These loans are secured by putting a lien on the vehicle being purchased. Loans for either a new or used car qualify as a type of consumer loan. Consumers may get lower rates than many other loan options such as credit cards or unsecured loans. Repayment happens with fully amortized principal and interest payments during a 5 to 30 year period.īBVA Compass offers home equity loans, featuring a competitive fixed rate with fixed monthly payments. Like a HELOC, the borrower’s home equity is used as collateral to secure the loan. Home Equity LoansĪ Home Equity Loan varies from a HELOCs in that the loan is given to the consumer in one lump sum and has a fixed interest rate. More information about the Equity Optimizer Home Equity Line of Credit can be found here. This loan features a competitive, adjustable rate. The Equity Optimizer Home Equity Line of Credit is BBVA Compass’ HELOC offering. Consult a tax advisor regarding the deductibility of interest. The interest on a HELOC may be tax-deductible. After the draw period all outstanding balances are fully amortized and repaid on a 10 to 15 year term. Many HELOCs have draw periods during which the borrower can draw down the credit, either in increments, or by paying all or part of it back and then borrowing it again. As the borrower, you decide how much of the line of credit you want to use, and the timing for use. Home Equity Line of CreditĪ home equity line of credit, or HELOC, uses the equity in your home to secure a loan that is provided for a specific period of time. Find out more about BBVA Compass Express Personal Loans here. This type of loan is unsecured.īBVA Compass’ premier personal loan service, Express Personal Loans, features potential same-day closing and funding upon final approval, alongside a host of other consumer-friendly features. The lender uses the consumer’s credit score, among other factors, to determine eligibility and the applicable interest rate. This type of loan typically just requires a signature from the customer on a promise to pay the loan back. Some the different types of consumer loans available include: 1. Many of these types of loans are unsecured, meaning they don’t require any collateral, while some, like auto loans for instance, do require some asset be placed against the loan in effort to guarantee loan repayment. When it comes to applying for a personal loan easily and quickly, look no further than BBVA Compass Express Personal Loans.
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