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What is a secured auto loan, and is it the right type of loan for you when you purchase a car for your New London commutes? A secured auto loan uses collateral — usually the car — as security. Join the finance department at Westbrook Honda for more information about the secured loan criteria. If you’d like to ask how does a secured car loan work, keep reading or contact us.
It’s rare to find unsecured auto loans. Most car loans in Middletown are secured. Some places will provide unsecured auto loans. Make sure you know which type of loan you’re getting before you sign.
There are different kinds of car loans to choose from, although most Branford car loans are secured. How does a secured car loan work? First you’ll share your personal information with your potential lender when you apply for financing. That includes your legal name, social security number, and information about your current financial situation. The lender will run a credit check to approve your loan. Your combined credit history and income (debt-to-income ratio) will determine whether you’re qualified for the loan and if so, what interest rate you’ll get. While a secured auto loan has a fixed interest rate — it doesn’t change — an unsecured auto loan can have variable rates that change over time. Part of the secured loan criteria is that you’ll agree to have the vehicle repossessed by the lender if you fail to make your monthly payments on time. If you make all your monthly payments on time, you’ll own your vehicle outright once you’ve made every payment, including ones you might have deferred. If you don’t want to risk losing your vehicle to repossession, an unsecured auto loan can provide more confidence, but a secured auto loan is easier to get if you’ve had credit issues.
No matter which type of loan you want, learn all you need to know about it at Westbrook Honda! Our team of finance experts can help you understand the ins and outs of auto loans, from how a secured auto loan works to simple interest loans and more!
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