Is there a type of loan that does not require the customer to pay monthly installments and just one lump sum when the loan matures. In other words, is there an exact opposite to a Certificate of Deposite? Thanks for your answers!
2007-08-22 11:46:56 · 5 answers · asked by tmac5445 1 in Business & Finance ➔ Personal Finance
Short term... yes..... Long term... not often......
2007-08-26 08:55:11 · answer #1 · answered by I Can Count To Potato 7 · 0⤊ 1⤋
Yes they will pay less for hte car because, anything over the payment gets applied to Principle and then the next month's interest payment is based on a lower principle amount so, even paying 25 a month more can really pay off. If they can pay another hundred a month then again, they will really save a bunch. Keep in mind that interest is accrued daily so, if they make two payments a month then the overage won't all go to principle so, to get the biggest bang for the buck they need to make the payment + extra in the same payment. Again, make sure there is no penalty for paying it off early.
2016-05-20 02:47:54 · answer #2 · answered by ? 3 · 0⤊ 0⤋
90 day notes are common, payable at the end of 90 days.
Longer periods can be had with superb credit.
2007-08-22 11:55:10 · answer #3 · answered by ed 7 · 1⤊ 1⤋
terms of any loan is what is agreed upon between borrower
and lender (even % of interest)
2007-08-22 11:55:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
sure all banks have them -- just go in an apply -- i use them all the time!!!
that is how 80% of the farmers get their money for next's year crop!!!
2007-08-26 09:53:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋