Before getting a secured loan on a new or used vehicle, it’s essential to do your research on the criteria for a secured loan. The financial experts at INFINITI of Clarendon Hills will answer the questions, “Is a car loan a secured loan?” and discuss how does a secured car loan work to help you make the best financial decision. Our finance center is here to help you explore your financing options, so when it comes time to apply for financing, you’re getting the loan best suited for you.
Many car shoppers in and around the Westmont area often ask, “What is a secured auto loan?” and “How does a secured car loan work?” A secured loan uses collateral, the vehicle you’re buying, as security. This means your car can get repossessed if you don’t make the car payments. If you are interested in a secured loan, contact our finance department to get the application process started. You are probably wondering, is a car loan a secured loan? No, not necessarily, because there are different types of car loans.
Once you have the paperwork started, you need to provide information like your name, social security number, and information about your current financial situation. A credit check is required to get approved. Your credit history, combined with your income, helps you get approved for the loan, but it’s also the deciding factor of your interest rates. Once your debt-to-income ratio is determined, and qualifications are met, you get presented with the fixed rates of your loan.
Drivers can purchase the vehicle and make monthly payments until the loan gets paid off. Once paid off, you own the vehicle. However, if you don’t make your monthly payments, the car can get repossessed.
Once you have reached the secured loan criteria, be sure to apply for financing right from home online! Give us a call if you have any questions about secured loans, ways to increase your credit score, or to schedule an appointment.
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