Auto Loan (Noun)
Meaning
A personal loan to purchase an automobile.
Classification
Nouns denoting possession and transfer of possession.
Examples
- Applicants with excellent credit often qualify for lower interest rates on their auto loans, saving them money over the life of the loan.
- To secure a low-interest auto loan, borrowers may be required to make a significant down payment on the vehicle.
- You can obtain an auto loan directly from a bank, credit union, or other financial institution, or through the dealership where you purchase the car.
- Many auto loan lenders offer flexible repayment terms to accommodate the varying financial needs of their clients.
- Borrowers should carefully review the terms of their auto loan before signing the agreement to avoid hidden fees and charges.