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Other product and company names mentioned herein are the property of their respective owners. Licenses and Disclosures. Advertiser Disclosure. By Karen Axelton. In this article: What Is Car Financing? Latest Research. Latest Reviews. For example, it may be tempting to choose a longer loan term to lower your car payments, but you could end up paying much more in interest over the life of the loan.
Finding the best financing for your needs can take some strategy and time. But in return, you could save hundreds or even thousands of dollars. Image: Young man looking out car window and smiling. In a Nutshell Financing a car means taking out a car loan that you repay over time. When you take out a car loan, you agree to pay back the amount you borrowed, plus interest and any fees, within a set period of time. Shopping around and comparing loan offers could save you significant money in interest and fees.
Advertiser Disclosure We think it's important for you to understand how we make money. Many creditors offer longer-term loans, like 72 or 84 months.
While these loans can lower your monthly payments, they may have high rates. And the longer the length of the loan, the more expensive the deal will be overall. Cars quickly lose value once you drive off the lot, so with longer-term financing, you could end up owing more than the car is worth.
Some dealers and lenders may ask you to buy credit insurance that will pay off the loan if you die or become disabled. Check your existing insurance policies to avoid duplicating benefits. Credit insurance is not required by federal law. If your dealer requires you to buy credit insurance for car financing, it must be included in the APR.
Should I finance a car? Know how much you can afford before you shop. Manage all your BofA accounts in one place. Auto Loan Basics. Lock in your rate. Call us. How financing a car works. Continue to is responsible for their content and offerings on their site, and their level of security may be different from ours.
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