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Types of auto loans: Find which is right for you Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and evaluate information without cost, so that you can make decisions about your finances with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on this website, for example, for example, the order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other products for home loans. This compensation, however, does affect the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that could be available to you. Maskot/Getty Images

5 min read published on December 23, 2022.

Written by Bankrate This article was generated using automation technology and thoroughly checked and edited by an editor on our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-researched, and well-informed information that breaks down complex subjects into digestible pieces. The Bankrate guarantee

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You have money questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We continually strive to provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and accurate. Our award-winning editors and journalists create honest and accurate content to help you make the right financial decisions. The content we create by our editorial team is objective, truthful and is not influenced from our advertising. We’re open regarding how we’re in a position to provide quality content, competitive rates, and useful tools to our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services or when you click on specific links on our site. This compensation could influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether a product is offered in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this website. We strive to offer a wide range offers, Bankrate does not include specific information on every credit or financial product or service. If you’re looking to refinance an existing loan you’ll have a few different financing options. Each type of auto loan comes with its own set of pros and cons as well as particular uses. Some can be used for purchases, while others are only available when you already own already got an auto loan. It is therefore important to conduct your research before you decide which is right for your situation and needs. New car loans are used to purchase brand-new cars. You can get financing from the dealer however, it’s not required. You can often obtain a better rate making use of a traditional bank, credit union or online lender However, they can help make the process easier. You generally get a of between three and five years. Some lenders feature loan terms of . The loan amount along with the interest rate and repayment period determine your monthly payments Try Bankrate’s to find an estimate. Depending on the financing arrangement you could also be required to pay . Experts in finance recommend that you put at minimum 20% down, but it is best to only pay the amount you are able to afford. Used car loans A are a kind of auto loan that lets you finance the purchase of a used car. They’re available through traditional banks, auto dealers or credit unions as well as online banks. A few of the most sought-after used car loans are for CPO vehicles that typically include an extended guarantee. Many lenders also are willing to offer second-hand car loans for cars which are not CPO vehicles. Used car loans are typically paid back in monthly installments over the course of three or five years. Like new vehicle loans the monthly installment is based on the terms of the financing contract. Be mindful that most lenders have limits on the maximum amount of mileage and age of the vehicle eligible for financing. Auto refinance loans permit the borrower to obtain the new loan to take over your existing one. You may pursue one if you have an existing loan that has a higher interest rate and you want to get to get a new loan with a lower interest rate or a long-term. With a lower rate, you may be able save money over the long haul. The longer duration will lower the monthly payment. But, because of the interest this won’t decrease your overall cost. You’ll need to have a credit score of 670 or above for the most affordable rates. If your credit score is poor, you might consider alternative options, for instance, to repay the loan. Cash-out auto refinance loans A are similar to conventional refinancing. You can transform the equity in your car into cash. You’ll replace the current loan by a new one that includes the equity you borrowed. Typically, the equity you have in your car will limit the amount you can get back. Cash-out refinance’s primary benefit is having more cash available at your available. It is also possible to secure more favorable financing terms, which will make your monthly payment more affordable. Still, you will be charged more interest, meaning you’ll be paying more money over the life of the loan. Private party auto loans A is a loan made specifically for the purchase of a vehicle owned by a private person. Banks, and online lenders provide this kind of loan. Because this type of loan is secured by the vehicle however, there are restrictions in the type of vehicle you can buy. The vehicle must be 10 years old or less than 150,000 miles. Purchase buyouts of lease loans A is what it’s akin to It’s a type of car loan that can help you purchase the leased vehicle. You own the vehicle , while the lender permits you to keep making the same monthly payments that you paid throughout the lease. You should know the difference between buying from a dealer and buyback. Dealer buyouts are available when you buy a car for cash, because you purchase the car from the dealer instead than leasing the vehicle. A buyback occurs when the dealer purchases the car you have leased from you prior to when the lease ends. Another auto loan variations The auto loans are also different based on how interest is calculated, the method by which you get the loan and whether you are able to prove that the loan is secured with collateral. The above loans may be made using simple interest or precomputed interest, be secured or unsecure and are available through direct or indirect financing. Simple interest loans are different from. the precomputed rate loans for auto loans Auto loans can be of two kinds of interest: precomputed or. Simple interest loans are much more common. They calculate the interest to be paid each month based upon the interest rate and loan balance. Early in the loan term, a larger portion than your monthly installment goes towards interest, while the balance is flipped later in the term. You will have the loan balance as well as origination fees and interest calculated at the beginning and then divided over the loan period. Both principal and interest payments are the same each month. If you make timely payments for each installment over the entire loan period, there’s no difference between them. If you intend to make more or larger payments, a precomputed interest loan is not going to help you save money since interest for the entire loan period is already incorporated into the total amount to be paid. Direct auto financing in contrast to. indirect auto financing The distinction is to do with how you can get the loan through an lender directly or by working through a dealer. This is when you get auto financing from a bank or . Getting approved or with a lender before going to a dealership can help you in negotiations. You will receive the amount of the loan as well as your interest. This will allow you to shop for a car knowing the exact amount you can spend. The dealer will verify that information and concludes the transaction. Or, you can use the offer you’ve received for negotiating a lower rate for financing from the dealer. With , the dealer offers its own financing via their lending partnerships. The dealer works with you to complete your auto loan application, and the dealer will forward the application to the lender or lenders. While indirect financing may be convenient, the dealer may raise the interest rate to ensure they profit. Secured and. unsecured auto loans secured car loans require providing collateral to the lender which is typically the car title. Banks typically offer higher interest rates and more flexible eligibility requirements for secured loans because of the collateral. Personal loans for the purchase of new or used cars. They come with higher interest rates and requirements for qualification due to the absence of collateral. In order to qualify for an unsecure loan one must have a solid credit score, a borrowing background that shows a of regular, timely payment, as well as a reliable source of earnings. In the end, not each of the auto loans are the same. The best option is one that meets your needs financially will depend on whether you’re looking to purchase an used or new car or refinance your existing loan to secure more competitive terms for financing, or take out a loan against the equity you have in your vehicle. Before you decide which kind car loan is best be sure to know what each one has to provide. Additionally, you should find the best lenders and be pre-approved to be sure you get an affordable financing deal. Find out more

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The article was written by created using automated technology and thoroughly edited and fact-checked by an editor from our editorial staff. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.

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