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What are the benefits of a balloon loan?

The one main benefit is the reduced monthly loan payments. A balloon loan allows you to finance a car with monthly payments that are usually lower than the payments you’d make with a traditional auto loan. But an auto balloon loan also comes with risks. A balloon loan comes with a big one-time payment at the end of the term.

What is a balloon loan?

A balloon loan is a type of loan that does not fully amortize over its term. Since it is not fully amortized, a balloon payment is required at the end of the term to repay the remaining balance of the loan. Balloon loans can be attractive to short-term borrowers because they typically carry lower interest rates than loans with longer terms.

What is a balloon payment on a car loan?

This lump sum is known as a balloon payment. The amount of the balloon payment can vary. For example, it might be a percentage of the manufacturer’s suggested retail price (or MSRP) of the car you’re financing or based on the estimated value of the car at the end of the loan term.

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