Definitions for "Auto Loans"
Auto loans are made to borrowers to finance the purchase of new or used automobiles. Borrowers make monthly payments of principal and interest, which typically amortise the loans in five to six years or less. The loans are secured by liens on the automobiles being financed. The balance of an auto loan securitization will amortise as borrowers make payments on their loans.
A loan to pay for the purchase of a new or used vehicle.
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