Car loans work by providing a lump sum of money for you to buy a car. Then, it’s yours to drive, while also making monthly payments on the loan (with interest) over time. Until you fully repay the loan, the lender holds the title to the car and can repossess it if you fall behind…
The article How Do Car Loans Work? originally appeared on NerdWallet.
https://www.nerdwallet.com/article/loans/auto-loans/how-do-car-loans-work
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