Youve found the car that makes your heart race by 120 beats per minute. Now only one thing stands between you and the car of your dreams: financing the purchase. In a perfect world, youd pay the full price in cash without blinking. But if youre like the seven out of ten car and truck buyers who dont live in a perfect world, chances are youd be paying for your car through one of several financing schemes.
Understanding the basics of each car financing option is key to choosing the automobile financing strategy that best suits your situation. Here is an overview of auto financing options that may be available to you.
Auto Loans from Lending Institutions
You can get a car loan from a bank, credit union, or other lending institutions. The car that you purchase will serve as collateral for the auto loan. This means that the lender can repossess your vehicle if you default on the car loan. Auto loans are a popular car financing option because they generally offer reasonable interest rates and are relatively easy to get.
Two factors are likely to affect the total cost of the car loan. One is the term or duration of the loan. Generally, the longer the...
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