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Loan To Own

Loan To Own

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Loan To Own

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  1. Loan To Own

  2. You Will Know • The different types of consumer installment loans and • The right consumer installment loan for your needs

  3. Lending Terms • Fixed rate loan • Variable rate loan • Annual Percentage Rate (APR) • Finance Charge  • Collateral • Secured loan   • Unsecured loan

  4. The Three Cs • Capacity - your present and future ability to meet your payment obligations. • Capital - your savings and other assets that can be used as collateral for a loan. • Character - how you have paid bills or debts in the past.

  5. Annual Percentage Rate (APR) Table The cost of a $5,000 loan over 5 years

  6. Car Loans vs. Leases • Ownership • Wear and Tear • Monthly Payments • Mileage Limitations • Auto Insurance

  7. Obtaining a Car Loan You can obtain a car loan from the following: • Credit unions • Banks • Thrifts • Finance companies • Dealerships

  8. Title Loans Example: Michael had $500 in unexpected medical expenses and needed a loan. • A finance company loaned Michael $500 at 20% interest per month. • At the end of the month Michael owed $600 ($500 loan + $100 interest). • Michael could not repay the loan at the end of the month, so he paid the lender $100 in interest. • At the end of the next month, Michael still owed $600 ($500 loan + another $100 in interest). • Michael did this for a year and paid $1,200 in interest, which equated to 240% APR.

  9. Unsecured Installment Loan Benefits • Fast approval rate • Interest rates might be lower than credit card rates