Auto loan rates in 2022: Recommendations and Statistics

Over the course of a predetermined period of time, the loan is repaid in equal installments.

Secured loans include auto loans.

The vehicle you're buying is typically used as collateral, which means the lender has the right to seize the vehicle if you don't make your loan payments.

For an auto loan, it is worthwhile to look both at banks and dealerships.

Like banks, new car dealers and manufacturers can offer enticing loan products.

The interest rate provided by an auto dealer may be as low as 0% or less than the going rates provided by banks.

Depends on the borrower's credit score and market-driven circumstances.

A lot of lenders provide options for refinancing auto loans, and a few guarantee a simple and quick process.

In a number of circumstances, refinancing your loan might be useful.

For instance, if you're having trouble making payments, you might be able to lower your rate and monthly payment,

By shortening the loan repayment period, or extending the term.