Undecided Question: what is an installment loan in finance?
Baghdadia Asked: Undecided Question: what is an installment loan in finance?
An example is a car loan.
Lets say you make a car loan for $10,000
They will give you three to six years to pay in monthly payments.
These monthly payments are referred to as installments (installment loan)
Answers:
Answered:
One you pay back with installments over time, usually each month, until the loan and interest are paid off.
One you pay back with installments over time, usually each month, until the loan and interest are paid off.
Answered:
$35,000 x 10% for 360 months equals $307 per month.
$35,000 x 10% for 360 months equals $307 per month.
Dave Answered:
The charge off will stay on your credit files for 7.5 year from the original date of last activity. They can charge you interest every day until it is paid infull. They also have the right to call you and try to collect the remaining balance. If you buy a car and they run the credit report, there will be a increase because of the default.
The charge off will stay on your credit files for 7.5 year from the original date of last activity. They can charge you interest every day until it is paid infull. They also have the right to call you and try to collect the remaining balance. If you buy a car and they run the credit report, there will be a increase because of the default.
Got a better answer? Share it below!
Categories: Loan Questions Tags: Baghdadia Asked, Dave Answered, loan, Undecided Question