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Near Prime: 601 to 660. 9.29%. 13.53%. Prime: 661 to 780 ... saving up for a down payment and getting preapproved may help you get the best deal on an auto loan. If you find a car loan that’s ...
Data source: AAA, Your Driving Costs (2022-2024), plus author's calculations. Cheap auto loans are harder to find. More than 80% of new car purchases use auto loan financing.
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Similarly, a loan taken out to buy a car may be secured by the car. The duration of the loan is much shorter – often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership (or a ...
The borrower then pays off the financial institution the same as for a direct loan. [citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
Apart from the excellent ratings, Advantage Auto Loans provides numerous incentives to first-time car buyers, such as free quotes on all loan types, including mortgages and personal loans.
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