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Financial Education

Loan to Own

The 3 Cs

Lenders generally review the three Cs to decide whether to make a loan to you. The three Cs are capacity, capital, and character.

• Capacity is your present and future ability to meet your payment obligations. This includes whether you have enough income to pay your bills and other debts.

• Capital refers to your savings and other assets that can be used as collateral for a loan.

• Character refers to how you have paid bills or debts in the past. Your credit report is one tool lenders use to consider your willingness to repay your debts.

Annual Percentage Rates

Before you commit to a loan, shop for the best APR. Even a 1% change in the APR can affect the price of your purchase over the life of the loan.

This example shows how much you would pay for a $5,000 five-year loan with different APRs.

A $5,000 loan could cost $148.20 more if your APR was 11% instead of 10% ($6,522.60 - $6,374.40 = $148.20).

If you were charged a 16% APR, the loan could cost you $921 more than a loan with a 10% APR ($7,295.40 - $6,374.40 = $921).