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 Term Loan for a car, truck, or minivan or an SUV Usually used when someone is overloaded with debt Available for a child's undergraduate college studies, up to the full cost of attendance, with no specific dollar limit Usually used to finance temporary or short-term expenditures, such as uninsured cosmetic surgery Loans to students for undergraduate or graduate studies