A car loan — usually secured, which means the vehicle you purchase acts as collateral and can be subject to repossession if you fail to repay it — can help you pay for a new or used car. The trade-off for this risk is a lower interest rate than unsecured borrowing, such as a personal loan. Although rates for car loans are relatively low, it’s important to shop around in order to find the best rates and terms for you. You can apply for an auto loan at a car dealership, bank, credit union or via an online lender.
In addition to laying out some basic information to…
