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Get Educated on Types of Auto Loans in Woodmore

August 20, 2019  

Get Educated on Types of Auto Loans in Woodmore

Are you looking for a company that can provide you with the best auto loans in Woodmore with fair interest rates? CarSmart has options for you. Whether you’re a new driver looking for good deals on financing, or you’re an educator a member of the military looking for specialized financing options tailored to your career choice, then look no further than our one-stop-shop for auto purchasing and financing.

Did you know that there are several types of car loans? Here are just a few to get you acquainted with the different types of options you have for financing your next car:

Secured auto loans

With this type of loan, the car acts as collateral for the debt taken on, so if you fail to make payments, the vehicle can be repossessed and resold to recoup losses. A lien makes this possible, and the lender is listed as a lienholder on the title for the car. This legal arrangement allows for possession of the car until the loan is paid in full. Most auto loans you’ll find are secured loans.

Unsecured auto loans

This type of auto loan has no collateral to secure the loan, meaning the lender is now reliant upon the ability of the borrower to repay the debt. These types of loans feature much higher interest rates and are less common than secured loans.

Direct financing

With this type of funding, banks, credit unions, and other companies can give loans to customers to purchase a vehicle from their chosen dealership or individual. Customers can be pre-approved for loans before car shopping, which is a smart strategy, especially if you want to get the best deal on your car.

Indirect financing

With this type of loan, dealerships can arrange financing options for the buyer by requesting a loan from a lending company on their behalf. As a result, the dealer can add a percent or two to the interest rate offered by the lender. There are also captive lenders, which are finance companies connected to specific auto manufacturers. Captive lenders include companies like Chrysler Capital, which is connected to Fiat Chrysler, and Toyota Financial, which is connected to Toyota. Such lenders can offer incentives for customers like 0% interest and rebates.

If you’re ready to purchase high-quality pre-owned vehicles from a dealership that also offers outstanding auto loans in Woodmore, CarSmart is prepared to help you get the best deal for your needs. For more information about the services that we offer, or to find out more about our financing options, call us today at (888) 292-8115 or stop by the dealership.

We Love Our Customers!

This place was good patient they work with I would recommend anytime Tim an vaurice where very helpful along with the rest of the staff!!

I had a very lovely experience at CarSmart today. They helped me get financed with bad credit. Vaurice, Dante, Ismail and Tim will get you into a new vehicle. They were fast and super professional and very nice. If you need a new car, Come on over to CarSmart. They can get the job done.

I am well,well pleased with the service that I received from CarSmart, especially Dante's. You were an excellent salesman and showed much respect to me and my friend during the purchase of my new vehicle. I appreciate you and keep up the great work ๐Ÿ˜Š.

Vaurice was Great ! Got us in and out in no time. Would definitely recommend this place to family.

I came here not sure if I would leave with a vehicle. But everyone was so great careing and showed so much respect that I was was so over well with the care that everyone gave. If I ever have have to get another vehicle I will have come here. I will refer anyone. The best of them all are Sales Rep. Vaurice was my sellsman and he was extremely great along with Ismail and Haceeb. THANK YOU Carsmart.

Great experience love this car dealer and vaurice was a great help everything was excellent. The process was fast and easy and we got the best deal in the area.

Carsmart is the best, they helped me get a vehicle when nobody else would. Vaurice was excellent with assistance, nice attitude. Everybody should come to Carsmart especially for low credit options.

Got my car from here. They were good ppl!

First time getting my car and the experience with them was great! They work great with you to get the car that fits right for you and make sure that itโ€™s something you can afford. Vaurice is nice, professional and knowledgeable about the cars. The entire team is great and make you feel comfortable with speaking to them.

Very nice cars