How a loan works Norcross GA

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

Peach State Truck Centers
(770) 449-5300
6535 Crescent Dr
Norcross, GA
Saab Cars USA Inc
(770) 279-0100
4405 International Blvd
Norcross, GA
Mbm Auto Sales
(770) 446-9946
7001 Peachtree Industrial
Norcross, GA
Funes Auto Sales
(770) 446-6715
5221 Buford Hwy
Norcross, GA
Ambassador Auto Sales
(678) 291-6900
7001 Peachtree Industrial
Norcross, GA
Auto Exim USA
(770) 729-0770
6020 Dawson Blvd
Norcross, GA
Troncalli Nissan
(404) 292-3853
1625 Church St
Decatur, GA
Fordville
(478) 237-7811
Swainsboro, GA
Juan Diego Autosales
(678) 450-1500
1775 Atlanta Rd
Gainesville, GA
Kia Town Center
(770) 423-4404
1221 Auto Park Dr NW
Kennesaw, GA

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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

Paul Teryl

(706) 745-2002
5724 Dills Rd. Extension
Blairsville, GA


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