Auto Loan Types:
• New car loans: Lower rates
• Used car loans: Higher rates
• Refinancing: Lower payments
• Lease buyout: Purchase leased car
• Bad credit loans: Higher rates
• Subprime loans: Special terms
Loan Factors:
• Credit score: Affects rate
• Down payment: Reduces loan
• Loan term: Affects payment
• Interest rate: Cost of borrowing
• Trade-in value: Reduces loan
• Dealer incentives: Lower cost
Auto Loan Tips:
• Shop multiple lenders
• Check credit score
• Consider total cost
• Negotiate price first
• Compare rates and terms
• Read all documents