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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 aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and evaluate information for free – so that you can make decisions about your finances with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that pay us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. However, this compensation will have no impact on the content we publish or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be available to you. Maskot/Getty Images

5 minutes read. Published December 23, 2022

Written by Bankrate Written by The article was created with the help of automation technology, and then verified and edited by an editor from our editorial staff. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to control their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate promises

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We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. We have loans reporters and editors are focused on the areas that consumers are concerned about the most — the various types of loans available and the most competitive rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Editorial integrity

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There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for over four years. We are constantly striving to give our customers the right guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our content is honest and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the right financial choices. The content created by our editorial team is objective, truthful, and not influenced through our sponsors. We’re honest about the ways we’re able to bring quality information, competitive rates and useful tools for our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services or through you clicking certain hyperlinks on our website. This compensation could impact how, where and when products are listed and categories, unless it is prohibited by law for our mortgage, home equity and other home lending products. Other elements, such as our own proprietary website rules and whether the product is offered in your region or within your personal credit score may also influence the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include information about every credit or financial products or services. If you’re looking to refinance an existing loan you’ll have a few different financing options. Each type of auto loan has its own set of pros and cons and specific purposes. Certain types of loans can be used to finance purchases, while others can only be used if you currently are a holder of the auto loan. It is therefore important to conduct the necessary research before deciding the best option for you and your requirements. New automobile loans can be used to buy new vehicles. You can secure financing through the dealer, but it’s not mandatory. You’ll usually obtain a better rate making use of a traditional bank or credit union, or an online lender however, it can make the process more seamless. You generally get a of three to five years. Some lenders have loan terms of . Your loan amount as well as the interest rate and repayment period will determine the monthly amount you pay — try Bankrate’s to find an estimate. In accordance with the loan arrangement it is possible that you will be required to make a . Financial experts recommend that you make at least 20 percent down, but it is best to only pay the amount you are able to be able to afford. Used car loans A are a kind of auto loan that lets you finance a used vehicle. They’re available through traditional banks, auto dealers as well as credit unions, and online banks. Some of the most popular used car loans are for CPO, vehicles that usually have an extra warranty. However, many lenders also provide used vehicle loans for cars that are not CPO vehicles. Used car loans are usually repaid in monthly installments, spread over 3 to 5 years. Similar to new vehicle loans, the monthly payment is determined by 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 to be financed. Refinancing your auto loans An allows the borrower to obtain a new loan to replace your current one. You may pursue one if you’re in the middle of a loan that has a higher rate of interest rate and want a new loan with a lower interest rate or a long-term. With a lower interest it is possible to save money in the long term. A longer-term contract will lower the monthly payment. However, due to the fact that interest is charged this won’t decrease your overall cost. You’ll need a of 670 or above for the most affordable rates. If your credit score is less than ideal You might want to consider other options, such as to pay off your loan. Cash-out refinance of auto loans A are similar to traditional refinancing. It lets you convert your car’s equity into cash. You’ll be able to replace the current loan by a new one that will include the equity you borrowed. Typically, the equity in your car will limit the amount you receive back. Cash-out refinance’s primary benefit is the fact that you have more cash at your at your disposal. You could also secure more favorable financing terms, which will make your monthly payments more affordable. But, you’ll still have to have to pay higher rate of interest, so you’ll be paying more money over the life that you pay for the loan. Private auto loans A is a loan made specifically for purchasing a car that is owned by a private entity. Online lenders, as well as banks offer this type of loan. Since the loan will be secured with the car however, there are restrictions regarding the types of cars you can buy. The car must be 10 years old or younger , and less than 150,000 miles. Lease buyout loans A is exactly what it’s akin to It’s a type of car loan which can be used to buy the vehicle you lease. You take ownership of the vehicle , while the lender allows you to continue making the same monthly payments you paid throughout the lease. You should know the difference between the two types of buyouts: a dealer buyout or buyback. Dealer buyouts can be obtained when you purchase a car for cash, as you are buying the vehicle from the dealership , instead renting it. A buyback occurs when the dealer buys the vehicle you lease from you prior to when the lease is up. There are other auto loan variations Auto loans can also differ in the way interest is computed, how you get the loan and if it is loan is secured by collateral. The above loans may be made using simple interest or precomputed rates, be secured or unsecure, and be obtained through direct or indirect financing. Simple interest loans vs. precomputed interest auto loans Auto loans can have two types of interest. Precomputed. Basic interest loans are much more common. They calculate the interest to be paid every month, based on the rate of interest and the current loan balance. At the beginning of your loan term, a larger portion of your monthly payment goes towards interest, while the balance changes late in your time. have the loan balance the origination fee and interest calculated at the beginning and then divided over the loan duration. Principal and interest payments are the same every month. If you make timely payments for each payment over the entire loan term, there is very little difference between the two. However, if you plan to make more or larger payments and have a precalculated interest loan will not save you money — because the interest rate for the entire loan term is already factored into the payment amount. Direct auto financing vs. indirectly auto financing This distinction has to do with the way you can get the loan: By working with an lender directly or through a dealer. This is when you get auto financing from a lender or . Affiliation with an approved lender prior to visiting an auto dealer can help you in negotiations. You will receive the amount of the loan and your interest. This allows you to look for a car and know the exact amount you can spend. The dealer will verify the information and completes the transaction. You can also use the offer to negotiate a better rate in financing the dealership. In this case, the dealer provides its own financing through its lending partners. You work with the dealer to fill out the auto loan application, and the dealer will forward the application to the lender or lenders. While indirect financing can be advantageous, the dealer could raise the interest rate to ensure they earn. Secured vs. secured automobile loans Car loans require providing security to the lender — typically the car’s title. Banks generally provide better interest rates and more options for qualifying for secured loans due to collateral. These are personal loans for the purchase of new or used cars. They are characterized by higher rates of interest and higher qualification requirements due to the absence of collateral. To be eligible for an unsecured loan, a borrower needs a solid credit score, a borrowing record that shows a of regular, timely payment, as well as a reliable sources of revenue. The fact is that not every auto loans are the same. The option that best suits your needs financially will be determined by whether you want to buy an used or new car, refinance your current loan to obtain more competitive financing terms, or borrow against the equity you have in your vehicle. Before deciding on which type of auto loan is most suitable, do your homework to understand what each has to offer. Also, shop around to identify the best lenders and be pre-approved to be sure you get the best financing rate. Find out more


The article was written by created using automated technology and thoroughly edited and fact-checked by an editor on our editorial staff. Edited by Rhys Subitch Editor: Auto loans Editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to take control of their finances through providing clear, well-researched details that cut otherwise complicated topics into digestible pieces.

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