Car Loan Basics – How Auto Financing Works?
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How Car Financing Works?

Low monthly car payments do not mean savings. Understand how loans work. To purchase a car you search for options. You should understand how car loans work to select best option. Taking out a loan from any financial institution gives you a lump sum amount. You repay this principal amount plus interest over time. These 3 major factors decide monthly car payment and car loan costs.

  • The Loan Amount:
  • Don’t go in for full car value loan. Trade-in or down payment significantly lowers loan amount.

  • The Annual Percentage Rate:
  • Negotiate the APR; interest you pay on loan.

  • The Loan Term:
  • Time you need for full repayment – anywhere between 36 and 72 months.

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Auto Loan Basics for Car buyers

Car buyers are always eagerly looking forward to an exciting time and a pleasant car buying experience. While we do not want to dampen your spirits, here are some details worth looking into when shopping for a car. Getting an Auto Loan Involves: Car buyers must repay borrowed sum plus interest. A few basics will make you auto loan ready.

common word for loaning money to car buyers. Get financing directly from banks, credit unions or others. Apply indirectly through car dealerships.
money you pay over and above the sum lent to you. Interest rates depend on customers’ credit scores. Car buyers with low scores have higher interest rates. This translates to more interest money paid for full loan.
time taken to repay loan. Auto loan terms can range between 48 and 84 months. Long-term loans are not good as they are more costly.
Down Payment
upfront money. Putting money down on the table reduces car-financing amount. It saves hundreds of thousands of dollars on repayment. Especially needed if you have bad credit.
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