How a loan works Casper WY

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

Max's Honda-Rv
(307) 577-9333
550 E 1st St
Casper, WY
Ray Powders Volkswagen-Audi
(307) 235-1565
1800 E F St
Casper, WY
Big Wyoming Buick-Pontiac-Cadillac GMC
(307) 577-7252
6301 E 2nd St
Casper, WY
Trout Machinery Inc
(307) 265-0809
3250 E Yellowstone Hwy
Casper, WY
Foss Motors Toyota Hyundai
(307) 237-3700
1415 E Yellowstone Hwy
Casper, WY
Dino's Auto Sales
(307) 265-1800
3130 E Yellowstone Hwy
Casper, WY
McCurtain Leasing Inc
(307) 362-2151
1900 Foothill Blvd
Rock Springs, WY
Garvin Motors
(307) 754-5743
1105 W Coulter Ave
Powell, WY
Payless Auto Sales
(307) 634-7234
619 E Lincolnway
Cheyenne, WY
Whisler Chevrolet Co
(307) 362-5677
2200 Foothill Blvd
Rock Springs, WY

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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.
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- Car Finance Casper WY
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- Lowering Auto Finance Costs Casper WY
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- Car Loans Casper WY
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