Balloon Payment
What is it? A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount your monthly payments didnt cover. Many states prohibit balloon payments in loans for goods or services that are primarily for personal, family or household use, or require the lender to let you refinance the balloon payment before forcing collection.Added By: Andrew
The Balloon Payment definition has been viewed 130 Time(s)!
Send To Friends!
If you'd like to send the Balloon Payment definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Balloon Payment. If you need any more information on this term, please don't hesitate to contact us.