How a loan works Roswell 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

One and One Auto Sales
(678) 330-1562
1237 Strickland Rd
Roswell, GA
Hennessy Dealerships
(770) 643-6100
990 Mansell Rd
Roswell, GA
3 Stars Auto Sales Llc
(770) 642-3720
701 Atlanta St
Roswell, GA
Aston Martin of Atlanta
(678) 802-5007
11875 Alpharetta Hwy
Roswell, GA
Nalley Audi
(678) 795-3300
11100 Alpharetta Hwy
Roswell, GA
Nalley Lexus-Roswell
(678) 461-0800
980 Mansell Rd
Roswell, GA
Roock Automobile Atlanta Llc
(770) 993-0062
10997 Alpharetta Hwy
Roswell, GA
Mazda of Roswell
(770) 993-6999
11185 Alpharetta Hwy
Roswell, GA
Ferrari of Atlanta
(678) 802-5000
11875 Alpharetta Hwy
Roswell, GA
Saturn of Roswell
(678) 366-8188
1400 Upper Hembree Rd
Roswell, GA

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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

Paul Teryl

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

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