Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lenders rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.
The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.
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Auto Loans Are Not Tax Deductible A mortgage on your primary residence and a student loan can both be great deals because you can deduct interest payments from your income and pay taxes on a reduced amount. However, there is no such tax deduction on automobile loans. Cars Loans Will Be Upside Down Most of the Time We all know how a car depreciates by thousands of dollars the moment you drive it off the lot.
From then on, you are far more likely to owe more on the car than it is worth. Being upside down on a car loan is in many ways just as bad as being upside down on your home mortgage loan.
In both situations, you are paying more for something than it is worth. And although a home may someday increase in value, this cant be said of the majority of cars on the road today. Paying Interest Can Drain Your Finances While most people simply assume that they will make a car payment every month, imagine what you could do if you never had that obligation.
You could save for retirement, afford a larger home, or simply increase your discretionary spending. Dont forget that when you make a should i invest in personal loans payment, you are paying interest.