BANKING AFFAIRS

Detailed explanation-1: -Auto loans can be good or bad debt. Some auto loans may carry a high interest rate, depending on factors including your credit scores and the type and amount of the loan.

Detailed explanation-2: -Meaning of debt payment in English. the act of paying back money that you have borrowed: make/meet debt payments Many people are struggling to meet their debt payments.

Detailed explanation-3: -Debt is anything owed by one party to another. Examples of debt include amounts owed on credit cards, car loans, and mortgages.

Detailed explanation-4: -Type of loan: Like a mortgage, an auto loan is a secured installment loan. It’s paid in a set number of payments over an agreed-upon period of time (often three to six years). If you stop making payments, the lender can repossess your car and sell it to get back its money.