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Auto loans are made to borrowers to finance
the purchase of new or used automobiles. The loan is secured by the actual
vehicle. A deposit is usually required and payments are generally
over a period of 3 years. Over that time borrowers make monthly
payments of principal and interest. Interest rates are higher
than mortgages but can be competitive with personal loans.
Often the company that sells the cars can offer
you financing. They might have specials on where you might not have
to pay interest for a year, or something along those lines.
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