What You Need To Know Before Getting A Car Loan
When it comes to financing a new or used car, there are plenty of ways to pay for it. In some cases, you may not even have to get a loan at all! This article will cover the basics of getting a car loan, what you'll need in order to apply and what could happen if you don't qualify. You can also search online to get a car loan from a dealership you can trust.
What is a car loan?
Most car loans have fixed interest rates, which means your monthly payments will stay the same for the life of the loan. The length of a car loan is typically between 36 and 60 months, though some lenders offer longer terms.
The size of your monthly payment depends on the price of the car, the interest rate on your loan, and the length of your loan term. You can use an online calculator to estimate your monthly payments.
When you apply for a car loan, you’ll need to provide some information about yourself and your finances. The lender will also pull your credit report to help them determine whether you’re a good candidate for a loan and what interest rate to charge you.
If you have good credit, you may be able to qualify for 0% APR financing, which means you won’t have to pay any interest on your loan. However, these offers are typically only available for new cars and only for a limited time.