What is an Auto Loan? (1) - PowerPoint PPT Presentation

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What is an Auto Loan? (1)

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An auto loan is a type of loan used to finance the purchase of a vehicle, such as a car, truck, or motorcycle. It is a form of instalment loan where you borrow a set amount of money from a lender, usually a bank or credit union, and then repay that loan over a fixed period of time with interest. – PowerPoint PPT presentation

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Title: What is an Auto Loan? (1)


1
AUTO LOAN
2
WHAT IS AN AUTO LOAN?
An auto loan is a type of loan used to finance
the purchase of a vehicle, such as a car,
truck, or motorcycle. It is a form of set
installment loan where you borrow a
  • amount of money from a lender, usually a bank or
    credit union, and then repay that loan over a
    fixed period of time with interest.
  • Bike loan can be a convenient way to finance the
    purchase of a vehicle, but it's important to
    carefully consider the terms of the loan and
    your ability to make the required payments
    before taking on the debt.

3
Simple interest loan
1
2
Pre-computed interest loan
3
Secured loan
TYPES OF AUTO LOAN
4
Unsecured loan
5
Balloon loan
6
Refinancing loan
4
FACTORS TO CONSIDER WHEN GETTING AN AUTO LOAN
1.
Interest rates and how they are calculated
2.
Loan term (i.e., length of time to repay the loan)
3.
Down payment requirements
4.
Credit score requirements
5.
Pre-approval and how it can benefit borrowers
5
TIPS FOR GETTING THE BEST AUTO LOAN
1
2 3 3 4

Shop around and compare rates from different
lenders
Negotiate loan terms with the lender
Consider using a co- signer to get a better
interest rate
Avoid taking on too much debt
6
THANK YOU!
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