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Posted on Jun 10, 2015
What Are Automobile Loans?
An automobile loan is a financial program that may be used to:
Fund the purchase of an automobile
Refinance an existing automobile loan
Refinance an automobile you already own
Automobile loans are offered by a number of financial and lending institutions, including federally chartered banks, credit unions, private finance companies and even car manufacturers.
An automobile loan is like most loans in that the terms, timeframe and interest vary based on a number of factors. When making a decision on an automobile loan, a lender will generally consider the borrower's credit score/history, the down payment amount included with the purchase, the value of the automobile, and any manufacturer incentives.
The purpose of a loan will also impact the loan terms. The main types include:
New Car Purchase Loans: Finances the purchase of a new automobile from a dealer or manufacturer.
Used Car Purchase Loans: Finances the purchase of a previously owned automobile from a dealer, reseller or individual owner.
Refinancing an Automobile Loan: Replaces an existing car loan with a new auto loan, usually at a lower rate or monthly payment.
In general, an automobile loan for a new vehicle will have slightly lower rates than a similar loan for a used car. This is usually because of incentives provided by dealers and vehicle manufacturers, which can even result in loan interest rates as low as zero percent (0%) for qualified borrowers.
While interest rates and loan terms for automobile loans vary from lender to lender, they tend to be long-term loans due to the high value of automobiles. This can be as short as two years or as long as seven years, and will depend on a lender's available programs and a borrower's eligibility. In general, longer terms will have lower monthly payments compared to similar short-term loans, but will require that more interest be paid to the lender over the entire term of the loan.
A typical automobile loan will also feature two financing elements:
Instalment: Most automobile loans are instalment loans, meaning that the loan is paid off over time in fixed payments. These are typically amortised, meaning with each payment you pay off the accumulated interest and a portion of the principal balance.
Secured Loan: When a lender issues an automobile loan they will place a lien on the vehicle's title to make it a secured loan. This allows the lender to repossess the vehicle if the borrower fails to make their payments. When a loan is paid in full, however, the lien is released and the borrower owns the car without encumbrances.
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