my down payment to pay off my car loan (payments are currently $270 bi-weekly).
We used to be so insulated on a 2nd-floor apartment so even though our sq footage didn't go up a huge amount when we moved, having a roof (vs.
You can see in the SAVINGS section of my budget that property tax is included in my House Fund. I just bought a pre-sale condo (two bedroom) in December with my fiance, so reading your entries about your new places makes me very excited to be homeowner next year!
I was very fortunate to have been able to be in that sort of situation for the last few years. I think you mentioned that you cashed out 25k from your TSP, but did you also have another savings account with 25k? I understand not wanting to reveal too much and while I respect your privacy, I also think this is a finance blog and those type of things should be discussed . For more expensive personal care items (like my face cream), I will adjust my budget for that month to reflect the expense.
If you admit to yourself that these are plausible I would budget for them; that helps segment the long-term savings for retirement from the slush fund savings.
I can only increase to a maximum of $660 accelerated bi-weekly (which is 20% more than my minimum payments), so I might go up to that amount if I feel comfortable. Rule of thumb I learned by being an HGTV junkie is to budget 3% of the purchase price yearly for repairs. The more I learn about the differences the more I find that the variable rate is a much better option.
I work better with structure, and knowing that my payments are going to be the same every month.
Plus, interest rates are only going to go up from here, and the 3.74% rate I have is quite favourable over a 5 year period. What happens when the interest rates go up is that the proportion of the payment that goes to interest will increase. Business is all about trade, the exchange of value between two or more parties, and cash is the asset needed for participation in the economic system. Such a transfer could be made to pay for employees, suppliers and creditors, or to purchase long-term assets and investments, or even pay for legal expenses and lawsuit settlements. Typically, the majority of a company's cash inflows are from customers, lenders (such as banks or bondholders) and investors who purchase company equity from the company. It will receive cash from the buyer for the used equipment, but the manufacturing company is definitely losing money on the sale: it would prefer to use the equipment to manufacture products and earn an operating profit. There are three important parts of a company's financial statements: the balance sheet, the income statement and the cash flow statement.
Simply put, the cash flow statement records the company's cash transactions (the inflows and outflows) during the given period.
It shows the company\'s ability to generate consistently positive cash flow from operations. If Microsoft, again our example, bought or sold companies for a profit or loss, the resulting figures would be included in this section of the cash flow statement.
Negative numbers can mean the company is servicing debt but can also mean the company is making dividend payments and stock repurchases, which investors might be glad to see. If you check under current assets on the balance sheet, you will find cash and cash equivalents (CCE or CC&E). Notice the company has had similar levels of positive operating cash flow for several years. A company not generating the same amount of cash as competitors is bound to lose out when times get rough.
Comparing amount of cash generated to outstanding debt, known as the operating cash flow ratio, illustrates the company's ability to service its loans and interest payments. Every company filing reports with the Securities and Exchange Commission (SEC) is required to include a cash flow statement with its quarterly and annual reports. Sure, the statement of cash flow indicates what the company is doing with its cash and where cash is being generated, but these do not reflect the company's entire financial condition. You must understand the extent to which a company relies on the capital markets and the extent to which it relies on the cash it has itself generated. The trick is your taxes have to be at least 3 years old from the due date in order to be considered for bankruptcy. An add-on loan adds the interest expense to the amount borrowed and spreads those payments over the loan term. But what if you have several debts—credit cards, a car loan, an installment loan (or two), a student loan and a mortgage.
If you hit on hard times and can’t pay your bills, the last thing you need to have happen is to have your car taken away. Get your car free and clear as soon as you can, then you’ll have time to deal with other debts.
If you fail to make your payments for any reason, the lender will be able to take the collateral from you. But when it comes to personal finance, I think it’s always worth looking at things from outside the box. We paid off my bigger student loan first since they all had the same interest rate and kept the minimum payment going on the other 2 small ones until the big one was gone.
The motivation we received every single time we paid off the smallest debt on the list (which happens very fast and at a time when motivation is crucial to sticking to any debt elimination plan) was priceless. Just so you know I read one of your posts about freelance writing (on Out of Your Rut) and it inspired me to look around for writing jobs. This assumes you have stable employment which may be a misnomer in your current economic state. But as of Friday, all conditions have been removed and the townhouse is officially mine with a possession date of May 4th. This does not include any freelance or blogging income, which can sometimes be quite a lot per month.
I am walking distance to everything that I need, and I’m across the street from my gym now!
When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.
You made yourself a very nice and realistic budget, that will allow you to pay off the morgage in even the worst situation.


You wrote a post about how you plan on saving x amount for a down payment and now you don't want to reveal the details?
If there are bigger repairs or assessments in my future, I can always pull from my savings or emergency fund.
A big one I learned about recently is that the penalty for breaking the mortgage is much lower for the variable rate (equal to 3 months interest).
So if your payment is $500, and of that amount $250 is interest and $250 goes to the principle, when interest rates go up then maybe $255 is interest and $245 goes to the principle. Financial statements are based on accrual accounting, which takes into account non-cash items. For this reason - while some industries are more cash intensive than others - no business can survive in the long run without generating positive cash flow per share for its shareholders. It is important to note that legal transfers of value through debt - a purchase made on credit - is not recorded as a cash outflow until the money actually leaves the company's hands.
Occasionally cash flows come from sources like legal settlements or the sale of company real estate or equipment.
But since it cannot, the next best option is to sell off the equipment at prices much lower than the company paid for it.
The balance sheet gives a one-time snapshot of a company's assets and liabilities (see Reading the Balance Sheet). It shows whether all those lovely revenues booked on the income statement have actually been collected. If you take the difference between the current CCE and last year's or last quarter's, you'll get this same number found at the bottom of the statement of cash flows. If this number were to increase or decrease significantly in the upcoming year, it would be a signal of some underlying change in the company's ability to generate cash. If a slight drop in a company's quarterly cash flow would jeopardize its loan payments, that company carries more risk than a company with stronger cash flow levels. Unless tainted by outright fraud, this statement tells the whole story of cash flow: either the company has cash or it doesn't. The cash flow statement does not account for liabilities and assets, which are recorded on the balance sheet. No matter how profitable a company may be, if it doesn't have the cash to pay its bills, it will be in serious trouble.
So, analyzing it together with the other statements can give you a more overall look at a company' financial health. Selling it is a trick because I'd have to borrow money just to get the title, and after that I'd be down another $2000. You will fill there the current fair value of the car and the current balance on the loans. So newer taxes, like 2010 and on, can't be discharged yet (and earlier ones may not be yet, there are rules which toll the time) You'll definitely want to talk to a bankruptcy attorney in your area who focusing on discharge in tax debts. You can't reduce the interest expense by paying off the loan early because the total interest expense is included in the loan balance.How interest is chargedA simple add-on interest auto loan charges interest as if the initial money borrowed is outstanding for the entire loan period.
You should make a priority to pay off the loans that have the greatest potential to cause you the greatest problems in the event you can’t pay them any longer. In fact, except under certain very limited circumstances, you can’t settle them with the lenders in the way you might be able to with credit cards.
But at the same time they’re aren’t as threatening as any of the above loans if you can’t pay them.
Your house payment will remain fixed until the mortgage is completely paid off, as in zero balance.
Since you get a break on your income taxes as a result of having your mortgage, paying it off should be less urgent than paying off debt that has no tax advantage.
If I can free up 500 bucks per month that’s more important to me than the high interest debt that is only costing me 50 bucks per month. I don’t differentiate between the other loans too much, only that one should prioritize their matched 401(k) deposits before paying down any of this debt.
As you stated, if someone had a sudden decrease in income (job loss), it makes most sense to continue to ensure they can drive to interviews and their future place of employment.
And although it doesn’t make the most sense financially (since I had a 0% interest loan on my car), it will make my life a whole lot easier in the long run to just have those payments eliminated.
Hopefully by being diligent with extra payments, I will be able to significantly soften the blow of having to pay that insurance premium.
Also by your plans of matching payments regularly and paying the allowed lump sums yearly, you will be done with the mortgage in less than 10 years. One day I hope to move back to Vancouver Island, but for now, I'm sticking it out in Vancouver. You obviously resisted simply getting a more expensive place and stuck with the recommended 3.5 times salary for home value.
I am one year into home ownership and learned my home inspection was crap and my roof was in worse shape than expected. This in turn increases the time needed to pay off the mortgage, so if you signed up for a 30 year for example, and the interest rates go up then maybe it will take 31 years or more. To have a positive cash flow, the company's long-term cash inflows need to exceed its long-term cash outflows. In the year that it sold the equipment, the company would end up with a strong positive cash flow, but its current and future earnings potential would be fairly bleak. And the income statement indicates the business's profitability during a certain period (see Understanding The Income Statement). At the same time, however, remember that the cash flow does not necessarily show all the company's expenses: not all expenses the company accrues have to be paid right away. What Cash Flow Doesn't Tell Us Cash is one of the major lubricants of business activity, but there are certain things that cash flow doesn't shed light on. Furthermore accounts receivable and accounts payable, each of which can be very large for a company, are also not reflected in the cash flow statement. Remain diligent in your analysis of a company's cash flow statement and you will be well on your way to removing the risk of one of your stocks falling victim to a cash flow crunch. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. For that reason, paying off your student loans deserves a higher priority than for credit cards. Not only is it cheaper, but it allows me to lead the lifestyle I want to lead, and save at a high rate at the same time. The best quote so far is $11K for my entire roof (better than the $20K quotes) but I am stuck without a healthy reserve so soon after purchase. But the townhouse complex has a healthy contingency fund, has a strong reputation of being problem free, and the building is in excellent shape. With the money you save with a lower interest rate from the variable rate, you can use the rapid pay down options that is offered such as increasing each payment to reduce the amortization period down to even less than 30 years. However, accrual accounting may create accounting noise, which sometimes needs to be tuned out so that it's clear how much actual cash a company is generating. Because cash flow can be positive while profitability is negative, investors should analyze income statements as well as cash flow statements, not just one or the other. So even though the company may have incurred liabilities it must eventually pay, expenses are not recorded as a cash outflow until they are paid (see the section "What Cash Flow Doesn't Tell Us" below). For example, as we explained above, it doesn't tell us the profit earned or lost during a particular period: profitability is composed also of things that are not cash based. Still, it would be worth reviewing your loan documents to confirm that there is no interest rebate if you pay off the loan early. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Having my own entrance makes it feel more like a proper house – without the expensive of one! The statement of cash flow provides this information, and here we look at what cash flow is and how to read the cash flow statement. This is true even for numbers on the cash flow statement like "cash increase from sales minus expenses", which may sound like they are indication of profit but are not. Refinancing won't help because you're already committed to paying the interest expense on the existing loan.Don't forget our trusty calculatorsBankrate's auto loan calculator calculates the monthly payments on a simple interest loan and shows the amortization of that loan over the loan term.
Also, the budget I created is pretty comfortable, and can be trimmed by quite a lot if necessary. And as for all the nay-sayers about paying off your car, I understand their point about the extra $5K.
I've read articles where homeowners had to pay anywhere from $10,000 to $30,000 to break their fixed rate mortgages.
However, I also see your point about not having your monthly cash flow choked by that extra payment. Don columns for additional personal finance advice.Bankrate's content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions.
Good on you for clearing outstanding debt on a depreciating asset so you can focus on paying down your home. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy.



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