1. Vocabulary - Characteristics and types of consumer loans Credit can be great to have. In some situations, having credit can even help you achieve some financial goals, but only as long as you . Consumer loans can be part of your credit management program. Identify characteristics of a consumer loan in the following list. Check all that apply. Used for a one-time transaction for a specific purpose Has a formal, negotiated contract Used primarily to buy low-cost goods and services on an ongoing basis Can be used repeatedly as long as it is not canceled Types of Consumer Loans Select the term associated with consumer loans that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is only one possible answer for each description.) Description Term Loan for a car, truck, or minivan or an SUV Usually used when someone is overloaded with debt Available for a child's undergraduate college studies, up to the full cost of attendance, with no specific dollar limit Usually used to finance temporary or short-term expenditures, such as uninsured cosmetic surgery Loans to students for undergraduate or graduate studies