What is a long term bank loan?
A long term bank loan is a good way of financing a large purchase that you may not otherwise be able to afford out of pocket. You can also use a long term loan to consolidate short-term loans or other debts as it’s a useful way to lower your overall interest rate on credit repayments. The most common types of long term bank loans are home loans followed by student loans, vehicle loans, and even equity and debt-consolidation loans. These types of loans are usually secured loans, which means that the borrower must be able to put down some sort of personal asset as collateral against the loan.