Here's a quick summary of the benefits and drawbacks of amortized loans:nnPros:nnLower effective APRs in most cases.nTypically for higher borrowing amounts.nLonger terms & lower payments.nCan save interest costs by paying the loan early.nnCons:nnMore total interest is paid over the lifetime of the loan.nMore difficult to qualify.nUsually requires collateral.nDifficult to calculate.nLonger underwriting & funding times.