Fortunately, when you can't save up money in advance, there's a wide variety of loan options out there to choose from.
As one of the broadest loan categories, personal loans provide funding for a wide variety of uses ranging from weddings and vacations to home renovations and debt consolidation.
An auto loan is a type of secured loan available solely for the purchase of a new or used vehicle. With most auto loans, borrowers can expect to pay an interest rate as low as three percent for excellent credit or as high as 10 percent for borrowers in the sub-650 range.
Similar to auto loans, mortgage loans are secure loans, only they are for much more money and typically require regular monthly payments for up to 30 years.
With limited inventory and sky-high home prices, more and more people are buying raw land these days. However, the land isn't exactly cheap either, which is where a raw land lender comes in, someone like Raw Land Lenders.
Student loans are unsecured loans meant to pay for college tuition, fees, books, and living expenses. Unlike personal loans, which can be used for anything, student loans can only be used for education-related expenses at accredited schools.
Personal Loans
As one of the broadest loan categories, personal loans provide funding for a wide variety of uses ranging from weddings and vacations to home renovations and debt consolidation.
Most personal loans can be easily applied for online and feature repayment terms ranging from 24 to 84 months.
Auto Loans
An auto loan is a type of secured loan available solely for the purchase of a new or used vehicle. With most auto loans, borrowers can expect to pay an interest rate as low as three percent for excellent credit or as high as 10 percent for borrowers in the sub-650 range.
Auto loan terms can range anywhere from 36-84 months and are often at the discretion of the borrower. However, as with any type of loan, the longer the term, the greater the amount of interest paid.
Mortgage Loans
Similar to auto loans, mortgage loans are secure loans, only they are for much more money and typically require regular monthly payments for up to 30 years.
There are several types of mortgage loans, and while credit unions and banks are the most common mortgage lenders, they sometimes sell their qualified mortgage loans to federally-sponsored entities like Fannie Mae and Freddie Mac. Government-backed loan programs are also available for certain homebuyers.
Land Loans
With limited inventory and sky-high home prices, more and more people are buying raw land these days. However, the land isn't exactly cheap either, which is where a raw land lender comes in, someone like Raw Land Lenders.
Land loans allow adventurous borrowers to buy raw land in order for them to build their dream house, create a mini-farm, and virtually anything else they choose to do with what they buy.
While land loans generally have higher interest rates than mortgage loans, they also feature shorter terms and require less of down payment, making it possible for almost anyone to achieve their dream of land ownership.
Student Loans
Student loans are unsecured loans meant to pay for college tuition, fees, books, and living expenses. Unlike personal loans, which can be used for anything, student loans can only be used for education-related expenses at accredited schools.
There are both private and federal student loans, and both often come with low-interest rates and flexible repayment terms.
As you can see, there are several different loan options available to fund just about whatever you need. Deciding on the right type of loan really just depends on what you plan on using it for.
As you can see, there are several different loan options available to fund just about whatever you need. Deciding on the right type of loan really just depends on what you plan on using it for.
For example, if you plan on buying a car then obviously an auto loan would be of the most benefit to you. Meanwhile, a raw land loan can help you build a home while a mortgage loan allows you to pay for a home that’s already built.
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