Auto Loans

Auto loans are a type of financing used to purchase a vehicle. They allow buyers to borrow money from lenders, such as banks or credit unions, to pay for a car, with the vehicle itself often serving as collateral for the loan. Auto loans typically involve fixed monthly payments over a set period, with interest rates based on factors like the borrower’s credit score, loan term, and down payment. These loans make it easier for individuals to buy cars without paying the full amount upfront.