More about Auto Loans…
An auto loan, or vehicle loan, is a personal loan that is secured by using the vehicle being purchased as collateral. The consumer pays back the loan amount with interest over a predefined number of years. The length of the auto loan is typically dependent on the age of the vehicle being purchased. The interest rates for vehicle loans vary and can be affected by the age of the vehicle, length of the loan, amount being borrowed, and the credit worthiness of the borrower.
If you already have an auto loan and need to lower your monthly payments, you may have the option to refinance your current loan. These options can greatly benefit any consumer looking to stick to a budget with payments that you can afford.