Banks have made our spending even more attractive, with both ease of payment and loans that provide a lot of variety. Banks and government loans; We can list them as Consumer Loans, Mortgage Loans, and Commercial Loans. By law, consumer credit can only be given to individuals. Institutions and organizations do not benefit from this loan.
Consumer loans are also known as consumer loans. General-purpose loans are paid monthly in equal installments. Types of consumer loans; Types of mortgage-free loans, goods loans, education loans, marriage loans, holiday loans, mortgage loans, vehicle loans. Credit payments can be listed as regular monthly, interim payment, increasing, decreasing, balloon, flexible payment.
What is Balloon Payment Credit?
Due to the increasing demand for loans in recent years, banks have started to follow quite different ways in payment methods. A balloon payment is one of them. In balloon payment, you can make the loans you have received in more favorable terms, in bulk in the last installment. Interim pay loans and balloon loans are the most preferred in housing loans and vehicle loans where the installments are high.
For example, you have received a 60-month housing loan. Your monthly loan repayments will be high as you buy housing. You can pay a monthly amount of about 3200 USD in smaller amounts and make a collective payment, which is referred to as balloon payment in the last installment.
This loan is a kind of loan that will be very useful for your monthly payments. If you know that your financial situation will not be very good at that time, but you still want to buy your dream home, car, if you think you can pay the last installment collectively when you receive a lot of money, such loans may be for you.
The amount of payment to be made in the installment of the balloon payment and the final payment varies from bank to bank. While the balloon is being paid, the installment amount can be determined by the borrower so that it does not fall below the interest and tax amounts. Such loans are loans that are very suitable for people who want to sell the purchased goods and close the loan with the money obtained after buying the house or vehicle.
Balloon Payment Credit Which Advantage in Purchases?
In mortgage payments, some banks give the opportunity to pay collectively in the last term instead of spreading 30% of the loan amount to the installment. In this way, those who want to buy a house will get the house they want more quickly and pay less monthly loans.
Some banks have taken this loan; They bring to the fore with fixed interest, the use of bulk money in investment instruments, the ability to own a home/vehicle without waiting for the next bulk money, and the reduction of monthly payments.
Who is Eligible for Balloon Payments?
Balloon pay loan especially; It is very suitable for those who want to make high-value purchases such as housing and vehicles, to keep the money they have in investment, to keep their monthly payments low, to make mass payments at the end of the maturity, to buy a house or vehicle at the end of the retirement bonus, those who expect bulk money and investors.
Which Banks Offer Balloon Payment Loan Service? Today, many banks try to meet the demands of their customers by offering the convenience of a balloon payment loan.