What is an Auto Loan? (1)

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AUTO LOAN
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WHAT IS AN AUTO LOAN?
An auto loan is a type of loan used to finance
the purchase of a vehicle, such as a car,
truck, or motorcycle. It is a form of set
installment loan where you borrow a

• amount of money from a lender, usually a bank or
  credit union, and then repay that loan over a
  fixed period of time with interest.
• Bike loan can be a convenient way to finance the
  purchase of a vehicle, but it's important to
  carefully consider the terms of the loan and
  your ability to make the required payments
  before taking on the debt.

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Simple interest loan
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Pre-computed interest loan
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Secured loan
TYPES OF AUTO LOAN
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Unsecured loan
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Balloon loan
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Refinancing loan
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FACTORS TO CONSIDER WHEN GETTING AN AUTO LOAN
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Interest rates and how they are calculated
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Loan term (i.e., length of time to repay the loan)
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Down payment requirements
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Credit score requirements
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Pre-approval and how it can benefit borrowers
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TIPS FOR GETTING THE BEST AUTO LOAN
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Shop around and compare rates from different
lenders
Negotiate loan terms with the lender
Consider using a co- signer to get a better
interest rate
Avoid taking on too much debt
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THANK YOU!