Types of Car Loans
We currently offer the following types of auto loans:On conventional purchases that are arranged by the Auto Dealer.
- New vehicle
- Used vehicle
- Secondary
- Lease / Balloons
Auto loans are generally split up into several categories.
New and Used Car Loans
The length of a loan can be determined by the year of the vehicle that you are buying.
Secondary Loans
These loans are new options for customers who have had credit problems in the past and are now looking to rebuild their credit by obtaining auto financing. These loans often come with higher fees and interest rates, but allow a customer to obtain a loan and rebuild their credit.
Car Leases
The lease company takes ownership of the car, and you contract with them for use of the car for a specific period of time. In a nutshell, leasing has become popular because it offers people a way to drive the vehicles they want - often better vehicles than they could buy - for less money and less hassle. Low monthly payments are the big attraction, although we'll soon find out why it's important to look at other factors before deciding to lease.
Tip!
Always be honest when filling out a loan application. Never - "Round-Up" your income, exaggerate how long you have lived at a residence, or how long you have worked at your place of employment. This information will be checked, and if it is different from your credit report can cause difficulty in getting the loan.
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