Balloon Agreements

car loan Car Loan Balloon Agreement 1585 times2 answers1 follower
eddydunning0 1 Rep. elliemartin1 edited question

What is a balloon agreement for a Car loan?



elliemartin1 3.67K Rep. elliemartin1 edited answer

This is an amount of money that a person owes the financer, after they have repaid all monthly payments for their loan. This allows the person taking out the loan to pay a smaller amount over their monthly terms, on the condition they pay the rest in a lump sum at the end of the loan term.

    Sultanat 2.11K Rep. Sultanat answered

    A Balloon payment is a final payment at the end of a Lease Purchase or Personal Contract Purchase agreement which must be paid in order to take ownership of a car.

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