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Car Loan

A car loan can help you purchase a new or used vehicle with affordable financing options and flexible repayment terms.

What is a Car Loan?

A car loan is a type of financing that helps you purchase a vehicle, either new or used. The loan is typically secured by the car itself, and the loan is repaid over a fixed term, usually between 36 to 72 months. The interest rate and loan terms depend on your credit score and the lender’s requirements.

Key Takeaways

  • Car loans can be used to finance new or used vehicles.
  • Available from banks, credit unions, and car dealerships.
  • Secured loan with the car as collateral.
  • Fixed or variable interest rates, depending on your credit score and lender.

How a Car Loan Works

When you take out a car loan, you agree to repay the loan over a set period. Here’s how it works:

  • Use the loan to purchase a new or used vehicle.
  • Monthly repayments are made until the loan is paid off, typically over 3 to 6 years.
  • The car serves as collateral, so it may be repossessed if the loan isn’t repaid on time.
  • Interest rates can vary based on your credit score, loan term, and lender.

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