If you’re in the market to buy a Vehicle, a car Loan is one option for financing your purchase. Here, we’ll cover the steps you need to take for a successful application and what you need to know about your credit score when applying for this loan type.

The Basics

A Car Loan is secured against the vehicle you’re hoping to buy. If you don’t make timely and complete repayments, the lender can take back the vehicle. In short, you don’t own the car until the loan term ends and all the payments are made.