Loans description
Car 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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