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Read about your car loan options, see how credit unions work, and learn why car loans from a credit union are a good option to buy a used or new car.
Here are five ways to get the best auto loan rates as a first-time car buyer. Build Your Credit Score. The better your credit score, the better your interest rate. Super prime credit is between ...
Before applying for an auto loan, avoid opening new credit cards or loans. Making efforts to repair your credit score before you begin shopping will put you in a more favorable position with ...
According to The Wall Street Journal, credit unions are particularly competitive on auto loans, with the average credit-union rates on eight types of auto loans beating the comparable bank figures by an average of two percentage points. [8] NASA Federal currently has a similar promotion that competes to lower an applicant's monthly payment. [15]
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 dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
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 ...
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