Review: Easy to use primer on loans and borrowing
Rating: 5 out of 5
Date: 11 16, 2012
Loans are a very personal matter. Depending on your financial situation and credit rating, the same loan you get will be different from the one your neighbor or sibling gets. Have you considered the steadiness of your cash flow? Also, before getting a loan, it's important to estimate and decide how much money you really need. You probably not going to have an exact number but only an approximation. So, how much money do you need to ask for - over or under your estimation?There's always more questions than answers when you are borrowing. I don't think the lenders are the best people to ask those questions either. Better be prepared.This book describes what the loans are and how to borrow the money you need starting with the basics:-The mechanics and principles of loans.-Different types of loans.-How to be a responsible and careful borrower.-How to pay back a loan.-The inner workings of interest rates.-The payment schedules.-Collaterals - what they are really worth.-Choosing the right lender.-Negotiations.The book also covers separately the topics of refinancing, student loans, mortgage loans, car loans, short-term loans, and small business loans. I like it - the explanations are concise and to the point, there are examples with sample calculations, and very little fluff. I would have liked to have the formulas provided right in the book so one could just plug in the numbers but the samples would do.Recommended.