Auto Loan or Motor Loan

 

Need some new wheels?  Not got enough cash?  An Auto Loan or Motor Loan could be your answer.

An Auto Loan or Motor Loan - is a loan that is for the purpose of buying an automobile or motor vehicle and has the vehicle itself as security.

The lender is provided with rights in the vehicle to hold as security until the loan is repaid.  It the terms of the loan repayment are not met, then the lender may be able to use the vehicle to recover what is owing.  Typically, if terms of the repayment and interest on the loan are not met, then the lender has the right to sell the vehicle to recover the debt.

Because the lender takes less risk with a secured loan, available secured loans may be larger, longer term or at lower interest rates than unsecured loans.  Remember - secured loans are less risk for the lender, only because the borrowed keeps the risk.  If you do not meet the terms of the loan, you risk forfeiting the security.

Compare rates online to find the best deals to fund your dream motor.

Able was I ere I saw Elba

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