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Review:

Auto Loan

overall review score: 4.2
score is between 0 and 5
An auto loan is a financial product used to purchase a vehicle, where the borrower agrees to repay the lender over a set period of time with interest added.

Key Features

  • Interest rate
  • Loan term
  • Monthly payments
  • Down payment
  • Credit score requirements

Pros

  • Helps individuals afford a vehicle they may not be able to pay for upfront
  • Allows for manageable monthly payments
  • Can help build credit if payments are made on time

Cons

  • Accrues interest over time, resulting in higher total cost of the vehicle
  • Defaulting on payments can lead to repossession of the vehicle

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Last updated: Sun, Dec 8, 2024, 10:17:41 PM UTC