automotive lending

Automotive lending refers to the financing options available for individuals looking to buy a car. Instead of paying the full price upfront, buyers can take out a loan from a bank, credit union, or dealership. They make monthly payments over a set period, typically including interest on the borrowed amount. The car often serves as collateral, meaning the lender can reclaim it if payments are not made. This type of funding helps consumers afford vehicles by spreading costs over time, making it more manageable for many people.