Auto loans can help you finance a car, buy out your lease, or refinance an existing auto loan. With six types of loans available, it pays to compare several to find the best fit for your needs.
New-car loans are probably the most well-known way to finance a car. You can get a new car loan from the dealership, or you can use a bank, credit union, or online lender. You’ll repay the loan in fixed installments, with terms usually between two and eight years.
This kind of loan lets you finance the purchase of your leased car, using the vehicle as collateral. Not every lender offers lease-buyout loans, so you may have to dig a little to find the right fit.An auto refinancing loan replaces your existing loan with a new one from a different lender. This type of loan is a great way to get a lower interest rate and different repayment terms.
If you fail to repay, the lender can’t take your car because you didn’t use the title as collateral. Since that makes it riskier for the lender, they’re more likely to charge higher interest rates on unsecured loans, and they may require a higher credit score to qualify.Direct auto financing means you borrow directly from a bank, credit union, or online lender. Indirect financing lets you get your loan options from a third party — usually a car dealer.
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