Auto
What is the minimum credit score most lenders require for a car loan?
620
What is a typical down payment needed to buy a house?
20%
What government program offers low-interest loans for college?
(Federal Student Loans)
What does SBA stand for in small business loans?
Small Business Administration
What type of personal loan requires no collateral?
Unsecured Loan
How long is a common car loan term?
5 years/60 months
What is PMI?
Private Mortgage Insurance
What's the most money a first-year college student can borrow from the government?
$5500
How many years should a business be running to qualify for a bank loan?
2 years
What is a good credit score for a personal Loan
700+
What is the average interest rate for a new car loan?
6-7%
What is an ARM
Adjustable rate mortgage.
What's the current interest rate on federal student loans?
5.50%
What is a loan used to buy an existing business called?
Acquisition Loan
What percent of your income should go toward debt payments?
Under 36%
What is it called when you owe more on your car than it's worth?
Upside Down/Negative Equity
What is a "point" a lender might charge?
What program pays off student loans for doctors who work in underserved areas?
NHSC
What financing option uses credit card sales to get cash?
Merchant Cash Advance
Why might having collateral help you get a personal loan?
Lower Risk for Lender
What is "leasing" a car?
Paying to use it for a set time, then returning it
What is a reverse mortgage and who can get one?
loan for homeowners older than 62
What's the total maximum for federal student loans in college?
$31,000
What is an "angel investor"?
Wealthy person who invests in small businesses
What typically happens if you pay off a personal loan early?
No penalty