Auto Loans
Auto loans typically have this type of rate
What is a fixed rate?
The most common type of mortgage
What is a 30 year fixed loan
What is risk of overspending
What is 200-400%
An example of a secured debt.
What is a Mortgage or Auto Loan?
Recommended maximum term length for an auto loan
What is 60 months?
During the COVID Pandemic, interest rates were below this number.
What is 3 percent
An advantage to opening up a credit card
What is helps build credit score, rewards or benefits, money in case of an emergency
By law, you get a free copy of this from each bureau every year
What is a credit report?
What is....Installment, Revolving, Service?
An advantage to leasing a car
What is less maintenance, smaller payments, or driving a new car
Currently interest rates are around this number
What is 7 percent
Define balance transfer
What is moving debt from one credit card to another to hopefully save on interest
35% of your credit score calculation
What is payment history
Name an advantage of a variable rate loan.
What is payment can decrease when interest falls?
An advantage to purchasing a car
What is building equity
Name one of the two ways to pay less interest on your mortgage.
What is pay it bi-weekly or pay more than your monthly payment
The name of a cheat sheet for your credit cards interest and fees disclosed to you at least once a year
What is a schumer box
15% of your credit score calculation
What is length of credit history
What is Assets - liabilities = net worth
This cost increases while your monthly payment decreases if you take out a longer term auto loan
What is the interest paid?
At about what year of a 30 year loan do you start paying more in principal than interest
What is about Year 15
The best credit scores have this percentage or less of credit utilization
Length of time before your mortgage will go into foreclosure
What is 90 - 120 days
These types of loans should be paid first if you are strapped for cash
What is secured loans?