Finance / July 19, 2018 / Emmalynn Leach
Are there months when you feel like all your money goes to making payments on your debt? It sounds like you may have a high debt-to-income ratio (DTI) on your hands. The debt-to-income ratio is a number that expresses the relationship between your total monthly debt and your gross monthly income.
A car loan (also known as an automobile loan, or auto loan) is a sum of money a consumer borrows in order to purchase a car. Generally speaking a loan is an amount of money that is lent to an individual, a business, or another entity. The party that lends the money is known as the lender, while the party borrowing the money is called the borrower. When taking out a loan a borrower agrees to pay back the full loan amount, as well as any interest (a percentage of the loan amount, usually calculated on an annual basis), by a certain date, typically by making monthly payments.
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