1. Characteristics and types of consumer loans Credit can be great to have. In some situations, having credit can even help you achieve some financial goals, but only as long as you . Consumer loans can be part of your credit management program. manage your credit well go over your budget by just a little bit ct find someone else to pay your bills h in the following list. Check all that apply. for a specific purpose Has no specified repayment plan except periodically due minimum payments Used to pay for comparatively expensive and infrequent purchases Credit can be great to have. In some situations, having credit can even help you achieve some financial goals, but only as long as you Consumer loans can be part of your credit management program. Identify characteristics of a consumer loan in the following list. Check all that apply. Has a formal, negotiated contract Used for a one-time transaction for a specific purpose Has no specified repayment plan except periodically due minimum payments Used to pay for comparatively expensive and infrequent purchases Types of Consumer Loans Select the term associated with consumer loans that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is only one possible answer for each description.) Description Loan for a car, truck, or minivan or an SUV Loan for expensive goods using the purchased items as collateral, such as home furnishings or snowmobiles Usually used when someone is overloaded with debt Usually used to finance temporary or short-term expenditures, such as uninsured cosmetic surgery Loans to students for undergraduate or graduate studies Term Loan for a car, truck, or minivan or an SUV Loan for expensive goods using the purchased items as collateral, such as home furnishings or snowmobiles Usually used when someone is overloaded with debt Usually used to finance temporary or short-term expenditures, such as uninsured cosmetic surgery Loans to students for undergraduate or graduate studies Auto loans Consolidation loans Education loans Loans for other durable goods Parent loans Personal loans 4 4 4