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3 min read Published August 03, 2022
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At Bankrate, we ensure the accuracy of our content seriously. "Expert verified" signifies we have the Bankrate Financial Review Board thoroughly evaluated the article's accuracy and clarity. The Review Board comprises a panel of experts in finance whose goal is to ensure that our content is always neutral and fair. The reviewers ensure that we are publishing top-quality, reliable content.




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The article was created with the help of automation technology, and then checked for accuracy and editing by an editor from our editorial team.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers to take control of their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.







Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized expert on student financial aid

Mark Kantrowitz is an expert on student financial aid including the FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.









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An is a type of financing that allows you to purchase a vehicle using borrowing money from an lender. A loan is then repaid over a set period, usually two to seven years. The amount that is due each month can be calculated based on the loan size, interest rate and term. How auto loans operate Approval for a vehicle loan operates in similar to other kinds of financing. The lender analyzes, reviews and evaluates your credit score and financial circumstances and evaluates your creditworthiness on the basis of several elements. The lender will require proof that you are able to afford the vehicle as well as have a sufficient sources of revenue. Most of the time this would mean that you have a job with a steady income and an acceptable credit score, which differs by lender but there are some exceptions. Even if you have a good credit score and a good credit score, the lender will look at other factors to determine if you are a good candidate for an auto loan. After you have been approved, and the lender offers you with a car loan that you pay each month payments on a fixed schedule for 24 to 84 months. Amounts of auto loan sums The quantity you are able to borrow to purchase a car is contingent on your monthly income and expenses, your credit score and your debt burden. The amount you borrow will also determine the amount you are able to pay for. If you're shopping for a car worth $40,000, as an example, but only be approval for $35,000, then a $5,000 down payment could allow you to be in a situation where you can still purchase the vehicle. Interest rates on auto loan rates Interest rates The interest rate on your car loan is largely dependent on the credit rating of your score as well as loan duration and the amount as well as lender. The highest rates are offered to people with good to excellent credit -- generally a score of 740 to 850. If you're interested in getting the best rate, look over your credit report, and request corrections, if necessary. Corrections should be requested at least 30 days before you plan to applywhich gives you time to apply. It is also recommended to have at least three lenders, instead of just going to the dealer. This will guarantee you an excellent deal. Terms of auto loan conditions The terms of your car loan impacts your monthly installment as well as the amount of the interest you are charged in total. The shorter the term will be, the greater the monthly installment -- but you'll also pay less interest, because it will have less time to accrue. The majority of car loans are for a term of between two and seven years. Consider, for instance the case of a $20k loan with a 5-year term with a 3-percent interest rate, you would pay an interest rate of $1,562 per year. The same amount and rate for a 3 year period would result in $938 total interest. Pay off of your auto loan payment The repayment process is easy. You'll make regular monthly payments until you've paid off the total amount of the car loan. When it's paid in full you'll receive the title to the car. You may also be able to repay the loan until it's fully paid off if able to get a better interest rate, but this option is not guaranteed. The auto loan terms to be aware of It is important to know the various components of an auto loan. Understanding these terms and the meaning they mean will help you better understand the product and the terms you're signing with when you finance your car. Loan term: This simply is the length of time you will be paying back the loan. The longer the term is, the more costly your loan will be in total due to the accrual of interest. It's sometimes called the loan time or repayment term. Rate of interest: This is the proportion that you will be charged to borrow funds, however it doesn't include charges. APR The annual percentage rate (APR) refers to the rate at which you will be charged for borrowing the money, including fees. It also takes into account the term of the loan. Down payment: This is the cash sum that you will pay at the time you purchase the car. It's recommended that you make a down payment that is 20 percent of the total cost. The amount you finance The amount you're borrowing, and is usually determined by your income and ability to repay the loan. This is also known as"the" loan amount. Monthly payment: The monthly installment is exactly what it sounds like: the amount you pay toward the loan every month. It's determined by the term of the loan as well as the amount and rate of interest. Total cost: After you have taken into consideration the loan amount and interest over the duration of the loan then you'll be able to calculate the total cost of the loan. Direct vs. dealer financing. There are two primary ways to finance a car -- directly through the bank, credit union or online lender or via the dealership. Also known as"bank loan, "bank loan," is when you apply for financing through a bank credit union, or online lender without having to go through a dealer. is when a dealership works with a lender to provide credit. The dealer forwards your details to a number of partner lenders and will offer financing based on what it receives. While convenient however, dealer financing tends to be more costly than direct financing. There's usually a mark-up added to the interest rate for the loan and a commission that the dealership takes. Following steps: Understanding how auto loans function and the various types of loans can help you make an informed choice when you're ready to purchase the car of your dreams. If you do a little research, you may even be able to save more money. Find out more


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Written by

This article was written using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied facts that break down otherwise complex subjects into digestible pieces.






Auto loans editor


Reviewed by Mark Kantrowtiz Reviewed by Nationally known student financial aid expert

Mark Kantrowitz is an expert on financial aid for students, the FAFSA as well as scholarships, 529 plans as well as tax benefits for education and student loans.






Nationally recognized student financial aid expert




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