Car loans are like any other loans. A car loan can give a person immediate use of the car he wants to purchase in exchange for regular payments over an agreed period of time. Car loan payments comprise of interest and principal. The interest refers to the fee you are charged for the privilege of borrowing money, while the principal is the balance on the loan. The interest rates and other fees for the loan are expressed as annual percentage rate or APR.
When you are applying for a car loan, there are three main options. These options are online car loans, dealership loans, or bank loans. Traditionally, banks grant car loans. Today, dealerships are looking to go with the flow and make some money out of the process, so they offer financing too. Online loans work the same way as bank loans minus the brick-and-mortar lending office.
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