Secured Car Loan: How it Works

Woman Signing Paper

Before you sign up for a secured car loan, it is important to see whether this method of financing is the best option for your needs and budget. At Rallye BMW, our finance department would be glad to explain the basics of secured car loans and how they work. Learn more about this loan then apply for financing online. If you have any other questions or would like to further explore your financing options, we would be glad to assist you.

How Does a Secured Car Loan Work?

First we have to answer the question: what is a secured auto loan? It’s a loan that uses collateral, usually the car itself, as security. What does this mean? If payments are not made of the vehicle, the loaner can repossess the car. Before you can take advantage of a secured car loan, you will need to contact our finance department to begin the application process. Many other Roslyn drivers also wonder: is a car loan a secured car loan? In some cases, it may not be. You have a variety of car loans to choose from.Once the paperwork is started, you’ll need to provide personal information such as:

  • Your name
  • Your social security number
  • Information on your current financial situation

How Do You Qualify?

To get approved, a credit check is necessary. Seeing your credit history combined with your income will help the lender decide whether or not to approve the loan. They will see if you meet the loan terms as well as to decide your interest rates. Once your debt-to-income ratio is determined, and if you meet the loan qualifications, you’ll be presented with the fixed rates of your loan.Once this is done, it is time to find the vehicle of your dreams. Once you purchase the vehicle, you will need to make regular payments on the loan until it is completely paid off. After the loan is paid off, the vehicle is yours for the keeping. If the car is not paid off, and payments stop, the vehicle will be repossessed.

Get Your Loan at Rallye BMW!

Once you reach the secured loan criteria, you can apply for the loan at Rallye BMW! We are conveniently located near Jericho. If you have any additional questions about the vehicle financing process, or if you’re looking for the best day trips in Westbury, do not hesitate to contact us.

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