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The Skinny On Auto Loans

The amount of your auto loan will be the price of the car minus your down payment, which is money you are putting towards the car once you buy it. The higher your down payment the lower your monthly payments will become. You then pay monthly payments until you have paid off the amount of the loan and the interest you owe. An example follows:

Total Cost of Car

$20,000

Down Payment

$2,000

Interest Rate

6.85%

Term Length

5 years

Monthly Payment

$355.15

Think how long it would take you to save up $20,000 to buy that new car of yours. It is a much better deal for you to pay only $355 a month for five years. Instead of saving for five years to buy that new car, buy it now and then save and pay for five years. This is why auto loan financing is the way to go.

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So you know that an auto loan can help you afford a car, but how? What are interest rates? What exactly is going on? When you take out an auto loan you are basically getting a check for the cost of the car and using that to buy the car. Since you do not have enough money to buy that car, you are going to need that check.