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U.S.Bank Auto Loan

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Logo, U.S. Bank

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What should I consider when borrowing money for a vehicle?

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Six different illustrations of cars, all blue

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Shopping for a new vehicle is exciting, but all the financing options available can seem a little overwhelming.

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Paperwork piling on and around desk.

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You may start by considering leasing a vehicle versus getting a loan to purchase one. A lease may have a lower monthly payment, but it also means that you won't own the vehicle.

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A split screen shows the differences in paperwork and dollar bills between leasing and purchasing a vehicle. 

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An auto loan will let you own the vehicle at the end of your payment term. It's a secured loan, meaning that it's backed by the vehicle as collateral. You'll likely have to give a down payment, which is a fixed amount of money paid up front, and then repay the loan over time with a certain interest rate.

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A piece of paper, a lock and a car appear on screen. A check and percentage sign grow and disappear. A calendar flips through pages and grows a timeline.

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For auto loans, short-term introductory rates are often advertised. So when shopping for loans, it's important to compare both introductory rates and the rate that is applicable when the introductory period ends. When researching your borrowing options, be sure to explore other ways that may help you lower your rate. For example, some banks offer lower rates if you set up automatic payment from your account.

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3 bar graphs grow to show the percentage difference between lenders. A car and a table graph with dates and payments appear on a split screen.

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Shopping for a vehicle can be a fun and exciting process.

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Smiley face with several exclamation points in conversation bubbles.

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If possible, have your financing in place before you go shopping to help you get a better handle on what you can afford and maybe getting your new wheels faster.

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Blue car drives past blue trees

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Learn more about auto loans at usbank.comautoloans.

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Logo, U.S. bank, www.us bank.com slash auto loans. Equal housing lender. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Installment loans are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association, Member FDIC. Copyright 2018 US Bank.

Things to know before you start shopping for cars and auto loans

What to consider when researching auto financing options.

Tags: Cars, Financing, Loans
Published: November 14, 2018

Shopping for a new vehicle can be exciting, but all of the financing options can be overwhelming. Auto loan considerations such as leasing vs. buying and comparing interest rates and loan terms are essential in the car buying process.

 

Learn more about types of auto loans as well as find your car and apply for financing all online with a U.S. Bank Approved Dealership application.