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Car Loan Types

Posted on 05 November, 2017 by Azzurra
88 out of 100 based on 887 user ratings

craigecollinsart.com -Car Loan Types Luckily, a few types of auto loans pop up on a regular basis. Below are some of the main concepts that differentiate the loans a typical car buyer or owner may come across. Below are some of the main concepts that differentiate the loans a typical car buyer or owner may come across.Types of car loans. 1. Standard loan (bank, credit union, etc) The financier lends the customer the money to buy a new or used vehicle. It is the simplest of loans but you need to be financially sound and prepared for some extra expenses. It can be secured or unsecured (higher interest rate). The vehicle is the security for the loan soCar loan options: used auto loans vs. new car loans. We’ll go over types of loans and the value of buying a new vs. used car, but have this math formula in mind before you go shopping for a car: The real cost of a car is the purchase price + finance charge. So, if you bought a ,000 car and paid ,000 to finance it, you really bought a ,000 car.Different types of car loans explained. Although not quite as varied as cars themselves, auto loans come in many shapes and sizes according to the lender, the needs of the borrower and the vehicle in question.

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