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A direct loan is one that the borrower arranges with a lender directly. Indirect financing is arranged by the car dealership where the car is purchased. Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather ...
Borrowing against your 401(k) to purchase a car can be tempting, especially if you don’t have other savings. While no laws specifically prohibit using a 401(k) loan to buy a car, there are ...
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may ...
Financing cost (FC), also known as the cost of finances (COF), is the cost, interest, and other charges involved in the borrowing of money to build or purchase assets.This can range from the cost it takes to finance a mortgage on a house, to finance a car loan through a bank, or to finance a student loan.
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A home equity loan allows you to borrow money against the ownership stake you’ve built up in your home. Sometimes called a “second mortgage,” it uses your property as collateral for the ...
The duration of the loan is much shorter – often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership (or a connected company) acts as an intermediary between the bank or financial ...
FINRA says you can usually borrow anywhere from 50% to 95% of the value of the assets in your investment account. In other words, you can access your wealth without paying capital gains taxes.