An auto loan is a loan that allows someone to borrow money to buy a vehicle. Auto loans are often low-interest loans that must be repaid over a three or five-year term, depending on the plan you pick.
A car is frequently the second-largest purchase a person will make after their home. and many small-scale business owners often use auto loans to purchase trucks, tuk-tuks, lorries etc. Auto loans make vehicles that can cost a lot more accessible by dividing the cost into monthly payments that fit different payment plans.
Auto loans are simple-interest loans in which the lender expects the borrower to repay the principal amount plus interest in monthly instalments (the cost of borrowing from the lender, shown as a percentage of the principal balance).
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