![]() Having an understanding of these key terms can make a big difference when it comes time to find and apply for a car loan. For example, you may apply for an adventure loan (for boats, motorhomes, or travel trailers) or a motorcycle loan, along with traditional auto loans.īefore moving into the details of auto loans, it is important to establish a baseline meaning for several commonly used terms when discussing loans. ![]() However, many financial institutions, including IMCU, offer loans for other types of vehicles as well. In return, you agree to pay that money back, plus interest and fees, over a set period of time.Īuto loans, sometimes referred to as car loans, are typically used to purchase a vehicle such as a car, truck, or SUV. With an auto loan, you borrow money from a lender to pay for a vehicle up front. Put simply, an auto loan provides the financing to help you purchase a new or used automobile. We’ve put together this auto loan guide to help you understand the process and what to watch for when you finance your next vehicle. With these numbers in mind, even those shopping for a more affordable automobile may want or need an auto loan to finance the purchase.Īt Indiana Members Credit Union (IMCU), we understand that loans can be an overwhelming process. And as of early 2022, even used cars were seeing high prices, with the average one- to five-year-old car selling for an average of around $34,400, according to research by. Yet, finding the right vehicle can be stressful, especially as prices continue to increase.Īs of December 2021, new car prices were averaging just over $47,000, according to Kelley Blue Book. If you’re car shopping for you or a loved one, finding and financing the right vehicle could mean safer travel, better commutes, happier road trips, and so much more. If you borrowed $10,000 for 5 years, you would make 60 payments of $201.52, with a total finance charge of $2,091.00. Rates may be higher based on credit score, vehicle year and loan term. Available for well qualified borrowers with full relationship including savings, checking and net direct deposit into IMCU account. If you borrowed $10,000 for 3 years, you would make 36 payments of $303.04, with a total finance charge of $910.00. 15.74% APR available for well qualified borrowers with full relationship including savings, checking and net direct deposit into IMCU account.
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