Auto loan

A personal loan you obtain from a bank or finance company to buy a car or truck. The vehicle is the security for the loan. Auto loans are amortized over several years, usually three to five. In recent years, longer terms have become more common as the number of buyers who owe more on their trade-ins than they are worth — known as having negative equity — has increased. Subprime borrowers (those with a poor credit score) pay higher rates for loans. Loans for used cars also usually carry higher interest rates than loans for new cars. Manufacturers sometimes offer 0% APR loans on new cars — meaning you pay no interest over the life of the loan — in order to move inventories. You can search our database for the best new and used auto loan rates in your area.

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3 Roadblocks To Auto Loan Refinancing

It may be possible to substantially lower your monthly payments and reduce the total amount of interest you ultimately pay by refinancing your auto loan, but it's very hard to do.

PNC Bank Auto Loans Review

That's nearly 2 percentage points below the average cost of a 60-month auto loan. PNC Bank also allows buyers to qualify for a loan before picking out a car and taking a blank check with them when they go shopping.

5 Steps To Get The Best Deal On A New Car or Truck

You need the right information and a savvy negotiating strategy to drive away with the lowest price and cheapest loan. Let us show you how to be a smart, confident buyer.

$20 for every $1,000

That's a good rule of thumb for estimating monthly payments when shopping for a new car or truck.