Auto Loans
Loans given for the purpose of purchasing a car
What is an Auto Loan?
What is unsecured?
A loan that is designated for students to pay for post-secondary school or training
What is a student loan?
This is a loan used to pay for real estate, housing, a piece of land
What is a Mortgage?
These three Credit Bureaus track and record data on borrowers' payment history, current credit lines, and open accounts
What are Experian, TransUnion, and Equifax?
What is 48 months
What is...
Boost Credit Score/Create Credit History
Emergencies
Rewards
Protection/Security
Insurance on Purchases
Type of student loan where the government pays the interest until the end of the grace period
What is a subsidized loan?
This is the most common form of mortgage given out to American home buyers
What is a 30-Year Fixed Rate Mortgage?
A number that is tied to your trustworthiness as a borrower
What is a FICO score?
This is accounts for the largest cost when it comes to a new car purchase
What is depreciation?
This is federally required to be shown with every credit card application
What is a Schumer Box?
Type of student loan where the government does not pay the interest on the loan until the end of the grace period
What is a direct unsubsidized loan?
This type of mortgage has an interest rate that is tied to an index that adjusts on a regular schedule
What is an Adjustable-Rate Mortgage?
The only way to actually get out of debt
What is paying more than the minimum monthly payment?
Increasing this upfront will lower the total cost of your auto loan in the long run
What is increasing your down payment
The amount of money that a person is allowed to borrow on a month-to-month basis with a credit card
What is a credit line?
These loans are given to graduate students or parents who are looking to help pay for their child's education
What is paying more than the minimum month payment?
This percentage is a great rule of thumb for making sure that you do not borrow too much money for a house
What is 25% to 28% of your monthly gross pay.
One of the reasons buying a used car can be a better financial move than buying a new car.
What is...
1) Less depreciation
2) Lower tax, title, license, and fees
3) Cheaper overall
4) Increased choice
A type of credit card where your own deposit acts like a line of credit.
What is a secured credit card?
This repayment option starts with small payments that gradually increase every two years
What is a graduated repayment plan?
This is given to every borrower when they secured a mortgage. It lays out every payment for the term of the loan.
What is an amortization table?
What is Lewis & Clark?