Ideally, you should have the opportunity to be informed on issues like income and credit requirements, down payments and closing costs, how to budget and save, how to shop for a home, and how to purchase a home. If you select a home buyer s program with all these ingredients, you re sure to save money and make the whole process easier. A vehicle loan is used for purchasing new or used cars, light trucks, or motorcycles. The rates and terms vary depending on the year of the vehicle and the amount of the loan. Lending institutions typically loan up to 100 percent of the average book value or selling price, whichever is lower.
Many institutions offer a fixed or variable rate loan.
Typically, the shorter the term, the lower the rate. A mortgage loan is a loan for purchasing of or refinancing of a home. For purchases, it is common for the lender to finance up to 90 to 95 percent of the appraised value or selling price, whichever is less. The most common repayment periods are 15 years and 30 years. However, many lending institutions will allow the borrower to choose any term under 30 years.