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| Auto Loans Basics | Auto Loans Basics: Auto Loans 101
Auto loans or the car loans are the finance given to the
burrowers for purchasing new or used automobiles. Borrowers pay the principal
and interest on monthly basis, which typically amortize the loans in five to
six years or less.
The auto loans are secured by liens on the automobiles being
financed. The balance of an auto loan securitization will amortize as borrowers
make...
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| Before Getting Your Auto Loans | Before Getting Your Auto Loans: Auto Loans 101
You'll need to make sure your credit report is in order when
you apply for a car loan. Get a copy of your credit report by contacting CRA
(credit reporting agency). Ensure it's accurate and free of any errors.
Remember that, lender's decision in granting you credit is
based on the information in your credit report. They take that information,
along with your cred...
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| Sources for Getting Car Loans |
Sources for Getting Car Loans: Auto Loans 101
Consumers can apply for a car loan from several lending
sources. The major sources of car loans are banks/credit unions, dealer financing, and private lenders.
Banks/Credit Unions
Most banks and credit unions offer car loans to their
members. You may be able to obtain a lower interest rate on your car loan depending
on your banking history and credit report.
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| Types of Car Loans |
Types of Car Loans: Auto Loans 101
There are different types of car loans available. The breakdown of some of the different types of car loans is car loan with variable interest rate and car loan with fixed interest rate.
Car Loan with Variable Interest Rates
You and your car loan provider agrees to have the interest
rate change during the duration of your contract or until the car loan is paid
in full with a car loan of variable interest rate.
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