t’s nearly impossible to get anywhere these days without your own car. While public transportation or riding your bike is good for the environment, sometimes you just don’t have the time or energy to use those options. When you need a new car, an auto loan can help you buy one on a budget.
Auto loans are a great way to spread the cost of a new or used vehicle over a long period of time so you can pay for it more easily. Mesa Banking Rates compares outstanding auto loan rates from a variety of lenders and has listed four types of auto loans you may qualify for:
Standard Loan: If you have decent credit and a substantial down payment, you should apply for a standard auto loan. These are the most desirable loans to obtain because you will have a variety of lenders to choose from and the ability to negotiate affordable auto loan interest rates.
Online Loan: Rather than physically meeting with lenders to discuss auto loan options, you can do your shopping online through websites like Mesa Banking Rates and secure a loan without leaving your home. Be sure you are doing business with a reputable lender.
Dealership Loan: These loans are generally for borrowers with poor credit. The dealership will finance your car purchase themselves and the interest rates can be very high.
Subprime Loan: Like dealership loans, subprime loans are designed for a borrower who cannot obtain a loan with “prime” terms because of their bad credit. Subprime loans are financed by banks or other financial institutions.
