Applying for loans can be a daunting task, especially when you don’t know what type of loan you need. Here are the major types available near Schiller Park:
Personal Loans
Personal loans are typically available from a credit union or bank. These loans can be used for almost anything from funding your small business or replacing a large appliance in your home. People also often use personal loans for consolidating debt or buying a new vehicle.
Auto Loans
Another major type of loan is an auto loan. Though you can use a personal loan to pay for a vehicle, most car dealerships prefer auto loans, only. Cars are expensive, and most people don’t have the luxury of having several thousands of dollars available to buy a vehicle. To get the best rates on these loans, your credit score and income might affect the application process. The amount you put down on the loan might also affect the outcome.
Home Loans
Home loans, or mortgages, are also very popular. These are usually the largest loans you can get. Most people get these for buying new homes, but you also might get them for other reasons, such as a second mortgage on your existing home. These loans tend to be more difficult to obtain, and they usually have very specific qualifications and requirements to qualify. Most people who apply for a home loan must put down money for the cost of the house. Generally, this is about 20%, but sometimes you can still qualify if you put down 10%. The more you put down, the better your chances could be, especially if you don’t have excellent credit.
