Best Car Loan: Car you want, Loan you can afford

2007-03-08 10:33:40

( Automobiles )



THE NECESSSITY OF CARS

Having your own car is a rite of passage in our society; one of those things that are necessary to be able to accomplish the things that must be done for the day. Buying that first car is most probably going to be your first major purchase after landing that first job; and rightfully so, because your car allows you to go places , both literally and figuratively.

Of course while cars are necessary to modern living, most of us do not have the money to buy a car and pay the full amount in cash. That is why most households are paying for old and new auto loan plans.

BASIC TYPES OF CAR LOANS

There are two basic types of new auto loan programs – the first one is the in-house car financing, where the car dealers are actually the ones who will directly provide you with the installment payment arrangement. Normally, they would look at your financial documents and study your credit history and from there decide if you qualify for their new auto loan in-house financing plan.

The second type of new auto loan plan is one that is coursed through a third party creditor like a bank or a lending institution. In this type of new auto loan, you will be the one to apply for the loan, and if you are approved, the bank will pay the car dealer the full amount in cash, and then you will have to pay your creditor in return.

Apart from these two general new auto loan arrangements, there are still other types of car loans out there. So how do you choose the best car loan for you? Basically it all boils down to your circumstances. The best car loan is the one that fits best into your financial situation. The best car loan arrangement is the one that allows you to get the car with payment terms that you can afford.


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