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40 Year Loan Basics
The classical mortgage loan was a 30 year fixed mortgage.
This type of loan is one where the loan was paid steadily over time. The interest rate never changed on this type of loan. The monthly payment was always the same.
The term of the loan determines how much your monthly payment is.
A 15 year loan term is usually the loan program with the highest monthly payment. If you get a similar loan amount and interest rate with a 30 year term your monthly payment will be much lower.
This also happens when you switch from a 30 year loan term to a 40 year loan term.
Loan Options
A 40 year loan is just a description for the loan term. It does not tell you exactly what kind of loan it is.
For example, the loan may have a 40 year term with the interest rate fixed for the first 30 years.
The 40 year loan may be interest only for the first 10 years of the loan term and then have an adjustable rate afterwards.
The 40 year loan may also be a loan where the interest rate is fixed for 40 years.
As a borrower you should know the specifics of the 40 year loan.
An interest-only loan has the same monthly payment, regardless of the loan term. The interest only payment is the loan size multiplied by the interest rate. This gives you the annual interest payment, which you can divide by twelve to determine the monthly payment.
BEIJING, June 8 Kyodo
It's hard to get a loan to buy a car these days in Guiyang.
A few major state-owned commercial banks in the Guizhou provincial capital were forced to largely reduce the number of loans they grant for the purchase of motor vehicles due to the high percentage of borrowers defaulting, according to Xinhua News Agency.
Under Chinese law, banks can only begin moves to collect outstanding amounts if a borrower has not paid back the principal and interest three months after the date of a loan's maturation.
Before the Chinese New Year in January, the Guizhou branch of the Industrial and Commercial Bank of China used legal channels to collect payment from dozens of debtors. However, past-due loans have continued to pile up ever since.
As a result, all but one of the bank's branches in Guizhou that previously offered auto loans have stopped the service, and the sole survivor screens all applicants. The only branch of the Construction Bank of China in Guizhou that offered car loans has also stopped.
No official figures are available for the rest of the country, but banking sources suggest the Guizhou problem is not unique.
As to why this should be, they suggest the main problem is that car ownership is now very much a fad and a lot of people have been lured by cheap credit into buying a vehicle they can't afford.
Taking out a loan in China is always a headache, but a recent survey suggests 35% of people in the market to buy a car would not even consider using credit.
Most of the people who said they would be willing to consider a loan still described bank terms as unsuitable. Of those in the unwilling category, 31.3% thought the down payments were so high they might as well pay full price. In addition, 64% thought the terms of loans for medium-sized sedans were too short -- only three years -- and the monthly payments and interest rates too high.
A total of 65.5% thought the loan procedures were too complicated. And 68% said they abandoned car purchases midstream because they could not find guarantors required by the banks.
Some experts have suggested interest rates should be lowered and loan procedures simplified, but the experiences in Guizhou suggest banks might not find the argument convincing.
At the same time, there are suggestions government policies are largely to blame, not banking procedures.
With the focus of the auto market switching increasingly to cheaper compact models, on the surface it appears that cars are becoming more affordable to a broader range of Chinese consumers.
Prices will drop further when China joins the World Trade Organization (WTO) and has to cut its tariffs on auto imports from 70% to 80% to 25% by mid-2006.
Yet, despite a 32% increase in sales during the first quarter of this year over the same period in 2000, industry insiders insist cars may still remain out of reach for many consumers unless the government lifts the levies that have kept prices among the highest in the world and stunted the growth of the domestic industry.
Although automakers have made numerous small price cuts in recent years, these have done little to stimulate the market. A Honda Accord rolling off the assembly line of Guangzhou Honda right now is priced at more than 360,000 yuan ($43,000). A similar model costs about $23,000 in the U.S., where average wages are far higher.
Manufacturers feel they are victims of government policies, such as the 3% to 8% consumption tax and a 10% car purchase tax that has to go on top of the factory gate price.
These taxes have seriously dampened consumers' enthusiasm and depressed the market; as a result, say the manufacturers, they have been unable to expand production significantly or cut prices.
According to Zhong Yongjiang, vice president of First Automotive Works Volkswagen: ''We must maintain a high profit margin to get enough money for product development because of an inert market.''
Domestic production capacity exceeds 1.4 million cars a year, but annual sales linger between 600,000 and 700,000 units, less than half the yearly output of a medium-sized international carmaker.
The problems created by nationally imposed taxes are compounded by local arbitrary charges averaging 15% to 40% of the price of a car. In Wenzhou, Zhejiang Province, for example, local taxes and fees nearly double the price of a vehicle.
According to the China Institute of Auto Economic and Technical Information, in 1999 the taxes and fees imposed by central and local governments exceeded 160 billion yuan, compared with profits of less than 5.8 billion yuan for all domestic automakers.
Chinese carmakers acknowledge that competing in the international market will be impossible if prices remain high after the country joins the WTO. But they believe they need to drop prices step-by-step rather than overnight to ensure funds are available to develop new models.
To stimulate the market further, Li Jingsheng, the auto institute director, urged the government to reduce the burdens on consumers. He called for policies that would encourage private car buying and create a favorable environment for the market.
This did not mean the government should force carmakers to cut prices, but the companies should be able to decide prices for themselves in a market-driven economy.
His call was echoed by Jia Xinguang from the China National Automobile Consulting and Development Corp., who suggested taxes should be lowered and all arbitrary fees on consumers removed to encourage car buying.
Li Anding, a senior auto analyst from Xinhua, said: ''Chinese families cannot be deprived of the right to enjoy modern mobility, and the government has a responsibility to help them realize their dreams.''
COPYRIGHT 2001 Kyodo News International, Inc.
COPYRIGHT 2001 Gale Group
View more issues: May 28, 2001, June 4, 2001, June 18, 2001
"FEATURE: Loan problems inhibit growth of Chinese car market". Asian Economic News. June 11, 2001. FindArticles.com. 16 Jun. 2008. http://findarticles.com/p/articles/mi_m0WDP/is_2001_June_11/ai_75504618
The American Automobile Association is using the Internet to deliver the world's fastest car loans - in as little as 15 seconds in some cases. Through a program that went nationwide last October, AAA gives car loans through its web site at http:// www.financial.aaa.com.
Members of Triple A can log onto the site, enter their social security number and other personal information, and apply for a loan. The process takes about 15 minutes. After submitting the request, a response comes back, sometimes within as little as 15 seconds. It the answer is yes, the borrower goes to their nearest AAA office to get their check. Triple A has 106 offices around the country that have the equipment to print such checks. Tripe A told the Associated Press that about 20 percent of loan applicants receive approval in 15 seconds. Other applicants receive a reply of "maybe," and are asked more questions. Some applicants are simply denied.
The interest rate varies according to the borrowers situation. PNC Bank of Pittsburgh provides the loan funds.
Triple A has 41 million members in the United States.
Weiss Publishes
Final Results Of Y2K Survey
Weiss Ratings Inc., of Palm Beach Gardens, Fla., released its nationwide survey of banks for Y2K readiness. The rating organization declared that 247 of the 1,128 banks that responded to its survey have taken "inadequate" steps to prepare their computer systems for the onset of the new millennium. Of the 247 banks, 195 received a rating of "below average" and 52 received a rating of "low."
These ratings are largely meaningless, but Weiss Ratings is seeking broad publicity for its survey results. Martin D. Weiss, chairman of the company, notes that more than one-third of the banks that responded to the survey said they had not tested and fixed all mission-critical systems by Dec. 31, 1998. Weiss said he believes these results conflict with information released by the FDIC which says all but 2.9 percent of the nation's banks had received "satisfactory" Y2K ratings by the end of 1998.
Weiss also reported that 177 institutions received a "high" rating for Y2K preparedness. About 62 percent of the respondents received the firm's "average" designation. Although Weiss does not refer to the 9,578 financial institutions that did not respond to his survey, he said in a Feb. 10 press release that "we must assume that, on average, institutions that did not respond to our survey are more likely to be late in fixing their Y2K problems than those that did."
The March 8 press release included a list of the 10 largest banks in the survey to receive a "high" rating. Included are the First Citizens National Bank of Mason City, Iowa and the Security National Bank of Sioux City, Iowa. A list of the 10 largest banks receiving a "low" rating includes one bank from Minnesota and one from Illinois. All of the banks on the list for "low" rated banks reported they expect to have testing and remediation for mission critical systems completed by June 1999.
Articles Provide Fodder For Merging Trade Groups
The two articles that appear on the front page of the Star Tribune's March 10 business section provide fodder for bankers who want to see the state's two banking trade groups merged. The prominent articles regurgitate the tired old consumer complaints about high-priced ATM transactions. The reporters talked to lots of whining consumers, but they only talked to the state's three largest banks: U.S. Bank, Norwest and TCF. One of the articles declares "warm and fuzzy banking is all but gone.
It is clear that reporters only see banking as an industry made up of the very largest institutions. Even though there are dozens of community banks serving the Twin Cities, none was acknowledged in the article. Community bank customers know "warm and fuzzy banking" is not gone in the Twin Cities.
It was interesting that neither article included any mention of the Minnesota Bankers Association nor the Independent Community Bankers of Minnesota. There were no quotes from the leaders of these organizations.
What these articles made clear to me is that the largest banking companies in the state have no problem getting their opinion across. But the opinion of the community banker is going completely ignored. These are the people who need an effective organization to represent them before the media and lawmakers. (Interesting that the articles appeared while the legislature is considering legislation to ban ATM fees.)
The largest banks clearly don't need an association to get reporters to listen to them, and community banks clearly need an effective organization to get their voice into the public square. So if the state trade group is looking for a purpose and the independent trade group is looking to build a little more clout, it seems a merger might make some sense.
Changes At Riverside Bank Will Be Worth Watching
It will be interesting ta note changes at Riverside Bank under its new ownership. Associated Banc-Corp of Green Bay, Wis., announced it will purchase the $331 million Minneapolis-based bank in the third quarter. David Cleveland will remain the bank's president and CEO.
Although Associated promises to bring the bank - which has five offices in the Twin Cities - more products and services, bank customers have to wonder if the bank will be able to maintain its independent nature. Will the environment change under the new ownership? Will the bank be able to maintain the growth it has experienced in recent years? (Riverside's assets have grown 84 percent since 1995.) Time will tell.
Copyright NFR Communications Inc Mar 13, 1999
Provided by ProQuest Information and Learning Company. All rights Reserved
View more issues: Jan 16, 1999, Feb 27, 1999, Apr 24, 1999
"AAA offers 15-second car loans through Internet". Northwestern Financial Review. Mar 27, 1999. FindArticles.com. 16 Jun. 2008. http://findarticles.com/p/articles/mi_qa3799/is_199903/ai_n8840122
First comes sticker shock.
Then comes loan shock.
If you want to buy a new car soon and will need financing to help pay for it, the chances are 3 in 4 that you'll still be paying off that loan into the 21st century.
New-car loans, which once ran three or four years, now stretch five, six, even seven years.
At Bank One Milwaukee, which makes more auto loans than any other bank in the state, 73% of all car loans are for five years or longer, said Dave Frank, vice president for auto-dealer financing.
The reason is simple: New cars cost a whole lot more than they used to.
The average cost of a new US-made car has jumped more than 30% since the early 1980s, after adjusting for inflation, according to the US Commerce Department. And the cost of foreign cars has soared more than 70% in the same period, in inflation-adjusted dollars.
The average new car now costs more than $20,000, more than half the average family's annual income, up from one- third of family income two decades ago, according to US government figures. So the only way to make new cars affordable is to stretch out the loan.
The third-grader who helps you pick out the color of your new car this year may be behind the driver's wheel before the last payment is made. Leasing, Truck Sales Boom
And that's why the market for buying new cars has stalled badly.
The big switch is to leasing.
"Leasing has gone from 8% to 10% of our business a couple of years ago to almost half of our business now," said Tom Bonesho, vice president of the Boucher Group, which owns 10 auto dealers in southeastern Wisconsin.
A car that would cost $300 a month on a 60-month loan will cost $235 monthly on a 36- month lease, he said.
The downside: With leasing, payments never end.
The upside: Monthly payments are less, and you turn the car in before having to make the first big round of investments, on things like tires and brakes.
Nearly 1 in 4 new cars sold in Wisconsin are leased to a consumer rather than sold outright, said Steve Drew, an analyst with Automotive Directions, a market research firm based in Madison. The proportion of leases is growing rapidly, he added.
Annual new-car sales in Wisconsin fell 17.1% in the past five years, to 148,209 last year, according to the state Department of Transportation.
Considering the fact that those figures don't distinguish between new cars sold outright and the rapidly growing proportion of new cars that are leased, one concludes that the number of outright sales of new cars is falling sharply.
In some cases, consumers are switching from cars to small trucks. Annual new-truck sales in the state rose 24.4% from 1989 to 1994, to 125,710.
"Sport utility vehicles $26,000 to $32,000 that market's booming," said market analyst Drew. Shift Toward Used Cars
But even when truck and auto sales are combined, the long- term trend is down, despite the boom in small trucks and leasing.
People in the business of selling and financing cars say there's a shift toward used cars, partly to offset the high cost of new vehicles and partly because improved quality has made people more comfortable buying used.
Indeed, sales of used cars and trucks grew 2.2% in the past five years, compared with a 2.1% drop in the sale of new vehicles, which includes the surging lease market.
But trends in used-car sales differ sharply in locations around the state.
In Waukesha County, for example, there's no difference between the increase in sales of new compared with used vehicles, according to Automotive Directions.
But in Milwaukee County, there was a big jump last year in sales of used cars and trucks compared with sales of new cars and trucks. Used-vehicle registrations jumped 10.3% in the fourth quarter of the year, while new-vehicle registrations rose only 3.4% for the year.
Copyright 1995
Provided by ProQuest Information and Learning Company. All rights Reserved.
View more issues: Jan 27, 1995, Jan 28, 1995, Jan 30, 1995
JACK NORMAN "Loan terms stretch as new-car prices rise". Milwaukee Journal, The. Jan 29, 1995. FindArticles.com. 16 Jun. 2008. http://findarticles.com/p/articles/mi_qn4207/is_19950129/ai_n10183050
MG Rover workers who faced having to use their redundancy money to pay off loans on cars bought from the collapsed company were yesterday offered a deal which will save them thousands of pounds.
But the banks that financed the loans, HBOS and Lloyds TSB, are likely to end up out of pocket.
On a visit to the West Midlands yesterday, the Chancellor Gordon Brown announced that Rover's administrators, PricewaterhouseCoopers, had reached an agreement with the banks to ease the plight of hundreds of affected Rover employees. They can hand the car back with the loan written off, buy the car at a heavily discounted price or agree a new loan based on the current value of the car.
Many employees bought the cars for family use. But some took advantage of the cut-price deals on offer originally to buy two or three vehicles as a way of making some quick money.
Separately, HBOS, through its subsidiary Capital Bank, held a meeting with the MG Rover dealer council yesterday to thrash out an agreement to reduce their financial exposure. Dealers have complained that thousands of unordered cars were forced on them by the manufacturer at full price as it slid closer to collapse. The dealers have been left having to pay interest charges to Capital Bank on the unsold cars.
HBOS and the dealer council said progress had been made although a settlement has not yet been reached.
Copyright 2005 Independent Newspapers UK Limited
Provided by ProQuest Information and Learning Company. All rights Reserved.
View more issues: Apr 26, 2005, Apr 27, 2005, Apr 29, 2005
Michael Harrison "Banks offer cut-price car loan deal to Rover workers". Independent, The (London). Apr 28, 2005. FindArticles.com. 16 Jun. 2008. http://findarticles.com/p/articles/mi_qn4158/is_20050428/ai_n14603627
