Auto Sales In house Financing

<h1> Different types of auto loans </h1>

 

By Fred Patrick - There are a number of auto loans. These loans vary according to the terms and conditions. Some have high interest rates and low down payment while others have high down payment and low interest rates. Besides this, there are simple interest loans, leasing loans, car title loans and so on. In this article, we will discuss the main types of auto loans. Here are they:

 

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-          Car Equity Loans

These loans are the short-term car loans in which some percentage of the total car value is borrowed. However, these types of loans vary from one lender to another. They are usually given to mitigate the risk since the value of cars depreciates at a rapid rate.

 

-          Auto Title Loans

Small financing companies provide this type of loan. There is a condition attached with it and according to this condition, the title of the car remains with the lender until complete repayment is made.

 

-          Pre computed Loan

This is the type of loan in which simple interest is applied on the principle amount. Entire calculations are made before the agreement is signed and then the borrower understands the payment procedure. Legal agreement is also made in it.

 

-          Lease Buyout Loans

These loans are the one that are given when you are buying a car on lease. Many dealers also provide this assistance. Besides this, some dealers have the condition to avail their in house loan for getting their car leased.

 

-          Simple Interest Loan

 

Such types of loans are calculated on daily basis. However, in this scenario, customers have the benefit to reduce their interest payments by giving advance payments. Thus, it is suitable for customers that have good financial condition. Some people make a bi-monthly payment and reduce their interest payments drastically.

 

These are some of the main types of *auto loans*. One should go for the one that suits the financial condition. People who have fixed regular income mostly consider lease options while those having their own business consider simple interest loan. **Auto sales in house financing** is also a suitable option as it is less time taking and convenient. Buying a car is not difficult when you have such convenience. Cars for sale in Houston are available on easy terms. You can also consider in house auto financing Houston as a comfortable and convenient method of getting your car. Start searching for your dream car and book it right now while sitting at home!