Vehicle Loans are a type of loan intended to finance a new or used vehicle. Borrowers for Vehicle Loans make monthly payments of principal and interest, which usually reimburse the lender within five to six years.
There are two types of Vehicle Loans: Direct and Indirect. A direct vehicle loan is a type of loan where a bank gives the loan directly to a consumer. An indirect vehicle loan is where a car dealership acts as an intermediary between a bank or financial institution and the consumer.
In some instances, a loan taken out to purchase a new or used vehicle may be secured by the car in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter often corresponding to the useful life of the car.
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