Do you get overwhelmed when trying to understand car financing? You are not alone. Our Cadillac of Manhattan team is on a mission to make it easier for New York, NY drivers to get the financing they need in the simplest way possible.
An auto loan is essentially a contract between you, the buyer, and a lender. The lender typically is a bank or credit union that has checked your credit score and decided to issue you a loan. A contract is drawn up that lays out the principal, which is the initial amount borrowed, as well as the interest, which is the money you are being charged overtime to borrow money.
Sometimes, you may need to or simply choose to add a co-signer. This person assumes responsibility for the loan as well and will also have their credit negatively impacted if payments are not made regularly and on time.
