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Presentation Transcript
you will know
You Will Know
  • The different types of consumer installment loans and
  • The right consumer installment loan for your needs
lending terms
Lending Terms
  • Fixed rate loan
  • Variable rate loan
  • Annual Percentage Rate (APR)
  • Finance Charge 
  • Collateral
  • Secured loan  
  • Unsecured loan
the three cs
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.
annual percentage rate apr table
Annual Percentage Rate (APR) Table

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

car loans vs leases
Car Loans vs. Leases
  • Ownership
  • Wear and Tear
  • Monthly Payments
  • Mileage Limitations
  • Auto Insurance
obtaining a car loan
Obtaining a Car Loan

You can obtain a car loan

from the following:

  • Credit unions
  • Banks
  • Thrifts
  • Finance companies
  • Dealerships
title loans
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.
unsecured installment loan benefits
Unsecured Installment Loan Benefits
  • Fast approval rate
  • Interest rates might be lower than credit card rates
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