Find out about debt consolidation
To whom a consolidation loan is addressed
Before you sign a consolidation loan agreement, remember …
The new car, regardless of whether a comfortable family estate car or a small sports car, is a dream that at the moment is extremely easy to meet. When we do not have enough cash, the solution to this problem will be a car loan that we can get in any bank.
So far, the purchase of a car was most often financed from a typical cash loan. Currently, you can take advantage of a wide range of other banking products, specific loans, more advantageous than traditional forms of lending. When defining a car loan, one can say that it is a loan contracted solely for the purchase of a motor vehicle specified in the contract. This name does not apply only to passenger cars or delivery vans. This term also includes motorcycles, tractors and even motorboats. However, usually the funds obtained from the bank are used to purchase a car and you can buy both a new car and a used car from the so-called. second hand.
The biggest advantage of a car loan is that the bank always lends us exactly the sum we need. However, these funds can not be used for any other purpose. A loan of this type is also much lower interest than a cash loan, but it is necessary to provide it with additional collateral required by the banks. Most often it is a transfer of ownership, vehicle card deposit, assignment of an AC policy or less frequently a blank promissory note. Another advantage of this method of financing is the long loan period, reaching even 10 years. This allows you to significantly reduce the monthly installment. The amount of the car loan is of course dependent on the client’s earnings, but often reaches several hundred thousand, which allows you to buy a truly luxurious vehicle.
Many drivers, however, are not advocating taking a high loan for a dream car or wanting to use a different, attractive way to finance it. Undoubtedly, this is a car leasing. The principle of its operation is extremely simple. A financial institution, a leasing company, buys a car indicated by the customer, becomes its owner, and the vehicle lends the customer a fixed monthly fee. For each month of use, invoice is of course issued. Car leasing is relatively easy to maintain. The company offering it does not put such requirements on the customer as most banks. Equally less complicated are the necessary procedures that must be completed by entering into a contract. In addition, leasing offers entrepreneurs numerous tax benefits, such as VAT settlements. At the end of the leasing period, you can buy a car at a pre-determined price or leave it at the leasing company.
However, before we decide to choose one of the two forms of financing the purchase of a car, it is worth checking out the costs that we will have to pay. To do this, you should use the car loan calculator. We find it, inter alia, on the websites of banks. Thanks to it, we quickly calculate how much it will pay to pay for the car. All you need to do is enter information such as price and type of vehicle, year of production, own contribution, currency, as well as loan period and additional options, eg loan insurance.
In our cycle “Money in marriage”, we will devote today to title loans, and more precisely to situations when one of the spouses takes out a title loan without the consent of the other. What are the consequences of such a decision?
Borrowing title loans and credits without the knowledge of the other spouse is not as rare as it may seem. Often spouses secretly lend money, not necessarily to spend on drugs or other purposes that might not please the other party, but also on their own expenses, for example related to hobbies, trips or surprises. However, we must remember that in such a situation, an installment title loan contracted by one of the spouses may also affect the other.
The situation is the simplest when we deal with so-called asset separation. In order for the separation to occur, it is necessary to conclude an appropriate contract in the form of a notarial deed. The conclusion of a marriage gives rise to a joint property, i.e. the property belongs half to each spouse – when you want to have separation, you have to go to the notary office.
With property separation, the property of the spouses is separate and they are not responsible for their debts. This is the best solution, although it does not suit every spouse and may argue for some people with the idea of marriage.
When a cash title loan or a larger title loan wants to take a spouse with property separation, then the bank or title loan institution only takes into account its income. When the borrower does not repay the debt, the creditor can not claim payment of the debt from the other spouse.
The second situation, which happens much more often, is to take out a title loan or a title loan without the consent of the spouse, when the marriage is in force. Pursuant to article 41 of the Family and Guardianship Code, incurring the obligation without the required consent of the other spouse causes that the creditor, for example a bank, can claim satisfaction only from the property of the person who took the title loan. Therefore, the creditor can withdraw it from the borrower’s salary, but can not take the money belonging to the other spouse.
Therefore, the situation is unlawful when it comes to collecting debt from property belonging to the other spouse. Then you should submit an appropriate letter to the creditor and explain the situation, and if it does not help, you should inform the prosecution.
However, let us remember that there are several situations when borrowing without the spouse’s consent may result in a repayment obligation by each of the spouses.
• Money from a title loan or credit has been spent on everyday expenses, for example on food, bills.
• Money is spent to satisfy current everyday affairs, for example as a title loan to buy household appliances.
• The money is spent on activities undertaken by the spouse as a part of a gainful activity, for example they are intended for retrofitting the company.