Ryan Brown

The Car Loan Process

When purchasing a car, unless you have the means to pay for one up front at the dealership, financial assistance is likely something you'll need. This will come in the form of an auto loan.

An auto loan is basically a personal loan that is used to purchase a car. Whether it's from a bank or an auto lender like Car Loans of America, you'll likely be on a contract that enlists payments in installments, or an installment loan.

The are two types of car loans in terms of duration; short-term and long-term. They can range anywhere between 36 months to 72 months, dependent on your credit score, current financial state, and what you feel is best in terms of your current situation.

Application

With the invention of the internet, applying for just about anything is easier than ever. In person or online, you'll need your driver's license, proof of income, proof of residency, personal references, insurance, and information on the vehicle you anticipate to purchase.

Receiving the Funds

Once approved, you'll either receive the funds via check or bank account, depending on which the decided lender chooses. Now, you have the opportunity to shop stress-free as you know you have the money that is needed to make your car purchase!

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