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Define auto loan. auto loan synonyms, auto loan pronunciation, auto loan translation, english dictionary definition of auto loan. noun 1. auto loan a personal loan to purchase an automobile automobile loan, car loan consumer loan, personal loan a loan that establishes consumer auto loan definition of auto loan by the free dictionary. Define automobile loan. automobile loan synonyms, automobile loan pronunciation, automobile loan translation, english dictionary definition of automobile loan. noun 1. automobile loan a personal loan to purchase an automobile auto loan, car loan consumer loan, personal loan a loan that establishes consumer. An auto loan is a loan taken out in order to purchase a motor vehicle. they are typically structured as installment loans and are secured by the value of car, truck, suv, or motorcycle being purchased. what is a secured loan? an auto loan is a type of secured loan, which means that the borrower must up a valuable item to serve as collateral. Definition of automobile loan in the definitions.net dictionary. meaning of automobile loan. what does automobile loan mean? information and translations of automobile loan in the most comprehensive dictionary definitions resource on the web. A car title loan (also known as an "auto title loan" or simply "title loan") is a short term loan in which the borrower's car title is used as collateral. the borrower must be the lien holder (i.e.
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Car loans synonyms, car loans pronunciation, car loans translation, english dictionary definition of car loans. the act of lending: the loan of a book; money lent: the bank granted the loan. not to be confused with: lend – to grant the use of something that will be. Car loanwhat it meansa car loan (also known as an automobile loan, or auto loan) is a sum of money a consumer borrows in order to purchase a car. generally speaking a loan is an amount of money that is lent to an individual, a business, or another entity. the party that lends the money is known as the lender, while the party borrowing the money is called the borrower. The audit revealed a variance of sh12.7 million between the total amount of car loans issued to the mcas and the values indicated in the valuation reports by the automobile association of kenya."it is evident that the loans issued to the mcas exceeded the value of their vehicles contrary to the public finance management (nairobi city county assembly car loan and mortgage scheme fund. Indirect financing is arranged by the car dealership where the car is purchased. legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a retail installment sales contract rather than a loan agreement. Subprime auto loan: a type of auto loan approved for people with substandard credit scores or limited credit histories . there is no official cutoff score for prime versus subprime, but it should.
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A loan to value ratio (ltv) is the total dollar value of your loan divided by the actual cash value (acv) of your vehicle. it is usually expressed as a percentage. your down payment reduces the loan to value ratio of your loan. An auto loan is a type of secured loan, which means that the car you buy is collateral for the loan. if you fail to make payments on time, a lender might repossess your car and sell it to pay off the loan. make sure you can afford your monthly payment before buying a car. Americans’ increasing auto loan debt comes along with increasing total household debt, which rose by $193 billion (1.5%) from the third quarter of 2017 to a total $13.15 trillion at the end of 2017.
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