How a loan works Bremerton WA

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

Heartland Scion
(360) 377-1200
515 W Hills Blvd
Bremerton, WA
Today Chevrolet Cadillac
(360) 377-4417
900 W Hills Blvd
Bremerton, WA
Peninsula Subaru
(360) 479-4320
3888 State Highway 16 W
Bremerton, WA
Bremerton Dodge
(360) 479-2100
4525 Auto Center Way
Bremerton, WA
Hoover Oldsmobile-Cadillac
(206) 842-2627
5100 Auto Center Blvd
Bremerton, WA
Mc Auto Sales
(360) 377-7372
934 N Wycoff Ave
Bremerton, WA
Thomas Lincoln Mercury
(360) 373-1448
5012 Auto Center Blvd
Bremerton, WA
Peninsula Suzuki
(360) 917-0088
3550 State Highway 16 W
Bremerton, WA
Parr Imports
(360) 377-3855
5008 Auto Center Blvd
Bremerton, WA
Hoover Kia
(360) 779-9121
5150 Auto Center Blvd
Bremerton, WA

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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

Cooperative Capital

888.654.2667
1423 E. 29th Street, Suite 207
Tacoma, WA
http://www.cooperativecapital.com

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