How a loan works Mount Vernon 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

Quality Ford of Mount Vernon Inc
(914) 664-2929
211 E Sandford Blvd
Mount Vernon, NY
Quality Ford of Mount Vernon Inc Sales Dept
(914) 664-6900
211 E Sandford Blvd
Mount Vernon, NY
Superior Sales & Svce Inc
(914) 664-4008
758 S 3rd Ave
Mount Vernon, NY
Saw Mill Auto Sales
(914) 667-4000
100 Oak St
Mount Vernon, NY
Farrell Chrysler Dodge Jeep Inc
(716) 673-1371
258 W Main St
Fredonia, NY
Habberstad Nissan Inc
(631) 439-7037
850 Jericho Tpke
Huntington Station, NY
Nissan Rockland Nissan
(845) 358-6700
608 Route 303
Blauvelt, NY
Metzger Gear Inc
(585) 272-0050
218 Mushroom Blvd
Rochester, NY
Copper City Chrysler Jeep Dodge Inc
(315) 337-0512
5827 Rome Taberg Rd
Rome, NY
Smith Ford Llc
(607) 334-3273
175 E Main St
Norwich, NY

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2007 Volvo XC70
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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

The Lease Pro

7183131577
2713 Coney Island Ave
Brooklyn, NY

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