Are you comfortable getting loans?

[Heatman]

When it comes to getting bank loans, I'm the last person in the world that's ever going to do it. Even if it's for business purposes, I would rather raise the money on my own or get financial help from my family members than get loans from banks.

 

[passenger]

That's so 'old school'. Yes, I agree!

 

[Smiley]

Banks are nothing more than legal thieves with their loan interest rates.

 

[Nebulous]

When it comes to getting bank loans, I'm the last person in the world that's ever going to do it. Even if it's for business purposes, I would rather raise the money on my own or get financial help from my family members than get loans from banks.

I currently have 2 loans. A home loan and a car loan. I've never taken out a loan for anything else. I suppose thats what credit cards are for.

Banks are nothing more than legal thieves with their loan interest rates.

My home loan and car loan interest rates are both 2% which is really low. Bought at a good time and my credit is pretty good.

 

[Smiley]

2%? Damn. With better paychecks you obviously have over there, that's nothing.

 

[Nebulous]

2%? Damn. With better paychecks you obviously have over there, that's nothing.

Yeah its nice when almost all of your monthly payments go toward the principal.

I've had high interest car loans before and literally half of my monthly payment would be going towards the interest.

 

[Kyng]

Only if I know I can pay them back in a reasonable length of time.

 

[Kale]

Yep. I have gotten personal loans quite a few times and always pay them off.

 

[Vaeve]

Of course, gamblers and loans are a match made in heaven.

 

[Swish]

Myself and my girlfriend have a personal loan each, then a joint mortgage. The mortgage interest rate isnt bad either. Fixed for 5 years at 1.5%. Have 4.5 years left of that.

 

[Nebulous]

Myself and my girlfriend have a personal loan each, then a joint mortgage. The mortgage interest rate isnt bad either. Fixed for 5 years at 1.5%. Have 4.5 years left of that.

You bought a house together with a girlfriend? Why not make her a wife?

 

[Swish]

Well we are engaged technically, but its too much faff to constantly say "fiancee". But we decided to get the house first, as getting a mortgage first time around is quite hard in the UK currently.

 

[Annie]

Loans would delay your dreams for years instead of making of them happen. Stay the hell away from House / Car loans...

 

[passenger]

Myself and my girlfriend have a personal loan each, then a joint mortgage. The mortgage interest rate isnt bad either. Fixed for 5 years at 1.5%. Have 4.5 years left of that.

That's terrific! A five-year loan on a house at 1.5%!!! Totally amazing!

 

[Nebulous]

Well we are engaged technically, but its too much faff to constantly say "fiancee". But we decided to get the house first, as getting a mortgage first time around is quite hard in the UK currently.

Well congrats to you on securing that loan! I hope you both love your new house.

Loans would delay your dreams for years instead of making of them happen. Stay the hell away from House / Car loans...

I have both of those, how are they delaying my dreams?

That's terrific! A five-year loan on a house at 1.5%!!! Totally amazing!

I’ll bet that is still one huge mortgage payment! …Well depending on the size of the down payment and the cost of the house.

 

[passenger]

Well congrats to you on securing that loan! I hope you both love your new house.



I have both of those, how are they delaying my dreams?



I’ll bet that is still one huge mortgage payment! …Well depending on the size of the down payment and the cost of the house.

Yeahbut, still, I don't think you could touch a 'deal' like that here & now in the U.S.
AND just beats the livin' shit out of renting! you don't have to get permission to drive a nail in a wall if you want to. I know, these days there are command hooks; you might want to drive a nail in a wall anyhow just because you can.

 

[Swish]

I think there’s been some confusion. My interest rate has been fixed for 5 years, however the mortgage length is 25 years. 🙈. We pay £670/month for a 3 bed home, to rent the same home would cost about £1000/month, so already saving a good amount.

 

[passenger]

I think there’s been some confusion. My interest rate has been fixed for 5 years, however the mortgage length is 25 years. 🙈. We pay £670/month for a 3 bed home, to rent the same home would cost about £1000/month, so already saving a good amount.

Okay, yes, I was thinking to have a home of your own paid off in five years would be a really incredible feat. Last time I checked the typical home-loan is for 30 years; best = 15 years. Of course, these long-term loans can be worked down & paid off early.
Anyhow, you're on your way! good thinking IMO...congratulations!

 

[Nebulous]

AND just beats the livin' shit out of renting!

Sure does. I was a renter my entire life (including when I lived with my parents, they rented).

I think there’s been some confusion. My interest rate has been fixed for 5 years, however the mortgage length is 25 years. 🙈. We pay £670/month for a 3 bed home, to rent the same home would cost about £1000/month, so already saving a good amount.

Nice! To rent the same house in my neighborhood (every 4th house in this neighborhood has the same specs / square footage / floor plan) it would be about 3x times the amount of what I pay for my mortgage. My loan has like 28 years left on it.

Okay, yes, I was thinking to have a home of your own paid off in five years would be a really incredible feat. Last time I checked the typical home-loan is for 30 years; best = 15 years. Of course, these long-term loans can be worked down & paid off early.
Anyhow, you're on your way! good thinking IMO...congratulations!

Mine is 30 years, but the loan isn't for that much (relatively speaking). I could pay it down faster if I wanted to.

I put over a 50% down payment on my house with some inheritance money received so my mortgage payment is not typical, much lower than what other people usually pay around here.

 

[Ravenfreak]

I'm not really comfortable getting loans, the damn interest rates always go up so you usually end up paying more than what you even got in the first place. I've had to get loans when I was in my mid 20's since my spouse and I had poor spending habits and both worked in retail so we weren't making much to begin with... Never again will I resort to taking out a loan.

 

[Nebulous]

I'm not really comfortable getting loans, the damn interest rates always go up so you usually end up paying more than what you even got in the first place. I've had to get loans when I was in my mid 20's since my spouse and I had poor spending habits and both worked in retail so we weren't making much to begin with... Never again will I resort to taking out a loan.

What about to buy a house or a car?

 

[Ravenfreak]

What about to buy a house or a car?

That's the only time I'll get a loan out again. My spouse and I paid off our car loan a few months ago, and it's the only car we both own and drive. As for a house, we're living with my in laws and probably be living here and inheriting the house once they pass away. It's just much cheaper to do so. I don't feel any shame, my aunt has been living with my grandmother her entire life.

 

[Nebulous]

That's the only time I'll get a loan out again. My spouse and I paid off our car loan a few months ago, and it's the only car we both own and drive. As for a house, we're living with my in laws and probably be living here and inheriting the house once they pass away. It's just much cheaper to do so. I don't feel any shame, my aunt has been living with my grandmother her entire life.

Do you like the house? Would you think about selling it and relocating?

 

[Ravenfreak]

Do you like the house? Would you think about selling it and relocating?

My wife and I have thought about moving out of state. Will it happen? Maybe, but we do like this house. Most of our families live around here too.

 

[Nebulous]

My wife and I have thought about moving out of state. Will it happen? Maybe, but we do like this house. Most of our families live around here too.

Maybe when everyone is gone and its you and the wife left, you can sell it and move to another state. I am thinking about doing that myself.

 

[nomad]

I try to avoid loans at any cost, getting a loan is my last option. Having said that I have more than $10K in pending loans from banks. I got a loan to finance my business and I made a substantial loss on my business.

 

[Henrywrites]

It depends on what I am using the loan for. In situations where it is for spending on things that doesn't matter, I prefer not getting one. I don't even see a point with taking a loan when it is not for business investment.

 

[passenger]

It depends on what I am using the loan for. In situations where it is for spending on things that doesn't matter, I prefer not getting one. I don't even see a point with taking a loan when it is not for business investment.

But usually, for most people, for the purchase of a car/truck or home it is necessary to get a loan.

 

[Emerald]

Having a mortgage is what I would consider 'normal' as renting a place is like flushing money down the loo. Just my opinion though.

 

[fuzzems]

I know loans are necessary at times and I use them as needed to purchases cars or home. But, I HATE being in debt. So we paid off our home long ago. We do get an auto loan for our cars because its usually pretty low interest. We have bought cars outright in cash saw no advantage of doing that so now we just take the loan and that keeps money more liquid.

 

[passenger]

Having a mortgage is what I would consider 'normal' as renting a place is like flushing money down the loo. Just my opinion though.

I think so, too; but either way we still get to pay property tax which, in my mind equals a rent payment to the state.

Like "they" say, there's no escaping death & taxes.

 

[Nebulous]

Having a mortgage is what I would consider 'normal' as renting a place is like flushing money down the loo. Just my opinion though.

I flushed money down the toilet for like 18 years renting. Not anymore though.

I know loans are necessary at times and I use them as needed to purchases cars or home. But, I HATE being in debt. So we paid off our home long ago. We do get an auto loan for our cars because its usually pretty low interest. We have bought cars outright in cash saw no advantage of doing that so now we just take the loan and that keeps money more liquid.

If you bought your house long ago it must have been pretty cheap by today's standards? House prices today are insane.

I think so, too; but either way we still get to pay property tax which, in my mind equals a rent payment to the state.

Like "they" say, there's no escaping death & taxes.

Yes! My property taxes were over $5000 this year.

 

[passenger]

Yes! My property taxes were over $5000 this year.

Dayum!! 'there oughta be a law!'
____somewhat related____________________________________________
A small business owner on the Seattle news tonite said he's been broken into at night several times, has spent mega $$ for all kinds of security measures, found a bunch of his stolen stuff at a nearby homeless camp. This keeps happening repeatedly. What he ended by saying, in all sincerity & seriousness, was he doesn't know what he is paying taxes for.

 

[Nebulous]

Dayum!! 'there oughta be a law!'
____somewhat related____________________________________________
A small business owner on the Seattle news tonite said he's been broken into at night several times, has spent mega $$ for all kinds of security measures, found a bunch of his stolen stuff at a nearby homeless camp. This keeps happening repeatedly. What he ended by saying, in all sincerity & seriousness, was he doesn't know what he is paying taxes for.

Aww, poor guy.

 

[MrDawn]

I don't like getting into debt unless I know with 100% certainty that I have the money to pay it off.

 

[Nebulous]

I don't like getting into debt unless I know with 100% certainty that I have the money to pay it off.

Thats the smart way to be!