Reported 1 day ago
An auto loan is a type of installment loan that allows you to borrow money to purchase a vehicle without paying cash upfront. You repay the loan in fixed monthly payments over a set term, including principal and interest. It's crucial to compare options from dealerships, banks, credit unions, and online lenders to secure favorable loan terms based on your credit score and financial situation to avoid high-interest rates. Understanding key components such as the interest rate, APR, down payment, and loan term can help you make an informed decision and potentially save you money.
Source: YAHOO