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What penalty if unable to pay loan?

What penalty if unable to pay loan?

Old Feb 24th 2005, 11:06 am
  #1  
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Question What penalty if unable to pay loan?

I want to buy a car taking loan from bank (say 5 years, £100 per month). Now if after 1 year, I am unable to repay the loan [say lost job etc.] (but willing to return the car to the bank), what penalty do I need to pay?

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Old Feb 24th 2005, 6:47 pm
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Default Re: What penalty if unable to pay loan?

Originally Posted by sbasak
I want to buy a car taking loan from bank (say 5 years, £100 per month). Now if after 1 year, I am unable to repay the loan [say lost job etc.] (but willing to return the car to the bank), what penalty do I need to pay?

Thanx
Once you have taken out a loan, all the banks are worried about is getting their money back with interest. You can and probably will be forced to take out insurance against the possibility of you losing your job, but beware. You will only be covered if you are made redundant, not fired and not if you leave voluntarily. Also it doesn't kick in straight away, read the small print, it could be weeks or months before you get the benefit. Also the banks decide on the amount they will loan you, depends on your income, and also what you will pay back. I don't think that offering to return the car would come into it as a loan can be for anything.
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