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Auto Loans

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What Is An Auto Loan?

An Auto Loan is money that you borrow, usually from a bank or other financial institution, to pay for a new or used vehicle with the promise to pay the money back along with interest on the amount borrowed.

There are several factors that may effect the terms of your Auto Loan, such as your credit score, whether the vehicle you are purchasing is new or used or what kind of vehicle you are purchasing (these factors may also influence your auto insurance rates).

To get a better idea about how much vehicle you can afford, click here for an auto loan calculator from Edmunds.


For more helpful Auto Loan information, please see the links below:


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Financial Literacy Toolkit