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Options for Car Loans

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Options for Car Loans - PowerPoint PPT Presentation

  • Uploaded on If you are in the market for a new vehicle, then you are in luck when it comes to financing options.

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If you are in the market for a new vehicle, then you are in luck when it comes to financing options. There has never been a better time to purchase a new car with all the options available to buyers today. Car loans do not have to be a big hassle, in fact, they can be fairly easy and straightforward if you adhere to some basic principles of finance and educate yourself on the different types of vehicle loans available.


Choices for Auto Loans

Dealer loans:  This is one of the most convenient options and involves taking a loan out straight from the dealership where you buy your car. It may not always be as good of a deal as you can get elsewhere, but you would be hard pressed to find a more convenient option.

Banks and credit unions: You might want to swing by the bank or credit union where you complete most of your financial transactions and ask what kind of rate they would be able to give you for car loans.  Most financial institutions set their own terms for the loan.


Secured car loan:  A secure car loan is typically backed with some form of collateral (for example, property or another vehicle). The lender can offer a reduced interest rate when they have security on the collateral part of the agreement.

  • Balloon payment loan: If you are expecting a large amount of money to come your way soon, then you might consider a balloon payment loan. It keeps the monthly payments at a low rate until a date set in the future where you will pay off a large amount all at once.
  • 5. Long-term loan: Various lenders will offer car loans up to seven years and perhaps even longer. If you need to keep your monthly payment low for a long period of time then this may be the right option for you.