PDF Loan
Loan
To Own
Welcome
1. Agenda 2. Ground Rules 3. Introductions
Loan To Own 2
Objectives
? Identify various types of installment loans ? Identify the factors lenders use to make
home loan decisions ? Identify how federal laws protect you when
applying for a loan ? Identify the questions to ask when
purchasing a car
Loan To Own 3
Objectives
? Explain why installment loans cost less than rent-to-own services
? Explain why it is important to be wary of rent-to-own, payday loans, and refund anticipation loan services
? Guard against predatory lending practices
Loan To Own 4
What Do You Know?
What do you know or want to learn about installment loans?
Loan To Own 5
What is an Installment Loan?
? A loan that is repaid in equal monthly payments/installments for a specific period of time
? What items can be purchased with an installment loan?
? Cars ? Furniture ? Computers ? Household appliances
Loan To Own 6
Secured Installment Loans
? Have lower interest rates than unsecured loans
? Require collateral ? Examples: Mortgages and home equity
loans
Loan To Own 7
Collateral
? What does collateral mean?
? It is an asset you own and pledge to the lender if you cannot repay the loan
? If you are unable to repay the loan and the collateral is insufficient to cover the balance, you are still responsible for:
? The remaining balance ? Any fees and interest associated with the loan
Loan To Own 8
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