16 Types of Loans to Help You Make Necessary Purchases

loan mortgage rates personal loan mortgage payday loans fedloan mortgage rates today loans for bad credit fha loan current mortgage rates refinance rates car loan home loan myfedloan home equity loan loans near me car loan interest rate payday loans near me car finance mortgage interest rates heloc home loan interest rate reverse mortgage online loans capital one auto navigator mortgage broker 30 year mortgage rates home equity line of credit payday loans online wells fargo auto debt consolidation loan loan places near me wells fargo mortgage rates personal loan interest rate 15 year mortgage rates instant loan refinance personal loans for bad credit first time home buyer programs usda loans quick loans best mortgage rates mortgage loan title loans near me mortgage refinance rates title loans auto loan installment loans wells fargo auto loan no credit check loans bank loan line of credit chase auto loan conventional loan heloc rates cash out refinance refinance car loan peer to peer lending upstart loans va loan short term loans quick cash cash loans auto loan rates parent plus loan home equity loan rates instant personal loan mortgage interest rates today car title loans newrez mortgage unsubsidized loan same day loans lender bank of america mortgage rates refinance mortgage upgrade loans uwm mortgage bad credit loans guaranteed approval car loan rates home improvement loans flagstar mortgage best mortgage lenders home loan rates fast credit best personal loans small loans capital one car loan subsidized loan borrow money bridge loan loan application speedy cash near me personal loan rates va home loan consolidation loans us bank home mortgage construction loan discover personal loans interest only mortgage p2p lending td mortgage rates yourmortgageonline 30 year fixed mortgage rates loan apply online loans for bad credit bright lending us bank mortgage wells fargo refinance rates secured loan bank of america auto loan my fed loan mobiloans homepath usda home loan cenlar mortgage auto navigator capital one auto loan loan companies near me uploan rocketmortgage sofi loans personal loan eligibility bad credit car loans fast cash chase refinance rates home loan eligibility loan companies biz2credit ppp hard money lenders mortgage broker near me unsecured loans santander loans loans for people with bad credit closing costs bank of america refinance rates payday advance lightstream loans home credit cash loan credit builder loan mortgage pre approval first loan quick cash loans loan express avant loans wells fargo personal loan home equity jumbo loan bankrate mortgage rates mortgage lenders santander auto loan auto refinance payday loans online no credit check instant approval refinance rates today subprime urgent loans for bad credit fha 203k loan home interest rates first national mortgage loan me fast loans home credit loan sofi mohela first time home buyer loan used car loan rates personal loans near me get a loan discover loans bad credit car finance subprime mortgage personal loans online advance america near me first time buyer mortgage current refinance rates current mortgage interest rates money loan revolving credit refinance auto loan best auto loan rates current 30 year mortgage rates boat loans home mortgage rates payday loans bad credit cash advance near me mohela sofi term loan home credit personal loan daily mortgage rates fast cash loans low interest loans 203k loan usda eligibility loan places refi rocket mortgage rates easy loans mortgage companies used car loan loans for people on benefits auto financing branch loan house loan 5 mortgages installment loans online costco mortgage va loan rates instant cash advance equity loan loanadministration fixed rate mortgage personal loan apply average mortgage rate va mortgage rates simple fast loans heloc loan credit score to buy a house home refinance rates low interest personal loans 5 deposit mortgage fha approved condos types of loans installment loans for bad credit 10 year mortgage rates onemainfinancial best loan rates 15 year refinance rates eagle valley lending land loan navy federal mortgage rates 15 year fixed mortgage rates business loan interest rate small personal loans emergency loans refinance home loan capital one auto refinance help to buy equity loan refi rates usaa auto loan usaa mortgage rates small payday loans online no credit check cash out refinance rates personal line of credit online loan apply 20 year mortgage rates online loan application jumbo mortgage rates mortgage lenders near me bank of america car loan no credit check loans guaranteed approval direct stafford loan lowest mortgage rates today's interest rates small loans for bad credit instant loan without documents best car loan rates tesla financing refinance car citizen one chase auto loan rates origination opps loan quick loans for bad credit us bank mortgage rates stafford loan loans to go oportun near me standard bank home loans rv loans fed loans wells fargo car loan personal loan interest m&t bank mortgage rushmore mortgage home renovation loan second mortgage business line of credit santander car loan government loans best home loan rates instant cash loans car interest rates renovation loan home loan interest payday loans no credit check instant loan online santander mortgage rates direct lender loans best loans check n go near me wells fargo personal lines of credit wells fargo loans splash financial average mortgage interest rate home equity line of credit rates best bad credit loan companies best personal loan rates navy federal auto loan first direct mortgages mortgage refinance rates today capital one personal loan auto credit express money lenders lakeview mortgage fha streamline refinance hard money loan title pawn near me auto loan interest rates td mortgage adjustable rate mortgage chase personal loans federal loans chase car loan used car interest rates myinstantoffer mobile loans home first finance company best refinance rates mazda financial santander car finance td bank mortgage rates fannie mae and freddie mac grad plus loan home loans for bad credit construction loan rates emergency cash immediately bad credit usaa auto loan rates oportun loan new car loan rates get cash now same day loans online sba 504 loan home first finance nslds for professionals bank of america auto loan rates cash loans near me sba 7a loan payday loans online same day deposit current auto loan rates emergency loans for bad credit sofi personal loan payday loans online same day equity line of credit prestamos cdfi llc auto loans for bad credit mortgage lender line of credit loan cash advance loans auto refinance rates home finance line of credit interest rates better day loans personal loan online apply best debt consolidation loans investment property mortgage rates current va mortgage rates quicken loans mortgage rates fha mortgage instant payday loans security bank personal loan first mortgage citizens one auto finance unsecured personal loan rise loans hard money i need a loan chase home mortgage usaa personal loan unsecured jumbo loan rates flagstar bank mortgage ally auto finance loan rates my veterans united pnc auto loan federal direct unsubsidized loan current home loan interest rates poor credit loans get a loan with bad credit ally auto loan bank of america personal loan credit loan paypal loan commercial loan capital one loans tsp loan commercial mortgage mortgage companies near me citizens one auto loan pennymac usa payday loan direct lender usda property eligibility online loans no credit check ally home loans home mortgage small loans online used car loan interest rate current home interest rates marcus loans union bank personal loan mortgagecalculator equitable mortgage greatlakes loans loans for bad credit no credit check owning mortgage penfed auto loan nexa mortgage westside lending rural development loan lowest car loan interest rate pnc mortgage rates car title loans near me fha home loan loan interest rates residential mortgage green arrow loans property loan home depot project loan motorcycle loan cash advance online titlemax near me finwise bank bhg loans mortgage loan interest rates types of mortgage first home buyers best loans for bad credit hecm tms mortgage self build mortgage lowest home loan interest rate bad credit mortgage myeddebt 30 year refinance rates zillow mortgage rates current 15 year mortgage rates mortgage company getlendly jora credit quick loans online navy federal car loan lendly loan purchase money mortgage guaranteed installment loans for bad credit amortized loan loancare mortgage jumbo mortgage consumer loan rv loan rates pre approval home loan instant payday loans online guaranteed approval great lakes borrowing small personal loans for bad credit vehicle loan loan eligibility citizens one mortgage navi loan chase loans bank of america heloc average car loan interest rate suntrust auto loan very bad credit loans direct lenders lifetime mortgage us bank auto loan loan pronto extremely bad credit loans quicken loans rates usaa car loan fast cash loans online construction to permanent loan 1000 loan elastic loans vehicle finance need cash now interest only loan navy federal mortgage emergency cash immediately cash loans online first bank mortgage lakeview loancare bridge financing online title loans types of mortgage loans navy federal personal loan newrez myloancare va refinance rates direct loans citizens one loan va home loan rates freddie mac mortgage rates conventional mortgage $255 payday loans online same day third federal mortgage rates bank of america loans credit card consolidation loan chase bank mortgage rates instant approval loans need cash today car refinance rates direct lenders 10000 loan investment property loans guaranteed loans oneblinc td line of credit finwise title pawn navirefi best car loans fifth third bank auto loan lowest auto loan rates self employed mortgage buying a house with bad credit commercial mortgage rates get a loan today 5000 loan lightstream auto loan navy federal auto loan rates loan estimate best refinance companies instant cash loan in 1 hour without documents fannie mae homepath help to buy mortgage rocketloans helix loans mortgage finder 500 loan vehicle loan interest rate homebridge mortgage short term loans for bad credit capitalone auto mortgage application house mortgage brightlending penfed mortgage rates fixed rate car loan interest no credit loans fast payday loans urgent cash loans usda rural development loan 5 year fixed mortgage rates fast loan advance wells fargo home equity loan borrow money online lending company types of home loans same day payday loans private money lenders home refinance $255 payday loans online bank of america car loan rates direct unsubsidized loan 1 hour payday loans no credit check capital one refinance guaranteed rate mortgage perkins loan us bank refinance rates union bank loan best egg loan cashcentral nfcu mortgage rates direct lenders for bad credit paycheck advance commercial loan rates finance companies near me used car finance installment loans near me current mortgage refinance rates flagstar my loans va irrrl rates rehab loan collateral loan online payday loans for bad credit cash loans wired in 1 hour minimum credit score to buy a house prosper loan dcu auto loan speedy loans speedy cash loans onemain financial near me streamline refinance secured personal loan no credit check loans same day best payday loans microloans best heloc rates credit card loan direct subsidized loan bankrate mortgage private loans conforming loan easy online loans capital one auto loan rates instant personal loan online best loan companies auto loan pre approval microlending instant cash loan in 1 hour new car interest rates current car loan rates fannie mae homepath property same day cash loans quickcredit mortgage prequalification federal bank personal loan ally financial auto loan credit union car loan wellsfargo mortgage rates subprime loans cash advance online same day very bad credit loans marriage loan best personal loans for bad credit upstart personal loans speedy cash online paypal loanbuilder cashusa equity mortgage unsecured business loans refinance my car personal loan bank unsecured debt bank of america home equity loan personal loans online approval title max near me usaa mortgage pre approved car loan kashable loans fha mortgage rates best auto loans tripoint lending citizens mortgage land loan interest rates federal government loan bad credit mortgage loans guaranteed approval wells fargo refinance rates today long term loans cash loans bad credit instant loans for bad credit bank loan interest rates mortgage affordability 30 yr fixed rates quick payday loans loans for students lowest personal loan interest rate low credit loans elastic line of credit same day loans bad credit plus loan insta loan capital one auto financing small cash loans mobile home loans auto loan companies preapproved usda mortgage revolving loan mortgage loan rates federal national mortgage association on benefits need a loan today direct lender payday lenders lenders near me motorcycle financing need a loan usaa loans usaa car loan rates easy loans for bad credit bad credit loans near me direct plus loan go car finance mr cooper mortgage company suntrust mortgage rates loan for land purchase balloon mortgage the loan source quicken loans rocket mortgage wells fargo line of credit santander personal loans pool financing ally mortgage guaranteed installment loans for bad credit direct lenders only signature loan arm mortgage pre approved loan no closing cost refinance 40 year mortgage lend money fha construction loan current home loan rates apply for fha loan best car loan rates today va irrrl house interest rates autoloan online installment loans instant approval private lenders investment loan rates loan interest fha faq 2nd mortgage citibank loan nerdwallet mortgage rates top mortgage lenders va loan interest rate va construction loan wells fargo auto loan rates ally car loan used car rates capital one mortgage first national mortgage rates refinance interest rates business loan rates citizens bank mortgage unsecured loans for bad credit mohela laurel road servion mortgage pennymac loan consolidation loans for bad credit citibank mortgage rates first time home buyer credit pool loans lending home td bank auto loan fha interest rates chase heloc navy federal loans chase auto refinance mortgage repayments borrow money instantly myloan 2000 loan guaranteed loans for bad credit credit card debt consolidation mobile home financing loans for federal employees quicken loans refinance rates overdraft loan wells fargo heloc low apr loans podercard loan rocket mortgage refinance rates prequalify for home loan easy payday loans santander auto finance average interest rate chase car loan rates stilt loan discover home equity loans quick loans no credit check capitalized interest paydayloans fast payday loans online total mortgage usaa refinance rates credit score to buy a car plot loan variable home loan rates mortgage rates trend 10 year fixed mortgage rates fast loans online home mortgage interest rates quick loans same day investment loan better mortgage rates high acceptance payday loans direct lenders second home mortgage rates commercial loan interest rates costco refinance self loan bridge lending world finance loan mortgages near me security bank loan paypal business loan discoverstudentloans car finance rates fha loan rates credit union personal loan navient lawsuit zippyloan best online payday loans mortgage payments 5 mortgages for first time buyers 30 year jumbo mortgage rates my mortgage arm loan land loan rates property loan interest rate second mortgage rates variable interest rate 20k loan mortgage assistance urgent loan high risk personal loans guaranteed approval direct lenders ford financing ocwen mortgage usaa home loans credit union mortgage money lenders near me personal loan application balloon loan graduate plus loan chase home equity loan urgent cash loan without documents costco mortgage rates amerihome mortgage company llc navy federal home loan revolving line of credit instant loan approval heloc interest rates sage mortgage fha loan credit score used auto loan rates auto title loans loan lenders current home mortgage rates debt consolidation loans for bad credit ltv mortgage american mortgage capital one auto pre approval mortgage interest ameris bank mortgage car loan eligibility bankrate refinance rates wells fargo 500 credit score home loan guaranteed loan approval no credit check direct lender fha insured loan title loan places near me navy federal car loan rates simple loan naca mortgage lightstream personal loan pre qualify auto loan best home loan online lenders pnc bank mortgage veteransunited newrez loancare advance loans xact loan unsubsidized loan interest rate personal loans for fair credit ez loan mortgage advisors near me zillow mortgage consumer nmls 20000 loan average car loan interest rate by credit score small payday loans fast loans for bad credit lowest home loan rates private mortgage lenders home interest rates today us bank heloc aes loans finance loans fixed interest rate best mortgage rates 5 year fixed getting a mortgage va loan eligibility td bank auto finance navy federal ppp loan payday loans for bad credit instant approval td car loan loans for low credit score best car loan interest rate online installment loans no credit check va interest rates union bank home loan interest rate public bank personal loan fha loan application lowest refinance rates wedding loans best online loans kiva loans auto loan rates today non qm loans new rez mortgage bridgecrest auto loan pnc personal loan help loan personal loans no credit check commercial property loan borrow money online instantly arivo acceptance direct lender online installment loans instant approval avant personal loans westlake financial auto loan direct stafford loan estimate federal home loan bank best mortgage refinance rates myrushmoreloan refijet mortgage relief business loan eligibility mr cooper mortgage rates enerbank payments bank loan interest mobikwik loan car loan interest rate 2021 best bank for home loan

It’s always a good idea to save up money before making a large purchase. But in reality, that’s not always possible. That’s especially true for expenses like a college education, a car or a home, or even unexpected emergencies, like medical bills.

When you can’t save money in advance, you can take out a loan. However, you’ll need to understand what type of loan to shop for because there are specific loans for certain purchases.

Here are 16 types of loans that can help you make necessary purchases in your life:

1. Personal Loans

Personal loans are the broadest type of loan category and typically have repayment terms between 24 and 84 months. They can be used for just about anything except for a college education or illegal activities. People commonly use personal loans for things like:

  • Vacations
  • Weddings
  • Emergencies
  • Medical treatment
  • Home renovations
  • Debt consolidation
  • Relocating to a new city
  • Computers or other pricey electronics

Personal loans generally come in two forms: secured and unsecured. Secured loans are backed by collateral—such as a savings account or a vehicle—that a lender can take back if you don’t repay your full loan amount.

Unsecured loans, on the other hand, require no collateral and are backed by your signature alone, hence their alternate name: signature loans. Unsecured loans tend to be more expensive and require better credit because the lender takes on more risk.

Applying for a personal loan is easy, and typically can be done online through a bank, credit union or online lender. Borrowers with excellent credit can qualify for the best personal loans, which come with low interest rates and a range of repayment options.

2. Auto Loans

Auto loans are a type of secured loan that you can use to buy a vehicle with repayment terms between three to seven years. In this case, the collateral for the loan is the vehicle itself. If you don’t pay, the lender will repossess the car.

You can typically get auto loans from credit unions, banks, online lenders and even car dealerships. Some car dealerships have a financing department where they help you find the best loan from partner lenders. Others operate as “buy-here-pay-here” lenders, where the dealership itself gives you the loan. These tend to be much more expensive, though.

3. Student Loans

Student loans are meant to pay for tuition, fees and living expenses at accredited schools. This means that you generally can’t use student loans to pay for specific types of education, such as coding bootcamps or informal classes.

There are two types of student loans: federal and private. You get federal student loans by filling out the Free Application for Federal Student Aid (FAFSA) and working with your school’s financial aid department. Federal student loans generally come with more protections and benefits but charge slightly higher interest rates. Private student loans come with much fewer protections and benefits, but if your credit is good, you could qualify for better rates.

4. Mortgage Loans

Mortgages help you finance the purchase of a home, and there are many types of mortgages available. Banks and credit unions are common mortgage lenders; however, they may sell their loans to a federally-sponsored group like Fannie Mae or Freddie Mac if it’s a qualified mortgage.

There are also government-backed loan programs available for certain groups of people, including:

  • USDA loans for rural, low-income homebuyers.
  • FHA loans for people with low- to moderate-income levels.
  • VA loans for active-duty servicemembers and veterans.

5. Home Equity Loans

If you have equity in your home, you might be able to use a home equity loan, also known as a second mortgage. The equity you have in your home—the portion of your home that you own, and not the bank—secures the loan. You can typically borrow up to 85% of your home’s equity, which is paid out as a lump sum amount and repaid over five to 30 years.

To find out your home’s equity, simply subtract your mortgage balance from your home’s assessed value. For example, if you owe $150,000 on your mortgage and your home is worth $250,000, then your equity is $100,000. Considering the 85% loan limit rule, and depending on your lender, you could potentially borrow up to $85,000 with $100,000 in equity.

6. Credit-builder Loans

Credit-builder loans are small, short-term loans that are taken out to help you build credit. Since they’re marketed toward people with zero or limited credit, you don’t need good credit to qualify, unlike regular loans. You can typically find credit-builder loans at credit unions, community banks, Community Development Financial Institutions (CDFIs), lending circles or online lenders.

Instead of receiving the loan funds up front as you would on a traditional loan, you make fixed monthly payments and receive the money back at the end of the loan term. Credit-builder loans typically range between $300 to $3,000 and charge annual percentage rates (APRs) between 6% and 16%.

Credit-builder loans can be a very affordable and safe way to start building credit, especially for young people. If you put your payments on auto-pay, for example, you’ll never have to worry about making your payments and you can build credit entirely on auto-pilot.

7. Debt Consolidation Loans

Debt consolidation lets you streamline your payments by applying for a new loan to pay off your other debts, therefore leaving you with only one monthly loan payment. If you have high-interest debts like credit cards or a high-interest personal loan, a debt consolidation loan can help you in two ways. First, you could qualify for a lower monthly payment. Second, you could qualify for lower rates, which can help you save money over the long term.

In order to get a debt consolidation loan that improves your payments, though, you’ll need to first shop around for a lower rate than your current loan or credit card. You’re also more likely to qualify if your credit has improved since you took out your current loan or card. Once you qualify, your lender may automatically pay the debts for you, or you will need to do it yourself.

8. Payday Loans

Payday loans are a type of short-term loan, usually lasting just until your next paycheck. These loans aren’t credit-based, and so you don’t need good credit to qualify. However, these loans are often predatory in nature, for a couple of reasons.

First, they charge very high finance fees, which can work out to around 400% APR in some cases (the finance fee isn’t the same thing as an APR). Second, they allow you to roll over your loan if you can’t pay it off by your next paycheck. It sounds helpful at first—until you realize even more fees are tacked on, which trap a lot of people in debt obligations that can be higher than what they originally borrowed.

9. Small Business Loans

There are several types of small business loans, including Small Business Administration (SBA) loans, working capital loans, term loans and equipment loans. These loans help small businesses, typically companies with up to 300 employees, fund their operations. Local businesses—like landscapers, hair salons, restaurants or family-owned grocers—and sole proprietors—such as freelancers who still have a traditional day job—also can apply.

Small business loans typically have more qualification requirements than personal loans, especially if you’re applying for an SBA loan. However, the rewards are well worth it because these loans can give your business the financing it needs to grow. Alternative business financing methods, like invoice factoring or merchant cash advances, may be more costly, leaving small business loans as the best option for business financing.

10. Title Loans

Title loans are another type of secured loan where you pledge the title for a vehicle you own—such as a car, truck or RV—as collateral. Your loan limit typically is anywhere between 25% to 50% of your car’s value, evaluated by the lender. Lenders that offer title loans also charge a monthly fee of 25% of the loan amount, which translates to an annual percentage rate (APR) of at least 300%, making these a costly financing option.

These loans are different from traditional auto or RV loans for a few reasons:

  • They charge very high rates.
  • You give the title to the lender as collateral for the loan.
  • They’re short-term loans, typically up to 30 days.

Thus, title loans generally fall in the same category as payday loans: they’re very expensive, short-term, small-dollar loans that are often considered predatory.

11. Pawnshop Loans

Pawnshop loans are another type of loan we usually don’t recommend because they’re very expensive, have small loan limits and require quick repayment. To get a pawnshop loan, you’ll bring something of value to the pawnbroker, such as a power tool, a piece of jewelry or a musical instrument.

The pawnbroker will assess the item, and if they offer you a loan, it’ll typically be worth 25% to 60% of the item’s resale value. You’ll receive a pawn ticket, which you’ll need when you return to repay the loan, typically within 30 days. If you don’t return, or if you lose your ticket, the pawnbroker gets to keep your item to resell and recoup their money.

12. Boat Loans

Boat loans are specifically designed to finance the purchase of a boat and are available through banks, credit unions and online lenders. The loans can either be unsecured or secured, with secured loans using your boat as collateral. As with any vehicle-related loan, it’s crucial to keep depreciation in mind.

Boats and other vehicles lose value over time, especially if you buy a new boat. If you choose a long-term loan, don’t make a very large down payment and/or sell your boat soon after you buy it, it’s possible to owe more on the loan than you can sell it for. This means you’ll need to keep paying off the loan even after you sell the boat, and that’s not an enviable position to be in.

13. Recreational Vehicle (RV) Loans

RV loans can either be unsecured or secured loans. Smaller RV loans are typically unsecured and work similarly to a personal loan while expensive, luxury RVs are secured—with the RV serving as collateral—and work more like an auto loan.

Depending on the lender, you can find RV loans for around $25,000 that you repay over a few years, but you also can find loans up to $300,000 that you repay over 20 years.

RVs are fun and they can help you and your family enjoy quality time together. But it’s important to keep depreciation in mind, especially if you’re buying a new RV and you think you’ll be selling it at some point down the line.

14. Family Loans

Family loans are informal loans that you get from family members (and sometimes friends). You may choose to turn to family if you can’t qualify for a traditional loan from a bank or lender, for example.

Family loans can be useful because you don’t need any credit to get one. If your family member trusts you and they have the financial means to do so, they can choose to give you the loan.

But that doesn’t mean you should take advantage of your family member’s generosity. It’s still a good idea to draft up and sign a loan agreement, including interest payments, due dates, late fees or other consequences for non-payment. You can find draft agreements and payment calculators online to help you do this.

15. Land Loans

There are a lot of reasons people buy land. Maybe they want to build a house on it, harvest its natural resources or lease it out to other people and businesses. But land can be expensive, and that’s where a land loan can come in handy.

Land loans generally come in two forms: improved and unimproved land loans. Improved land loans are for plots that are ready to build on. For example, they might have a well and septic tank already installed, power lines or a driveway. Unimproved land loans, on the other hand, are for a plot of vacant land, which may or may not be easy to access.

If you choose to take out a land loan, you can expect to have higher interest rates and more strict down payments and credit requirements than other property loans because they’re a more risky transaction for a lender.

16. Pool Loans

Unless you’re buying an inflatable kiddie pool, chances are you’ll need to take out a loan if you want to add a pool to your property. Pools can run anywhere from $3,000 up to $100,000 or more depending on how fancy you want to go, according to Fixr.

Just like with RVs, boats and other lifestyle loans, it’s a good idea to consider the resale value of your house if you add a pool onto it. Not everyone wants to own a pool, so if you plan on selling your house in the future, you could be limiting the number of people who want to buy your home.

Alternative Financing Options

We’ve talked about a lot of the different types of loans you can get. But if you need to borrow cash, you have other financing options beyond loans, including:

  • Credit cards. Credit cards are an easy way to pay for all but the largest purchases, and may even come with rewards for specific expenses.
  • Line of credit. You can get a line of credit from your bank or credit union. You can even get secured credit, such as a home equity line of credit (HELOCs).
  • Gift. If you have a wealthier friend or family member and you don’t mind schmoozing them up, you can sometimes get the cash you need that way. Many parents save for their child’s college education or even down payments on a home, for example.