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Loan To Own. You Will Know. The different types of consumer installment loans and The right consumer installment loan for your needs. Lending Terms. Fixed rate loan Variable rate loan Annual Percentage Rate (APR) Finance Charge  Collateral Secured loan   Unsecured loan. The Three Cs.

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Presentation Transcript

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You Will Know

  • The different types of consumer installment loans and

  • The right consumer installment loan for your needs


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Lending Terms

  • Fixed rate loan

  • Variable rate loan

  • Annual Percentage Rate (APR)

  • Finance Charge 

  • Collateral

  • Secured loan  

  • Unsecured loan


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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.


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Annual Percentage Rate (APR) Table

The cost of a $5,000 loan over 5 years


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Car Loans vs. Leases

  • Ownership

  • Wear and Tear

  • Monthly Payments

  • Mileage Limitations

  • Auto Insurance


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Obtaining a Car Loan

You can obtain a car loan

from the following:

  • Credit unions

  • Banks

  • Thrifts

  • Finance companies

  • Dealerships


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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.


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Unsecured Installment Loan Benefits

  • Fast approval rate

  • Interest rates might be lower than credit card rates


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