Balloon payment for your car To make a vehicle more affordable on a monthly basis, many dealerships structure financing agreements which include a balloon payment, or residual value, at the end of the contract term. A balloon payment is where a percentage of the vehicle's value is taken off the financed amount, with this residual amount becoming payable as a lump sum at the end of the financing period. While this has the effect of lowering your monthly repayments—thereby making the vehicle appear more "affordable"—you still pay interest on the residual amount and will need to ensure that you have a capital amount available at the end of the contract or risk having to sell your car.
This story is from the October 26, 2024 edition of The Citizen.
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This story is from the October 26, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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