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Chapter 7 第七章. Using Consumer Loans: 使用消費性貸款 The Role of Planned Borrowing 計畫性借貸的角色. Characteristics of Consumer Loans 消費性貸款的特徵. Single-payment versus installment loans 單一付款與分期付款的貸款 Secured versus unsecured loans 擔保與無擔保的貸款 Variable-rate versus fixed-rate loans 變動利率與固定利率的貸款.

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Chapter 7 第七章

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    1. Chapter 7第七章 Using Consumer Loans:使用消費性貸款 The Role of Planned Borrowing計畫性借貸的角色

    2. Characteristics of Consumer Loans消費性貸款的特徵 • Single-payment versus installment loans單一付款與分期付款的貸款 • Secured versus unsecured loans擔保與無擔保的貸款 • Variable-rate versus fixed-rate loans變動利率與固定利率的貸款 Prentice Hall Inc.

    3. Single-Payment Loans Versus Installment Loans單一貸款與分期付款貸款 • Single-payment or balloon loans:單一付款或期末整付貸款 • Sometimes called bridge or interim loans, because they are used until permanent financing can be arranged有時稱為橋樑或暫時性的貸款,因為通常必須有另外的長期資金來支應才可動用 • Loan is repaid in one lump sum, including interest貸款金額包含利息須ㄧ次償還 • Normally for short-term lending of one year or lessㄧ般而言多為短期或ㄧ年以下的貸款 Prentice Hall Inc.

    4. Single-Payment Loans Versus Installment Loans(cont’d)單一貸款與分期付款貸款(續) • Installment loans:分期付款 • Loan is repaid at regular intervals貸款在固定的期間償還 • Payment includes both principal and interest付款金額包含本金與利息 • Normally used to finance cars, appliances, and other expensive items通常被使用在汽車、家電或其他較昂貴的項目 Prentice Hall Inc.

    5. Installment Loan Amortization 分期付款貸款 • The process of your payment going more toward principal and less toward interest each subsequent month每月付款屬本金的部分依開始較少,但隨之穩定增加,相反的,屬利息部分ㄧ開始較多,之後則隨之減少 • Based on a simple-interest calculation採用一個單利的利率計算 Prentice Hall Inc.

    6. Secured Versus Unsecured Loans擔保與無擔保貸款 • Secured loans:擔保貸款 • Are guaranteed by a specific asset用一特定資產來保證的貸款 • Typically have lower ratesㄧ般而言利率較低 Prentice Hall Inc.

    7. Secured Versus Unsecured Loans (cont’d)擔保與無擔保貸款(續) • Unsecured loans:無擔保貸款 • Require no collateral無附屬擔保物 • Offered to borrowers with excellent credit histories僅提供給優良信用紀錄的人 • Normally have high rates of interest – 12% to 21% annually通常有較高的利率─年利率12%-20% Prentice Hall Inc.

    8. Fixed-Rate Versus Variable-Rate Loans固定利率與機動利率貸款 • Fixed-rate loans:固定利率貸款 • Have the same interest rate for the duration of the loan在借款期間利率為單ㄧ利率 • Normally have a higher initial interest rate because the lender could lose money if the rates increase通常利率會稍高因為貸款人必須考量萬一利率提升他們所受的損失 • Most consumer loans are fixed-rate loans多數的消費性貸款為固定利率 • Convertible loans:可轉換貸款 • Begin as a variable rate loan在貸款初期,利率為機動利率 • Can be locked into the current rate at some predetermined time in the future在未來特定日期將機動利率轉換成固定利率 Prentice Hall Inc.

    9. Fixed-Rate Versus Variable-Rate Loans (cont’d)固定利率與機動利率貸款 • Variable-rate loans:機動利率貸款 • Have an interest rate that is tied to an index (e.g., prime rate, 6-month Treasury bill rate)利率受限於利率指標(e.g.,基本利率、六個月國庫債券利率) • Can adjust on different intervals (e.g., monthly, semi-annually, or annually)可隨不同期間來調整(月、半年、或每年) • Have a lifetime adjustment cap 有期間利率上限 • Normally have a lower initial interest rate because the lender won’t lose money if the rates increase通常有較高的期初利率,因為假使利率升高貸款人才不至於有損失 Prentice Hall Inc.

    10. The Loan Contract貸款契約 • Insurance agreement clause保險協定條款 • Acceleration clause提前償還條款 • Deficiency payments clause付款不足條款 • Recourse clause追索權條款 Prentice Hall Inc.

    11. Insurance Agreement Clause保險協定條款 • Requires you to purchase life insurance that will pay off your loan after your death要求你購買人壽保險,以償還如果發生意外而身故所無法支付的貸款 • Normally benefits only the lender通常僅對貸款人有利 • Increases your total loan cost增加你的貸款成本 Prentice Hall Inc.

    12. Acceleration Clause提前償還條款 • Requires the entire loan to be paid in full if you miss just one payment如果借款人僅有一期未履行支付,則要求償付整個貸款 • Are standard on most loans是多數貸款的標準 • Normally not invoked if you make a good faith effort to pay通常貸款人不會立即行使償還權,而會給予你一個機會去履行尚未支付的款項 Prentice Hall Inc.

    13. Deficiency Payments Clause付款不足條款 • Requires any amount in excess to be paid if the collateral‘s value does not satisfy the loan假使擔保品的價值無法完全償還貸款,可向借款人要求支付差額 • Also requires payment of any outstanding charges incurred by the lender associated with the disposal of the collateral貸款人同時也可以要求支付追討時所發生的任何成本及費用 Prentice Hall Inc.

    14. Recourse Clause追索條款 • Defines the lender’s ability to collect any outstanding balance:定義貸款人對違約人追索債務差額的權利 • Wage attachments and garnishments薪資的扣押與扣押債權的通知 • Liens on other property (secondary collateral)其他財產的留置權(次要的抵押品) Prentice Hall Inc.

    15. Special Types of Consumer Loans特殊形式的消費性貸款 • Home equity loans房屋淨值貸款 • Student loans學生助學貸款 • Automobile loans汽車貸款 Prentice Hall Inc.

    16. Home Equity Loans房屋淨值貸款 • Are basically second mortgages是基本的第二順位抵押貸款 • Use the equity in your home to secure your loan運用你的房屋淨值來保證你的貸款 • Normally allow you to borrow up to 80% of your equity通常允許你抵押借支房屋淨值的80% Prentice Hall Inc.

    17. Home Equity Loans (cont’d)房屋淨值貸款(續) • Advantages:優點 • Interest payments are tax-deductible支出的利息可以租稅抵減 • Lower rates of interest than other types of consumer loans其利息較一般型態的消費性貸款為低 • Disadvantages:缺點 • Puts your home at risk if you default假使你不履行債務責任,將使你的房屋處於風險之下 • Sacrifices future financial flexibility because you can only have one outstanding home equity loan將會犧牲未來財務的靈活性,因為每次只能擁有一個房屋淨值貸款 Prentice Hall Inc.

    18. Student Loans學生助學貸款 • Have low, federally interest rates used for higher education用於較高層教育的學生助學貸款,低的聯邦利率 • Are tax-advantaged under the 1997 Taxpayer Relief Act and the Tax Relief Act of 2001 • Can claim $2,500 in interest paid per year as an adjustment to income借款人不論是否列舉扣除都可扣抵$2,500的稅 • Examples – Federal Direct/Stafford loans for students; PLUS Direct/PLUS Loans for parents例如:聯邦直接/史塔佛學生貸款是將貸款貸給學生,大學部學生家長直接/大學部學生家長貸款則是貸給家長 Prentice Hall Inc.

    19. Student Loans (cont’d)學生助學貸款(續) • Federal Direct and PLUS Direct available through the school; Stafford and PLUS loans available through lenders聯邦直接貸款與大學部家長直接是經由學校,史塔佛與大學部學生家長貸款則是經由貸款者 • Payment on Federal Direct and Stafford loans deferred for 6 months after graduation由聯邦政府直接貸款,而史塔佛貸款的利息可延緩支付,且在畢業後的6個月才開始付貸款 • Borrowing limits apply適用借款限額 Prentice Hall Inc.

    20. Automobile Loans汽車貸款 • A consumer loan that is secured with an automobile以所購買汽車為擔保的消費性貸款 • Has a lower interest rate than an unsecured loan比無單保貸款的利率要低 • Normally has a maturity length of 2 to 6 years通常借款期限為2到6年 Prentice Hall Inc.

    21. Cost and Early Payment of Consumer Loan消費性貸款的成本與提早還款 • Cost of single-payment loans單一付款貸款成本 • Cost of installment loans分期付款貸款成本 • Early repayment of installment loans分期付款提前償還 • Understanding the relationship between your payments, interest rates, and the term of the loan徹底了解你的支付款、利率及貸款期間的關聯性 Prentice Hall Inc.

    22. Payday Loans薪資貸款 • High fees charged高手續費 • Short-term loan of 1-2 weeksㄧ到二星期的短期貸款 • Those with jobs and checking accounts and students are typical users通常有工作、有支票存款戶頭與學生是典型的使用者 • Check “held” by the payday lender由貸款者持有你所開立的支票 Prentice Hall Inc.

    23. Cost of Single-Payment Loans單一付款貸款成本 • The simple interest method:單利法 • Both principal and interest are due at maturity本金與利息皆應在到期日支付 • Interest = principal x interest rate x time利息 = 本金 x 利率 x 期間 • The discount method:折現法 • Subtracts the entire interest charge from the loan principal before you receive the loan當你收到貸款本金時,已扣除貸款的利息 • Inflates the rate of interest because the amount received is less than the amount borrowed利息被不當的膨脹,因為收到的借款金額低於你所借的金額 Prentice Hall Inc.

    24. Cost of Installment Loans分期付款貸款的成本 • Repayment of both principal and interest occur at regular intervals於固定的期數償還本金與利息 • Loan expires on a preset date貸款的到期日是預先設定 • Use one of two types of interest calculations使用一或二種利息計算方式 Prentice Hall Inc.

    25. Cost of Installment Loans (cont’d)分期付款貸款的成本(續) • The simple interest method:單利法 • This is the most common calculation method這是ㄧ種最普遍的計算方式 • Remember, with each month the interest portion of the payment decreases and the principal portion increases記住,支付款項中,支付利息部分將逐漸減少,支付本金的部份則逐漸增加 • You pay interest only on the outstanding balance你僅需支付未償本金的利息 • The add-on method:附加法 • Adds the total interest payment to the principal of the loan將利息加總到本金中 • Much more costly than the simple-interest method比單利法成本要高的多 • Can double the stated rate可能是州利率的兩倍 Prentice Hall Inc.

    26. Early Repayment of Installment Loans分期付款的提前償還 • With the simple interest method, it is simply the outstanding balance.使用單利法,僅支付未償還本金的利息 • With the add-on method, use the rule of 78s or sum of the year’s digits methods.附加法分期貸款最普遍的方法為78法則或數字合計法 Prentice Hall Inc.

    27. Payment, Interest Rate and Loan Term付款金額、利率與貸款條件 • The total interest cost of your loan is directly related to the interest rate.你的貸款利息成本與利率息息相關 • The total interest cost of your loan is inversely related to the maturity length.你的貸款利息成本與到期日的長短 • Your periodic payment is directly related to both the duration and interest rate.你的定期付款金額與期間及利率有直接的關係 Prentice Hall Inc.

    28. Sources of Consumer Loans消費性貸款的來源 • Inexpensive sources of loans:費用低廉的貸款來源 • Home equity loans 房屋權益貸款 • Other secured loans其他來源貸款 • More expensive sources of loans:費用昂貴的貸款來源 • Credit unions信用合作社 • Savings and loans儲蓄和貸款協會 • Commercial banks商業銀行 Prentice Hall Inc.

    29. Sources of Consumer Loans (cont’d)消費性貸款的來源(續) • Most expensive sources of loans:費用最昂貴的貸款來源 • Retail stores零售機構的公司融資 • Finance companies融資公司 Note: Those who are in the worst financial shape have to pay the most for credit. You must have a solid credit rating to borrow from the cheaper lenders.注意:那些身處於最糟財務狀態的人,往往負債累累, Prentice Hall Inc.

    30. Know How to Borrow了解如何借款 • Maintain a strong credit rating維持在最佳信用狀態 • Reduce the lender’s risk:降低貸款者的風險 • Use a variable rate loan.使用機動利率貸款 • Keep the loan term as short as possible.保持較短的貸款期間 • Provide collateral for the loan.提供貸款擔保品 • Pay a large down payment on the item to be purchased with financing.對任何融資支付較多的自備款 Prentice Hall Inc.

    31. Know When to Borrow瞭解如何借款 • Do you really need to make this purchase? 你真正需要購買嗎? • Does it fit into your financial plan?它適用於你的財務規劃嗎? • If cash is used, can you maintain sufficient liquidity?如果使用現金而不貸款時,確定你仍擁有足夠的流動性? • What is the after-tax cost of borrowing versus the after-tax lost return from using savings to make the purchase?比較借款的稅後成本,與使用存款購買所損失的稅後報酬? Prentice Hall Inc.

    32. Control Your Use of Debt控制債務的使用 • Calculate the debt limit ratio計算負債限制比率 Debt limit ratio = monthly nonmortgage debt / monthly take-home pay負債限制比率=每月非抵押擔保負債支付總額/每月實得薪資總額 • Apply the debt resolution rule使用負債解決法則 • Control your consumer debt控制你的消費性貸款 Prentice Hall Inc.

    33. Take Steps When You Can’t Pay Your Bills當你無法支付帳款時的方法 • Implement a budget that brings in more money than you spend.實行預算可幫助你的收入大於花費 • Use self-control to limit credit usage.自我控制信用方面的習慣 • Talk to the creditor about restructuring the debt repayment.與貸款人洽談有關重整所欠的債務 • Seek help from a credit counselor.尋求信用顧問的幫助 Prentice Hall Inc.

    34. Take Steps When You Can’t Pay Your Bills (cont’d)當你無法支付帳款時的方法(續) • Consider a cheaper loan to pay back more expensive debt.考慮使用一個較便宜的貸款來償還較貴的 • Use savings to pay off current debt.使用存款去支付現有的負債 • Consider a debt consolidation loan.考慮運用債務整合貸款 Prentice Hall Inc.

    35. Chapter 13: The Wage Earner’s Plan Chapter 13 靠工資生活者計畫 • Is a viable possibility if you:假使你符合下列,才適合實行 • Have a regular source of income有固定收入 • Have less than $350,000 secured debt擔保債務需低於$350,000 • Have less than $100,000 unsecured debt無擔保債務需低於$100,000 (與課本p.199不符) • Sets up a controlled repayment schedule設定一個清償計劃表 • Allows you to maintain possession of your assets允許你擁有資產的所有權 • Is reported on your credit report for 7 years破產紀錄保留7年的信用檔案 Prentice Hall Inc.

    36. Chapter 11: Debt Reorganization Chapter11 債務重整 • Not very common because it is intended for businesses較少實行,因為它的本意是針對企業破產 • Is viable if you exceed the liability limits of Chapter 13假使你的負債限制超出了Chapter 13才實行 • Allows your creditors to vote on the repayment plan允許你的貸款人選擇債務清償計畫 Prentice Hall Inc.

    37. Chapter 7: Straight Bankruptcy Chapter 7 直接破產 • again提供你機會以減少債務及重新開始 • Requires the liquidation of most of your assets by a court appointed trustee法院會要求清算你的資產,並將其分配給債權人 • Allows you to keep some equity in your house, but the amount varies by state允許你的房子中保有部份財產,但個州的規定不同 • Should only be considered after you consult with a financial advisor and a lawyer應該在受財務顧問或律師的踐一之後才採行 Prentice Hall Inc.

    38. Summary摘要 • Secured and unsecured loans:擔保與無擔保貸款 • Secured loans are guaranteed by a specific asset and typically have lower rates.擔保貸款是有特定的資產為擔保,通常利率是較低 • Unsecured loans require no collateral but normally have higher rates of interest.無擔保貸款並無要求抵押品,通常利率較高 • Single-payment loans:單一付款貸款 • Both principal and interest are due at maturity.本金與利息都須在到期時付清 Prentice Hall Inc.

    39. Summary (cont’d)摘要(續) • Installment loans:分期付款貸款 • Repayment of both principal and interest occur at regular intervals.在特定的期數償還本金與利息 • Fixed-rate interest versus variable-rate:固定利率與變動利率 • Fixed-rate loans normally have a higher interest rate that remains constant throughout the loan.固定利率通常利率較高,且在貸款期間保持不變 • Variable-rate loans have an interest rate based on an index, such as the prime rate or the 6-month treasury bill rate.變動利率是隨利率指標來變動,例如美國政府指標利率或六個月期的國庫券利率 Prentice Hall Inc.

    40. Summary (cont’d)摘要(續) • Loan costs vary with the methods of computing finance charges.借款成本視財務費用的計算方式有很大的差異 • Sources of consumer loans—know the costs消費性貸款的來源─了解成本 • Four ways to reduce your interest rate:四個減少利息的方法 • Use a variable-rate loan使用機動利率的貸款 • Keep loan term short縮短貸款期間 • Provide collateral提供擔保品 • Make a large down payment提供較多的自備款 Prentice Hall Inc.

    41. Summary (cont’d)摘要(續) • Determine how much debt you can afford:衡量依下你能負擔多少的貸款 • Review your budget檢視你的預算 • Analyze debt commitments分析貸款的契約 • Calculate your financial ratios計算你的財務比率 • Apply the debt resolution rule運用債務解決法則 • Seek help if you get into trouble.假使你陷入困境尋求解決辦法 Prentice Hall Inc.