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What Is Auto Loan Lending?

When you decide to take out an auto loan you are basically spreading out the cost of your car over a set amount of years. After you get approved for your auto loan the lender will give you the money to pay for your car upfront, then you will pay back the lender with monthly payments plus interest over the length of the loan. For example: If you bought a $17,000 car and took out a five year auto loan at a 12% interest rate, your monthly payment would be $378.16.

Dealership Loans vs Online/Bank Loans

When you decide you need an auto loan you are going to have to decide where you should get your auto loan at. Your options are either at the dealership you are about to by your car from or from a financial institution or online lender. Both offer auto loans but they do it in different ways.

Getting an auto loan from a dealership is easy. You go to a dealership, pick out the car you like and then you can negotiate a loan on the spot and drive off in your new car. The ease and ability to leave with your car that very day are two factors that make a dealership auto loan sound enticing. However, dealership auto loans are generally more expensive. The people negotiating the terms of the auto loan experts in auto loan finance, they are still trying to make a sale and could try to include unnecessary commission fees. Dealership auto loans generally come with a higher interest rate.

Getting an auto loan from a bank will save you money. Banks aren't trying to drive up the price to continue a sale, they are more knowledgeable and usually bank auto loans have lower interest rates because of these factors. The problem with bank auto loans are that they are not open on the weekends, when most people go to buy cars. Since people can fall in love with their cars when they get sold on them, they don't want to wait until a Monday to go apply for a loan. Online auto loans solve this problem. You can apply online and get approved almost instantly. You can drive off in that car you fell in love with while saving money by getting your auto loan online. Dealership is the easiest way to get an auto loan, banks are the cheapest, online lenders are just right.

Loan vs Lease

When you decide to buy your car you will have the option of leasing your car, where you pay a monthly payment for a few years then return the car when your lease is up. What is better? Getting a loan or a lease? There are a few fundamental differences:

  • When you buy a car you get to keep in when the loan is up. When your lease is up you have to return in to the dealership.
  • When you lease a car there are certain quotas you have to meet when your lease is up, such as the condition of the car and the amount of miles you have put on it. If you don't meet these quotas you could be subject to a fine.
  • Monthly payments are higher for auto loan payments then they are for leasing.

Even though monthly payments are less, it is better to take out an auto loan so you can own the car. The fact that when your loan is up you can keep the car should be enough to convince you of this. You can trade the car back in for credit on buying your next car, something you can't do if you are leasing.

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