By making several important financial decisions before you shop for a car, you can ensure you’re getting the best interest rates and loan terms for your budget.
The loan-to-value ratio is the amount of your loan divided by the vehicle’s actual cash value. Lenders use this formula when deciding whether to lend you money for a car or vehicle.
By co-signing a loan, you are legally obligated to repay the loan if the primary borrower is unable to.
Late fees for car payments are generally determined by your lender, what’s in your contract, and what state law says.
You can get car or auto loan rates at banks, credit unions, auto dealers, and certain commercial websites.
The most common ways to get an auto loan are through your car dealer or a bank or credit union. Learn the differences and how to compare offers to get the best loan.
If you are having problems making your car payments, contact your lender or loan servicer and ask what options are available to you.
Figuring out how much you need to borrow for an auto loan starts with weighing all the potential costs and how much you can comfortably afford each month.
No, you don’t have to get a loan from the dealer. In fact, you may get better interest rates and auto loan terms if you get quotes from other lenders before you shop for a car.
As the economy recovers, the CFPB is closely monitoring auto lending to ensure the market is fair, transparent, and competitive – and is working for American consumers.
When getting an auto loan, negotiating certain terms and features, including interest rates and add-ons, can save you hundreds or even thousands of dollars.
Once you’ve finished negotiating with your lender or dealer, make sure to review all aspects of your loan agreement before you sign your paperwork and drive off the lot.
Buying a car means that you own it once the loan has been paid. A lease is an agreement to use a vehicle for a specific number of months and miles.
Examination of the potential relationship of rising car prices and car loan amounts, and the potential impact on consumers.
Most lenders and servicers send you a welcome letter with your car loan information. If you financed directly with a bank, or other lender, that entity is your lender.
The CFPB published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions.
The CFPB and the New York State Office of the Attorney General sued a predatory auto lender, Credit Acceptance Corporation, for misrepresenting the cost of credit and tricking its customers into high-cost loans on used cars.
A car dealership’s F&I department (sometimes called the Business Department) handles financing, auto loan features, and sells optional add-on products.
A mandatory binding arbitration clause in a car loan states you agree to resolve any disputes with an arbitrator rather than the courts.
Americans owe more than a trillion dollars in student loan debt. That's more than we owe on credit cards, more than we owe on car loans – and it's still...
