What’s the point of a car loan?
To finance the purchase of a vehicle , unless you have the necessary funds, auto credit is the most frequently used solution. The term “ auto ” does not mean that credit is only used to acquire a car in the strict sense. The car loan can also be used to finance a motorcycle, a caravan or even a camper. Be aware, however, that when talking about auto credit, the loan is said to be “affected”. The money borrowed can only be used for the transaction for which the loan was made. What is a car loan? Auto loan, or auto loan, is a cash advance offered by a credit agency, a dealer or a bank, to finance a new or used vehicle when the buyer does not have the necessary funds for its purchase. It is therefore the lender that will pay the vehicle in its place, for him to repay a certain number of monthly payments previously defined by contract. Borrowing interest is added to the amount of the monthly payments. What is the purpose of auto credit? As the name implies, the auto loan is used to