Bank of dad

#1
My daughter needs a decent car, and I'm checking out the options.

I'm getting a pitiful 1:5% interest from the bank...... if I loaned her say 7k at that rate, what be the monthly payback, over 2 or 3 years ?

TIA.
 
#3
My daughter needs a decent car, and I'm checking out the options.

I'm getting a pitiful 1:5% interest from the bank...... if I loaned her say 7k at that rate, what be the monthly payback, over 2 or 3 years ?

TIA.
Your 7k plus £319.75 compound interest, under correction mental maths not so good now
Edit monthly £203.33 over 3 years
 
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#4
You’ll never see a penny of that £7k again, let alone the interest. One “daaaaaaaaaaaad” and you’ll break like a warm kit Kat.
 
#5
That's a fine thing you're considering but if I were you, I would write it up like a regular bank would stating terms and conditions of the loan and get it signed by your daughter and yourself, and notarized. That way there is minimal chance of hard feelings later on if she feels that it's not quite fair. (As can happen when one makes sizable loans to relatives)
 
#6
Why are you buying her a car? When I was 17, I had to sell my body for ten years before I had enough coins to buy a £2,000 Clio, but it was worth it. By God, it was. Taught me a lot about life.

Times were hard, and the family had nowt but a cardboard box and a shoe between us.
 
#7
My daughter needs a decent car, and I'm checking out the options.

I'm getting a pitiful 1:5% interest from the bank...... if I loaned her say 7k at that rate, what be the monthly payback, over 2 or 3 years ?

TIA.
Just buy her the car and be done with it, ask your self how much you would pay to keep you daughter safe? Never lend friends or family money and expect it back as it just causes problems
 
#8
My daughter needs a decent car, and I'm checking out the options.

I'm getting a pitiful 1:5% interest from the bank...... if I loaned her say 7k at that rate, what be the monthly payback, over 2 or 3 years ?

TIA.
If you don't loan her the money get a financial adviser to look at your options, I'm pretty sure there's better than 1.5% going around.
 
#10
My daughter needs a decent car, and I'm checking out the options.

I'm getting a pitiful 1:5% interest from the bank...... if I loaned her say 7k at that rate, what be the monthly payback, over 2 or 3 years ?

TIA.
What car?
 
#11
I’m a little gobsmacked that parents expect the money back. I’m hugely gobsmacked that they actually charge interest on it.

I thought your kids were there to keep you poor.

I’d be considerably wealthier if I had done that over the years!
 
#12
If you don't loan her the money get a financial adviser to look at your options, I'm pretty sure there's better than 1.5% going around.
As I found to my great cost.
I loaned a brother $250,000 (just for a few months like) almost 29 years ago.
Even after taking him to court 5 years after making the loan and winning the case, I have yet to see a red cent.
I gave up chasing the loan through the lawyer after about five years as I would ring the lawyer, have a 5 minute conversation, then get a bill for $100.
I wised up and decided that I was only throwing good money away after bad.
No one now gets a cent from me.

ETA
I don't know what happened there, that wasn't the post I was quoting and replying to, the other post now seems to have disappeared.
 
#13
As I found to my great cost.
I loaned a brother $250,000 (just for a few months like) almost 29 years ago.
Even after taking him to court 5 years after making the loan and winning the case, I have yet to see a red cent.
I gave up chasing the loan through the lawyer after about five years as I would ring the lawyer, have a 5 minute conversation, then get a bill for $100.
I wised up and decided that I was only throwing good money away after bad.
No one now gets a cent from me.
On a far smaller scale, I took a chancer to the Small Claims court over £2500 which he'd thought he'd got away with when my son accidentally double-paid on an internet exchange. The Court had the bastard paying me back monthly out of garnishee'd earnings, and harassed him when he failed to come up with the goods when he was fired or whatever. He still has about £50 of the interest to pay, and they're still harassing him, which is great. I would have thought the US courts had some sort of similar powers?
 
#14
I too have a daughter who seems to mix up the English verbs to lend and to give.
I have lost count of the "Dad, can you lend me so many squids until the end of the month?"
Of course, it's my fault when I don't ask her to stipulate which month.
 
#15
I pay bot daughters' car insurance and youngest's (still at uni) phone and car service/mot/tyres etc. That said I have insisted she pays back the deposit for her next house that I lent her - it's nowhere near what her car costs but she needs to realise some things have to be repaid. The both bought cars with some money my dad left them.
 
#17
I "loaned" my eldest grand daughter the deposit on the house she wanted to buy . No paperwork just a verbal agreement to pay me back once she can afford to . I think that time will be in 35 years when her mortgage is paid off . I somehow dont think Ill be around to collect .
 
#18
I pay bot daughters' car insurance and youngest's (still at uni) phone and car service/mot/tyres etc. That said I have insisted she pays back the deposit for her next house that I lent her - it's nowhere near what her car costs but she needs to realise some things have to be repaid. The both bought cars with some money my dad left them.
My dad left 5.65, it cost 2.00 in parking to get it. My step brother thought it was ok to take 250 a day out of his bank before he gave me the bank details
 
#19
On a far smaller scale, I took a chancer to the Small Claims court over £2500 which he'd thought he'd got away with when my son accidentally double-paid on an internet exchange. The Court had the bastard paying me back monthly out of garnishee'd earnings, and harassed him when he failed to come up with the goods when he was fired or whatever. He still has about £50 of the interest to pay, and they're still harassing him, which is great. I would have thought the US courts had some sort of similar powers?
WB, I am in NZ and the courts here pontificate and make a judgment, but they have no way of enforcing a civil claim it appears.
I asked the lawyer about that and the answer was that the court could force him to do x amount of community service for y amount of time, but the kicker here is that once the community service is complete the debt is deemed to be wiped.
I decided that why should he do that service (picking up rubbish mowing lawns etc) and me pay for it.
Like I said good money after bad.

I have since learned over the last few years that he has been bankrupt but is now out of bankruptcy and owns and trains racehorses and making good money as some of his horses have won group 1 races.
I don't know much about racehorses as I don't gamble, but assume the winner of a group race wins a good stake.
 

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