My Articles | About Us | Contact Us | Advertise With Us | Search   
 
News, Tips & Offers delivered to your inbox

ABOUT US | VIEW ALL FEATURED ARTICLES | VIEW ALL TOPICS | VIEW ALL REGIONS | DM MOBILE | DM BLOG

How a loan works Illinois

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

Uftring Auto Mall
(309) 694-0700
500 Fairlane Dr.
Peoria, IL
Jaguar Land Rover of Peoria
(309) 690-6100
7300 N. Allen Road
Peoria, IL
Neil Norton Cadillac - Pontiac
(309) 686-7099
1600 W War Memorial Drive
Peoria, IL
Pearl Automotive Group (Peoria Toyota Lexus
(309) 689-3000
7301 N. Allen Road
Peoria, IL
Uftring Nissan
(309) 690-6200
7400 North Allen Road
Peoria, IL
Heritage Buick - Mazda - GMC
(309) 693-2300
1500 Pioneer Parkway
Peoria, IL
Mike Miller Automotive
(309) 693-1222
2007 West Pioneer Parkway
Peoria, IL
Saturn of Peoria
(309) 691-2500
2300 W. Pioneer Parkway
Peoria, IL
Walters Brothers Harley-Davidson
(309) 697-1917
615 S. Maxwell Rd.
Peoria, IL
Larry Roesch Volkswagon of Bensenville
(630) 860-0400
313 W Grand Ave
Bensenville, IL

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

Uftring Auto Mall

3096940700
500 Fairlane Dr.
Peoria, IL
Read more about How a loan works

Regional Articles
- How a loan works Addison IL
- How a loan works Algonquin IL
- How a loan works Alsip IL
- How a loan works Alton IL
- How a loan works Arlington Heights IL
- How a loan works Aurora IL
- How a loan works Barrington IL
- How a loan works Bartlett IL
- How a loan works Batavia IL
- How a loan works Belleville IL
- How a loan works Bellwood IL
- How a loan works Belvidere IL
- How a loan works Bensenville IL
- How a loan works Berwyn IL
- How a loan works Bloomingdale IL
- How a loan works Bloomington IL
- How a loan works Blue Island IL
- How a loan works Bolingbrook IL
- How a loan works Bourbonnais IL
- How a loan works Bridgeview IL
- How a loan works Buffalo Grove IL
- How a loan works Calumet City IL
- How a loan works Carbondale IL
- How a loan works Carol Stream IL
- How a loan works Carpentersville IL
- How a loan works Champaign IL
- How a loan works Chicago Heights IL
- How a loan works Chicago IL
- How a loan works Cicero IL
- How a loan works Clarendon Hills IL
- How a loan works Collinsville IL
- How a loan works Country Club Hills IL
- How a loan works Crete IL
- How a loan works Crystal Lake IL
- How a loan works Danville IL
- How a loan works Decatur IL
- How a loan works Deerfield IL
- How a loan works Dekalb IL
- How a loan works Des Plaines IL
- How a loan works Dolton IL
- How a loan works Downers Grove IL
- How a loan works East Moline IL
- How a loan works East Peoria IL
- How a loan works East Saint Louis IL
- How a loan works Edwardsville IL
- How a loan works Effingham IL
- How a loan works Elgin IL
- How a loan works Elk Grove Village IL
- How a loan works Elmhurst IL
- How a loan works Elmwood Park IL
- How a loan works Evanston IL
- How a loan works Evergreen Park IL
- How a loan works Fairview Heights IL
- How a loan works Franklin Park IL
- How a loan works Freeport IL
- How a loan works Galesburg IL
- How a loan works Glen Ellyn IL
- How a loan works Glendale Heights IL
- How a loan works Glenview IL
- How a loan works Godfrey IL
- How a loan works Granite City IL
- How a loan works Grayslake IL
- How a loan works Gurnee IL
- How a loan works Harvey IL
- How a loan works Harwood Heights IL
- How a loan works Hazel Crest IL
- How a loan works Highland Park IL
- How a loan works Hinsdale IL
- How a loan works Homewood IL
- How a loan works Jacksonville IL
- How a loan works Joliet IL
- How a loan works Kankakee IL
- How a loan works Kewanee IL
- How a loan works La Grange IL
- How a loan works Lake Bluff IL
- How a loan works Lake Villa IL
- How a loan works Lake Zurich IL
- How a loan works Lansing IL
- How a loan works Lemont IL
- How a loan works Libertyville IL
- How a loan works Lisle IL
- How a loan works Lockport IL
- How a loan works Lombard IL
- How a loan works Loves Park IL
- How a loan works Machesney Park IL
- How a loan works Matteson IL
- How a loan works Mattoon IL
- How a loan works Maywood IL
- How a loan works Mchenry IL
- How a loan works Melrose Park IL
- How a loan works Midlothian IL
- How a loan works Mokena IL
- How a loan works Moline IL
- How a loan works Morris IL
- How a loan works Morton Grove IL
- How a loan works Morton IL
- How a loan works Mount Prospect IL
- How a loan works Mundelein IL
- How a loan works Murphysboro IL
- How a loan works Naperville IL
- How a loan works New Lenox IL
- How a loan works Niles IL
- How a loan works Normal IL
- How a loan works North Chicago IL
- How a loan works Northbrook IL
- How a loan works O Fallon IL
- How a loan works Oak Forest IL
- How a loan works Oak Lawn IL
- How a loan works Oak Park IL
- How a loan works Orland Park IL
- How a loan works Palatine IL
- How a loan works Palos Hills IL
- How a loan works Park Forest IL
- How a loan works Park Ridge IL
- How a loan works Pekin IL
- How a loan works Peoria IL
- How a loan works Plainfield IL
- How a loan works Prospect Heights IL
- How a loan works Quincy IL
- How a loan works Riverdale IL
- How a loan works Rochelle IL
- How a loan works Rock Falls IL
- How a loan works Rock Island IL
- How a loan works Rockford IL
- How a loan works Rolling Meadows IL
- How a loan works Romeoville IL
- How a loan works Roscoe IL
- How a loan works Roselle IL
- How a loan works Round Lake IL
- How a loan works Saint Charles IL
- How a loan works Schaumburg IL
- How a loan works Skokie IL
- How a loan works South Elgin IL
- How a loan works South Holland IL
- How a loan works Springfield IL
- How a loan works Streamwood IL
- How a loan works Streator IL
- How a loan works Sycamore IL
- How a loan works Taylorville IL
- How a loan works Tinley Park IL
- How a loan works Urbana IL
- How a loan works Vernon Hills IL
- How a loan works Villa Park IL
- How a loan works Waukegan IL
- How a loan works West Chicago IL
- How a loan works Westchester IL
- How a loan works Westmont IL
- How a loan works Wheaton IL
- How a loan works Wheeling IL
- How a loan works Wilmette IL
- How a loan works Wood Dale IL
- How a loan works Woodridge IL
- How a loan works Woodstock IL
- How a loan works Zion IL
Related Articles
- Negotiate for the Cheapest Auto Loan Illinois
Are you looking for cheap auto loans? If you are, this article will provide you with three tips on how to negotiate for the best deal on an auto loan so you can get on your way to car ownership.
- Auto Leasing Pros and Cons Illinois
- Lowering Auto Finance Costs Illinois
- Used Car Loans Illinois
- Car Financing Illinois
- Car Leasing Or Car Buying Illinois
- Auto Loan Payment Calculator Illinois
- Car Finance Illinois
- Credit Score and Buying a Car Illinois
- Car Loans Illinois
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
Articles.DirectoryM.com | Search | About Us | Contact Us | Mobile | Blog | En Español
Copyright © BET Information Systems, Inc. All rights reserved.