We start with exploring some overlooked loan sources. Executives can borrow funds from their vested accounts in a qualified company retirement plan. Requirements:
(1) The plan must specifically provide that such loans are available to all plan participants.
(2) The loans must be genuine and bear a reasonable rate of interest.
(3) Loans may not exceed the lesser of $50,000 or the greater of $10,000 or one-half accrued benefits.
(4) Loans must be repaid within 5 years (except for loans to finance a personal residence). (The $50,000 limit on plan loans is reduced by the participant's highest outstanding loan balance during the prior 12 months.)
Broker loans. Instead of selling stock, consider using it as collateral for a broker's loan. Since brokers borrow at wholesale from banks, you'll probably get money closer to the prime. And there are no compensating balances.
Certificate of deposit (CD) loan. You need money, but your CD isn't due yet. Instead of cashing it in, use it as collateral for a loan. The interest charge is usually 2 percentage points above the rate paid by the certificate. These 2 points, divided by a short period of time, don't amount to much. See Loan for more information.
How To Get a Loan: Negotiating A Loan
The average family overpays its bank more than $140,000 over the course of a 40-year relationship ... borrowing money for mortgages, home improvements and auto purchases, and using checking and savings accounts. Here's how to save money on loans:
Most loans, whether for mortgages, property insurance or car purchases, are negotiable and it does not matter how much or how little you've deposited with the loaning bank. You will have to push for a better deal. No bank will simply volunteer one.
Research the total cost of a loan at a minimum of three banks. Let each bank know that you're investigating others at the same time. Compare every aspect of each bank's deal ... interest rates, legal fees, points, ete. Then, visit the president of the one offering the best deal. Explain that in addition to opening an account, you'll also be interested in borrowing some money. Ask for an introduction-by the president-to the chief loan officer.
When you're ready to take out the loan, you'll have access to the one person who can adjust the rules to your advantage.
Keep in mind that no matter how hard-nosed the bank seems, it's more profitable for the bank to knock a half-percent off the loan than to have you walk out the door, especially if it believes you'll take your other accounts with you. Related topics: no worries loans quick click, fast payday loans for people with bad credit, ten dollar payday loan same day payout loans no debit card yes.
Mortgage loans. The bank calculates a fixed monthly figure to cover your repayment over the term of the loan. Early payments usually cover only the interest. As the loan matures, payments begin to reduce the amount of principal you owe. Surefire way to cut your costs: Deliberately overpay each month, even by just a few dollars. Benefit: Extra payments are automatically used to repay part of the principal ... and the less principal outstanding, the less you'll pay in interest on it.
Example: Paying off a $100,000, 29-year loan at 15 % by adding to the monthly payment an extra $ SO/month gets the loan paid in 20 years, saving $122,000 in interest charges.
The bank might refuse to accept the extra payments. Discuss it with the president. If you get nowhere, take it up with the state or federal agency that regulates your bank. You're sure to get your way.
Installment loans. Banks strongly encourage this type of loan. You pay interest on the full amount of the installment loan even though you pay it off bit by bit and therefore don't have full use of the money during the life of the loan. That's costly compared with a loan you payoff all at once at the end of the term (a "single-payment note").
Not all banks are willing to provide single payment notes ... installments are much more profitable. But shopping around can save you hundreds on a typical auto loan.
Should You Take Out A Personal Loan?
If you're unsure about whether or not to take out a new personal loan, this basic calculation can be helpful.
1. Add all sources of income for a month.
2. Total all monthly living expenses and your savings requirements, mortgage, debt, and insurance payments.
3. Avoid a loan that requires monthly payments that are bigger than the balance left when you subtract expenditures from monthly income.
Best collateral for a bank loan: Cash value of life insurance policies, certificates of deposit, U.S. government securities (90% of value), Everyday Money Management stocks (70% of market value), mutual-fund shares (40% of market value).
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