Loan Type Comparison Guide
Compare different types of loans to find the best financing option for your needs. Understand the key differences in rates, terms, and requirements.
How to Use This Comparison Responsibly
Every lender prices loans differently. Use this guide to frame the questions you ask banks, credit unions, and online lenders—then request written loan estimates so you can line up APRs, closing costs, and repayment timelines side by side.
- 1Compare total borrowing cost: focus on APR plus origination, underwriting, and prepayment fees—not just the headline rate.
- 2Stress-test the payment: run best- and worst-case scenarios in the calculators linked below so you understand the cash-flow impact.
- 3Match the loan to your timeline: shorter terms reduce lifetime interest, while longer schedules lower the payment but increase total cost.
Tip: bring these notes to a meeting with a licensed loan officer or fiduciary advisor so they can tailor the recommendation to your credit profile, income stability, and long-term plans.
| Loan Type | Typical APR Range | Loan Term | Collateral Required | Best For |
|---|---|---|---|---|
| Mortgage (30-Year Fixed) | 6.5-8% | 15-30 years | Yes | Home purchases |
| Personal Loan | 6-36% | 1-7 years | No | Debt consolidation, large purchases |
| RV Loan | 4.5-9% | 10-20 years | Yes | Recreational vehicle financing |
| Boat Loan | 5-10% | 10-20 years | Yes | Boat and watercraft financing |
| Refinance Loan | 6-7.5% | 15-30 years | Yes | Lowering mortgage rate or payment |
| 401k Loan | Prime + 1-2% | 1-5 years | No | Emergency borrowing from retirement |
🏠 Mortgage Loan Options Compared
| Feature | 15-Year Fixed | 30-Year Fixed | 5/1 ARM |
|---|---|---|---|
| Interest Rate | Lowest | Moderate | Initially lowest |
| Monthly Payment | Highest | Lowest | Varies after 5 years |
| Total Interest Paid | Lowest ($100K on $300K) | Highest ($200K+ on $300K) | Variable |
| Equity Building | Fastest | Slowest | Moderate |
| Best For | High income, forever home | Lower monthly budget | Short-term ownership |
💳 Personal Loan vs Credit Card Debt
Personal Loan
- ✓Fixed interest rate (typically 6-36%)
- ✓Fixed monthly payment
- ✓Set payoff date (1-7 years)
- ✓Lower rates for good credit
- ✗Origination fee (1-8%)
- ✗Hard credit inquiry
Credit Card
- ✓Revolving credit (reusable)
- ✓Rewards and perks
- ✓Flexibility in payment amounts
- ✗High APR (18-29%)
- ✗Variable interest rate
- ✗Easy to accumulate debt
🚗 Vehicle Financing Options
| Feature | Auto Loan | RV Loan | Boat Loan |
|---|---|---|---|
| Typical APR | 4-8% | 4.5-9% | 5-10% |
| Loan Term | 3-7 years | 10-20 years | 10-20 years |
| Down Payment | 10-20% | 10-20% | 15-20% |
| Collateral | Vehicle | RV | Boat |
| Calculator | Coming Soon | RV Calculator → | Boat Calculator → |
🔄 When to Refinance Your Loan
Good Time to Refinance
- • Interest rates dropped 0.75%+
- • Credit score improved 50+ points
- • More than 15 years left on loan
- • Can afford higher payments (15-year refi)
- • No prepayment penalty
Consider Carefully
- • Rates dropped 0.5-0.75%
- • 10-15 years left on loan
- • Planning to move in 3-5 years
- • Closing costs are high ($5K+)
- • Break-even is 3+ years
Probably Not Worth It
- • Less than 10 years remaining
- • Rates only dropped 0.25%
- • Planning to move within 2 years
- • Resetting 30-year clock
- • High prepayment penalty
Try Our Loan Calculators
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Important Disclaimer
Not Financial Advice: This calculator provides estimates for educational and informational purposes only.
- Results are based on the information you provide
- Actual results may vary based on individual circumstances
- Consult a qualified professional before making financial decisions