How a loan works Astoria NY

When you purchase a vehicle with a loan, a bank or other financial institution pays for most or all of the vehicle up-front, and you agree to pay back the money over time.

Local Companies

The Lease Pro
(718) 313-1577
2713 Coney Island Ave
Brooklyn, NY
Superb Auto Leasing
(718) 233-2660
1808 Jerome Avenue
Brooklyn, NY
Auto Sales Steinway
(718) 606-1214
2002 Steinway St
Astoria, NY
Augie's Auto Sales Llc
(718) 784-0078
3923 27th St
Astoria, NY
York Auto Sales Inc
(718) 786-4733
3811 29th St
Astoria, NY
By Rose Collision Repair Center
(518) 725-3132
275 S Main St
Gloversville, NY
Yonkers Avenue Dodge
(914) 964-0700
500 Yonkers Ave
Yonkers, NY
Koeppel Infiniti
(718) 728-1400
5715 Northern Blvd
Woodside, NY
Dannemora Ford Inc
(518) 492-2525
1071 Route 374
Dannemora, NY
Checker Auto Sales
(718) 677-1487
1838 Utica Ave
Brooklyn, NY

provided by:
2007 Volvo XC70
(Continue to more photos from MyRide.com)


 



Understanding Loans



When you purchase a vehicle with a loan, a bank or other financial institution pays for most or all of the vehicle up-front, and you agree to pay back the money over time. The amount of money you borrow from the bank is referred to as the "principal." The amount of money you contribute up-front is referred to as the "down payment" and usually varies from 10% to 20% of the purchase price of the vehicle. You can often purchase a new car without a down payment (if you qualify); used vehicles generally require a 20% or more down payment.



The payback period for a loan is typically up to five years, although some newer vehicles are being sold with longer-term loans. The financial institution will charge you "interest" for your use of their money. Interest rates vary depending on a number of factors such as your credit rating and where you live. Currently, new car loan rates start at around 8.5%, with used car rates about a percentage point higher. Manufacturers frequently offer lower loan rates as a purchasing incentive, but sometimes these are attached to conditions that may not work for you. Make sure you ask enough questions to make yourself comfortable when investigating various loan options.



 




Key features of loans




The primary features of loans are summarized below. Make sure you review our articles on leases and the differences between loans and leases before making a final decision.



 




  • You have ownership and equity in the vehicle. Your monthly payments are working to purchase that car and it's yours to sell or keep as long as you wish.



  • Gives you control over your vehicle.

Featured Local Company

The Lease Pro

7183131577
2713 Coney Island Ave
Brooklyn, NY

Related Articles
- Car Loans Astoria NY
Financing a car is a dream, which not everyone can afford due to involvement of high investments. The reason may be of either limited income or insufficient savings. And due to these reasons the people keep their dreams on hold.
- Used Car Loans Astoria NY
- Credit Score and Buying a Car Astoria NY
- Auto Leasing Pros and Cons Astoria NY
- Car Finance Astoria NY
- Auto Loan Payment Calculator Astoria NY
- Lowering Auto Finance Costs Astoria NY
- Negotiate for the Cheapest Auto Loan Astoria NY
- Car Leasing Or Car Buying Astoria NY
- Car Financing Astoria NY
Related Articles
- Car Loans Astoria NY
Financing a car is a dream, which not everyone can afford due to involvement of high investments. The reason may be of either limited income or insufficient savings. And due to these reasons the people keep their dreams on hold.
- Used Car Loans Astoria NY
- Credit Score and Buying a Car Astoria NY
- Auto Leasing Pros and Cons Astoria NY
- Car Finance Astoria NY
- Auto Loan Payment Calculator Astoria NY
- Lowering Auto Finance Costs Astoria NY
- Negotiate for the Cheapest Auto Loan Astoria NY
- Car Leasing Or Car Buying Astoria NY
- Car Financing Astoria NY

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History