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'Consumer Loan'

A 'Consumer Loan' is the most highly regulated and common finance arrangement available today. The interest in the loan is a reducing daily index, meaning that your interest component is calculated daily and charged monthly. This allow you the greatest flexibility of the various different loan types however the tax benefits may be considerably less than those of a business loan agreement.

'Consumer Loans' may also consist of a deferred amount, this is referred to as a 'Balloon Payment' which enables you to only make payments on the amount that the asset will depreciate during the course of the loan, however interest will still be charged on the amount left over in the balloon.

As with all deferred amounts the balloon component must be paid at the completion of the loan, once again this may be done by paying the balloon outright, extending the loan into a 're finance' or simply selling the asset and paying out the money owing with the funds from the sale.

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Please note that the above information is factual only and does not take into account your personal financial situation. For any advice relating to financial matters always seek the advice of a professional who will take into consideration all factors relating to your situation.