a variable rate loan that also promises the rate will not ever go above a certain level of 'cap'
floating rate loan where the interest rate is guaranteed not to exceed a stated rate for a fixed period of time. The interest rate can fall below the capped rate if floating rates fall during the capped rate period. Particularly good for times when interest rates are rising, or are expected to rise.
has an interest rate that can't exceed a set level for a set period, but can drop.
A type of variable loan where the interest rate may rise and fall over time, but may not exceed a pre-determined level.
A loan where the interest rate cannot exceed a set level for a period of time, but unlike fixed rate loans, can fall.
the interest rate will not exceed a set level for a set time, but unlike fixed rates is allowed to drop
A loan where the interest rate is not allowed to exceed a certain level for a set period of time, but it can reduce.
A loan where the interest rate is not allowed to exceed a set level for a period of time but, unlike fixed rate loans, is allowed to drop.