How to Get an Installment Loan
What it is
| At a Glance | |
|---|---|
| Loan Type: | Personal |
| Lender: | Bank |
| Secured: | No |
An installment loan is a loan repaid with a fixed number of periodic equal sized payments. Often, borrowers can obtain secured and unsecured installment loans. Installments loans may be used for new car loans, used car loans, recreational vehicle loans, boat loans, horse trailer loans, motorcycle loans, home equity loans and personal loans. Terms range from 50 months to 180 months and interest rates can range from six to 12 percent.
Installment loans are typically used for long term financing to pay for business expansion and growth. Many installment loans are available in different amounts at rates that are competitive and affordable. Loans can be used to finance up to 100% of asset acquisition costs that will free up a company's working capital. This loan can be amortized over a period of time to suit cash flow, which results in manageable monthly payments. Borrowers can choose either a fixed interest rate or a variable interest rate. Funds are available immediately after closing.
Who it's for
An installment loan, whether it is fixed or variable, could be an option for borrowers who need money to buy fixed assets, want protection against short-term interest rate fluctuations, and need to make repayments in line with a business's seasonal cash flows. For these people who prefer to pay back a loan in installments, this loan is convenient and affordable.
What you need to do to apply
In order to obtain an installment loan, interested applicants will need to contact a local lending institution and inquire about the different options and rates available. Personal and business financial history, including a credit report, will need to be made available to the lending institution.
Apply for an Installment Loan
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