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Financial Education

Loan to Own

What is an Installment Loan?

Installment loans are loans that are repaid in equal monthly payments, or installments, for a specific period of time, usually several years.

Some important lending terms you should know are:

� Fixed rate loan - A loan that has an interest rate that stays the same throughout the term of the loan.

� Variable rate loan - A loan that has an interest rate that might change during the period of the loan, as written in the loan agreement, or contract.

� Annual Percentage Rate - The APR is the cost of your loan expressed as a yearly percentage rate. When shopping for the best loan rates, compare the APRs rather than the interest rates, since APRs reflect the cost of interest and other finance charges.

� Finance Charge - The dollar amount the loan will cost you. It includes items such as interest, service charges, and loan fees.

� Collateral - The asset you promise to give to the lender if you do not pay back the loan.

� Secured loan - A loan where the borrower offers collateral for the loan. The borrower gives up his or her right to the collateral if the loan is not paid back as agreed.

� Unsecured loan - A loan where the lender does not require collateral.