Financial question

[thebunniesmind]

So if you owe your bank a couple thou that is only found in suffolk county and you move to another state. How might you pay the bank back. Do you have to pay them back before you move cause of address issues or should you open a say.. bank of america (which is everywhere or at least where you will move) to gain trust with the bank then ask for a

Comments

[cawfetalk]

OK, not sure I totally follow, but here's what I think - tell me if I'm wrong.

You currently have a loan from a local bank (maybe Bank of Smithtown for example), but want to move to Nebraska (just saying!). So long as you tell the bank who has your loan what your new address is, and intend to keep paying them, you can still mail them a check every month from wherever you're going. Just because your life situation changes doesn't mean that they will need repayment because you're living somewhere else. If you want to skip out on the debt, however, that's not so good.

If you were to do like you recommended above, you may be hit with fees to start a new loan and a different interest rate or something like that, so it may be more trouble than it's worth. And getting a loan from another bank depends more on your credit score and credit history than whether or not you have an account with them.

Hope this helps!
~B

[absoludicrous]

Never get a loan to repay another loan. Like Ben said, there's absolutely no reason you can't keep repaying the old bank regardless of where you move. Just give them your new address and either mail them payments or set up direct transfers from your new bank, if you have a new bank.

Dan, for instance, still uses a credit union back in New York, even though he's lived in CT for 6 years. He even applied for and since paid off a car loan from them all while living here.