Are you wanting to buy a new vehicle but wondering whether you can pay the cost in full? Installment loans allow you to complete the purchase and pay the loan back over time. If you’re considering an installment loan, it’s important to understand how it works and how it compares to other borrowing options. In today’s blog, the team at Quick Loans Nixa, MO answers some common questions about installment loans.
What Is an Installment Loan?
An installment loan is a loan that is repaid over time with a set number of scheduled payments. This payment schedule is based on the loan amount, the interest rate, and the number of payments. Loan terms may be as short as a few months and as long as 3 years, with the loan usually carrying a fixed interest rate. Except for the first and last payments, each loan payment is typically the same amount.
How Much Money Can I Get?
Installment loan amounts vary by state. To determine the interest rate or whether you qualify for an installment loan, Quick Loans will look at your vehicle, your annual income, and your debt-to-income ratio. Your personal information will be used to decide on a loan amount that works for you.
Who Uses Installment Loans?
Consumers favor installment loans for purchasing items that they can’t pay for in cash. The loan can be useful for people with good, near-prime, or bad credit.
When Are Installment Loans Used?
Installment loans are commonly used for people who need to finance large purchases, such as appliances, property, cars, or boats. There are other types of installment loans as well, including mortgages, personal loans, and student loans. The other uses for an installment loan may involve home improvement or medical bills.
Where Can I Get an Installment Loan?
To acquire an installment loan, some people start at their local bank or credit union. There are also many online lenders who offer personal installment loans, such as Quick Loans. We make it easy and convenient for you to apply. Quick Loans also offers easy payment terms, online account access, and an Installment Loan tailored to fit your budget and cash flow.
Apply for an Installment Loan Today
At Quick Loans, we strive to give our customers exceptional service and high-quality, reasonably priced loans. If you’re looking to finance a large purchase or pay other high-interest loans, apply for an installment loan today.