Auto Loan


Auto Loan

Loan to purchase a car, caravan, motorcycle etc are all classified under Auto loans

Common types of Auto loans are:-
Standard repayment loans
hire purchase
personal contract plan

Standard repayment loans are the most common type of Auto loan.

Hire purchase is secured on the vehicle, so if you default on payments you could lose your car. The Fair, Isaac & Co (FICO) score is the most common method of determining your credit rating. The higher your FICO score, the better of a credit risk you are assumed to be, and so lenders are more inclined to offer you better rates.

Personal contract plans are more like leasing. With PCPs you pay a monthly fee and agree to stick to agreed mileage limits. At the end of the contract period you can pay a lump sum to buy the vehicle, you can start again with a different vehicle, or you can walk away altogether. Though this type of contract is feasible but if you exceed the agreed mileage limits or don't look after the vehicle, you could be facing a hefty bill at the end of the contract period whether you decide to keep the vehicle or not.

A car loan or auto loan is a type of personal loan. Lenders prefer not to lend the full cost of the car although with a competitive marketplace this is changing.

Online auto financing companies are a quick, easy way to find out if you qualify for a loan and to get that loan within a short amount of time. Why go through the hassle of dealer financing, when you can get a loan from an independent lender and then approach a dealer with the power of a cash customer? With the right auto loan, before you know it, you could be driving the car of your dreams.

You have several options to explore, when you apply for auto loans with an online financing company. Online auto loan companies offer you the chance to review your financing options, if you are seeking a loan you should take a look at your credit history, and know the best rates and terms for which you are qualified before you go to a dealer.

Online car financing companies will let you know in a matter of minutes whether or not you've been approved for a Auto loan. With a large selection of auto lenders to choose from, finding your best financing rates and terms is no problem. Once you've been approved, you will receive a blank check voucher within one business day.