Special Finance Auto Loan


Special Finance Auto loans are a very common type of financial liability, used by many individuals to purchase automobiles. The financial institution, however, is given security - a lien on the title to the vehicle - until the special finance auto loan is paid off in full. If the borrower defaults on the special finance auto loan, the bank would have the legal right to repossess the vehicle and sell it, to recover sums owing to it. This is just one type of a secured loan that if the Special Finance auto loan customer refuses to pay the remaining balance of the special finance loan and interest concurred; the bank will come looking for their car.

With an unsecured loan the bank would have nothing to come after, but your credit would be damaged and the collection agency would be hounding you for a very long time.

With secured Special Finance Auto Loans the car dealer initially receives an amount of money from the lender, which the customer agrees to pay back, in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. The financial market, term and the customers previous credit history, determines the interest rate on the special finance auto loan.

Applying on-line for a Special Finance auto loan has several benefits:

 
  • Great low interest rates *
  • Up to 100% financing
  • Terms of up to 6 years
  • Pre-approvals
  • Loan protection insurance (PMI)
  • Auto refinancing available

* APR = Annual Percentage Rate. Interest rate quotes are the lowest rates possible for qualified borrowers and are subject to change. Qualification is based on term (as applicable), credit history, debt, and the ability to repay. Your interest rate may vary. All Special Finance auto loans are subject to credit approval.
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