A balloon payment is a large payment made by the borrower at the end of a car loan, to finalise the loan. A balloon payment allows a borrower to get a loan with a low interest rate and a short term. The problem with this payment scheme is that it makes financing your car appear less expensive than it actually is, especially if your monthly repayments are already pushing you to your financial limit.
Finty members get
I don't want rewards
I want rewards
Disclaimer: You need to be logged in to claim Finty Rewards. If you proceed without logging in, you will not be able to claim Finty Rewards at a later time. In order for your rewards to be paid, you must submit your claim within 45 days. Please refer to our T&Cs for more information.