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There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
2. Know the Big Picture:
The terms of the auto loan will determine the amount one pays on spot and how much the loan costs overall. A low cost now may not mean low total costs in the big picture. Many borrowers choose a low down payment which usually increases the total cost of the auto loan (a person owes more on the vehicle than it is worth)
3. Avoid Prepayment Penalties:
One should always go for flexible loans. One should look for a lender that will allow you to make extra payments or pay off the loan entirely without any penalties.
In the business market two types of auto loans like direct and indirect.
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