Secured Loan
Vehicle loans are typically secured loans, meaning the vehicle itself serves as
collateral for the loan. If you fail to make your payments, the lender the vehicle.
Interest Rate
The interest rate is the cost of borrowing money. It’s expressed as a percentage of
the loan amount. Interest rates can vary depending on, loan amount, loan term.
Loan Term
The loan term is the length of time to repay loan. Shorter loan terms typically have interest rates but higher monthly payments, lower monthly payments.