Personal Finance Tips

How do car loans work?

There are a lot of things to consider when obtaining an auto loan. Your credit score, length and amount of credit history, and your source and amount of income. You’ll also want to consider that for many people they’ll need a co-signer on their first auto purchase. This person can be a family member or a friend.

In order to qualify for a car loan you need to find a bank or lending institution and apply (fill out an application). The lender will process the application and either approve or deny your application. Once approved they determine how much money they can lend you, how long they are willing to lend it and what interest rate they will charge you.

In extremely simple terms, when you find the car you want, you apply to the bank (or lending institution) for a loan. If approved, the bank pays the owner (or car dealer) for the car. The owner (or car dealer) is no longer in the picture. Any issues are now between you and the bank. You now owe the bank for the car whether it is a running car or piece of junk unless the previous owner offered a warranty.

Keep in mind that it is possible to be accepted for car loans even if you don’t meet the above requirements (credit history, co-signer, source of income). Obviously, you have to have a source of income, but you can receive a car loan without much credit history. The downside to this is that your monthly payments may be more expensive because the seller is taking a bigger risk on someone with out credit history.

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