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Auto loans are so important if you buy a car. Many sites provide auto loans. The auto loan provided by this site are loans for new cars, loans for used cars and refinance for the current auto loan. Auto loans are similar to mortgages. The car that the person is purchasing is the collateral for the loan. Hence, if the buyer cannot repay the loan, the lender reserves the right to own the car. When a person originally takes a new car loan, an annual percentage rate is offered. This is the interest rate the individual has to pay on the loan. The APR depends on the credit rating. While taking the loan, it is necessary to issue a down payment on the loan. If this down payment is large, the overall loan will be lesser. If it is less than 20%, the person will have to pay more than the cost of the car. Choosing for a new auto loan online is very efficient for the following reasons – low interest rates as compared to a majority of dealerships, dealerships increase the interest rates to enhance their profit, dealerships add months to the length of the loan, online lenders can give their approval almost immediately. So visit the site right away.