Different Types of Car Loan

When we decide to get a new car, most of us just don’t have that type of cash laying around to buy it with. This is where a car loan from Infinity Finance comes into play. There are some things that you should be well aware of before getting yourself a car loan.

First off, you should understand that there’s an amazing opportunity here on the internet when it comes to getting a car loan from Infinity. There are hundreds of different companies online that offer car loans and with a little bit of research you are going to be able to figure out which type of car loan is going to be the best fit for you.

Let’s take a look at what the different types of car loan that are available to consumers on the internet.

Long-Term: These types of car loans are usually only offered to consumers when they are looking to buy a brand new car or borrow a lot of money and will usually last for a length of thirty six, forty eight, and sixty months. This type of car loan will provide you with a smaller monthly payment, but you will end up having to pay more over the duration of the loan due to the interest rates.Here at Infinity we offer the full range and we can discuss this with you.

One thing to be aware of with these types of loans is that if you are not careful than the value of the car that you get could fall below what you actually have left to pay on the loan which is referred to as negative equity, particulalry in the first few years of owning the car.

Short-Term: These types of car loans will have a higher monthly payment attached to them, but at the same time you will end up paying less money on the interest than you would with the long term loans. These types of loans are usually the best way to go if you have the budget to afford a higher monthly car loan payment. Please ask your Infinity Finance representative about the difference between the long term and short term loans so that you can compare them. Contact Infinity Finance today!