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These loans are backed by collateral, like a house or car, reducing the risk for the lender or company. Beware: If you fail to make your monthly payments, the lender can legally seize your collateral.
Installment loans typically come with lower rates than credit cards and lines of credit. Plus, interest can be fixed, which makes payments predictable — and easy to calculate before you borrow .
Installment loan payments usually include interest charges that are charged over the life of the loan and may be higher for borrowers with less-than-ideal credit.
Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). There are two primary methods of borrowing money to buy a car: direct and indirect. A direct loan is one that the borrower arranges with a lender directly. Indirect financing is arranged by the car dealership where the car is purchased.
This option, but not the obligation, to acquire the car after a period equivalent to a contract hire is therefore packaged as either an option (in law) to purchase the car (a call option) at a 'set' price, or a right to sell the car (a 'put' option) at a set price after ownership is fully achieved from the final ‘balloon’ payment.
A type of installment contract other than a loan involves the purchase of durable goods on credit. Such arrangements are usually referred to as "installment plans" rather than "installment loans". In 1807, the installment selling of durable goods was introduced in the US by the furniture store Cowperthwaite & Sons.
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