If you need a loan, you have more options than most realize. There are several types of bank loans available. Each one comes with unique terms and requirements. A basic understanding of loan types can help you plan for this new debt and get the best product for your needs. From consolidation loans that will help with paying Commerce Bank bill payments to loans for home improvements, here's a taste of what's available at most banks.
Auto Loans
Need a new ride? An auto loan will help you get it! These types of loans are secured, using your new vehicle as collateral. Terms can vary, but most people pay off auto loans over three to seven years.
Auto loans are available at most banks and credit unions. You can also get them from online lenders or auto dealers. Empower your finances: access expert help with paying Commerce Bank bills – visit us today!
Mortgages
Mortgages are the biggest type of loan you can get. They're also the most difficult to qualify for. A mortgage helps you finance the purchase of a home, allowing you to pay for your new home over several decades.
Several types of mortgages exist. In addition to conventional mortgages, you may qualify for government-backed loans like an FHA, USDA or VA loan.
Personal Loans
Personal loans are the most versatile. Unlike a mortgage or auto loan, they aren't specific to a single purchase type. You can use these loans to pay for vacations, weddings, home improvement, expensive product purchases, etc.
Student Loans
Student loans are specific to educational expenses. They cover the costs of tuition, living expenses, books and more. To qualify for a student loan, you must attend an accredited school and complete the Free Application for Student Aid. The loans you get from a bank are private and not federal.
Debt Consolidation Loans
Here's a loan that can help with paying Commerce Bank bill payments and other high-interest debts. The purpose of a debt consolidation loan is to simplify debt repayment by combining multiple bills into one. Depending on your financial situation, you can also get better interest rates to make handling your debts more affordable.
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