Social Studies, 26.07.2019 15:00 cristian901997

Which types of credit are most similar to each other? auto loan and mortgage loan auto loan and personal loan credit card and mortgage loan mortgage loan and personal loan

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Answer from: rainbow7020

The answer is "auto loan and mortgage loan".

Purchasing another or marginally utilized auto and acquiring a house are two of the greatest money related advances we make in our lives.

An auto loan can highly affect your credit score, which thus bigly affects whether you will get affirmed for a home credit and what rates you will get.

When you apply for pre-endorsement on a mortgage loan, moneylenders will contrast your obligation with pay proportion and lodging costs, for example, property duties and protection to decide the amount you can acquire for a home. In the event that you have a substantial auto installment to make every month, it will bring down your getting power.

Answer from: MoogleCaliS

The correct answer is: "auto loan and mortgage loan"

Both are secured types of credit, loans which are granted by a financial instution to a borrower, under the condition that the latter provides a guarantee that proves his ability of returning the funds. Such proof is materialized through the provision an asset that the bank would keep in case of default (a collateral).

A mortgage is a secured debt instrument which is granted by financial institutions and demanded by borrowers who aim to buy a real state property. In fact, such property works as collateral and, in the case of default in montly repayments, the financial institution that provided the credit has the right to own the property in return. The auto loan functions exactly in the same way, but instead of buying a real state property, it is used to finance the purchase of a car. The car would work as collateral in case of default.

Answer from: Quest

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3) have lots of wisdom

Answer from: Quest

answer; /// i believe the correct answer is (wine) ; /// good luck

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Which types of credit are most similar to each other? auto loan and mortgage loan auto loan and per...

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