Student auto loan
Loan deferment is a special financing alternative that lets borrowers skip a payment without receiving derogatory credit reporting. The option to defer payments is available for most types of loans including mortgage, auto, credit cards, and student loans. Debtors must obtain lender approval and abide by deferment policies.The loan deferment process involves contacting the lender, submitting a deferment application, and undergoing the application process. The actual process can vary by lender. Other factors taken into account include the borrower’s credit history, type of loan, and number of payments being deferred. Approval can take less than 24 hours to several weeks.
Borrowers should create a folder to store loan document records, along with a record of phone and email correspondence. Always keep track of phone conversations by writing down a summary of the call, date, time, and name of the bank representative spoken with. When important documents are mailed, invest in the extra protection of tracking receipts. Certified letters should be sent with a return receipt request in case it is necessary to provide evidence the documents were received.
Deferred payments are usually placed at the end of the loan and payment terms extended. The type of loan is a contributing factor as to how many payments can be skipped. On average, lenders allow borrowers two to three months to resolve financial setbacks.
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Jul 26, 2011 by | Posted in Other - Business & Finance
I am a full time college student with about 200 a month to spend on an auto loan.. I was wondering if there are some credible auto loan banks or companies willing to give students loans. thanks
Unless you have a trust fund, you need a job to get the car loan. If you do have a job, go to the place you do your banking and get a quote. If you have student loans, those do not count as "income".
Apr 05, 2008 by Marc j | Posted in Personal Finance
I'm a freshman in college and I really need to get my own car. Paying for it is the big problem. My mom(single parent) seems to be all for it if I can find a loan with a low monthly payment. I've seen articles about student auto loans online but haven't been able to get that much info on the specifics. Can someone help me out with those also? Any other suggestions for paying for the car would be appreciated.
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Jan 15, 2008 by PLEASE HELP | Posted in Personal Finance
I want to know if I could condsolidate a student loan with an auto loan?
Not a good idea. both the student loan and the auto loan are relatively low interest -- the first because the government wants it that way and the second because there is some valuable collateral [your car] the bank can seize if you don't pay. the interest rate on any loan you might consolidate both into would likely be worse than what you are paying now. It would be far better to reduce spending and pay those loans off.