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Car loans are one of the most common types of debt among consumers in 21st century America. While auto loans are not as common as credit cards, the majority of Americans (62%) have an auto loan in ...
Learn how financing a car works and discover how this type of borrowing can help you afford the vehicle of your dreams.
Indirect financing is arranged by the car dealership where the car is purchased. Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement.
The financing company is likely to be represented in this discussion by either a car dealer or automotive finance broker. [ 6 ] This form of contract purchase was originally used more by businesses than individuals, but there has been steadily increasing use by consumers in countries such as the UK in recent years.
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 ...
You need a provider that can offer competitive auto loan rates and limited fees to fund your new or used car. This way, you can drive your new car knowing you can make your payments on time and ...
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