Finance balloon payment | BIKERLOANS
Finance Balloon payment refers to a lump-sum payment made at the end of a loan term. Usually for a larger amount than the regular installments. Balloon payments are commonly used in finance for car loans, mortgages, and other types of loans.
The purpose of a balloon payment is to reduce the regular payments over the life of the loan. Making the loan more affordable in the short term. However, the borrower will have to make a large final payment at the end of the loan term to pay off the remaining balance.
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Last Update : Mar 22, 2023 7:29 AM
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