What Are Guaranteed Auto Loans and How Do They Work?
Guaranteed auto loans are a type of financing that is available to nearly all borrowers, regardless of their credit history. Here’s how they work:
A guaranteed auto loan is one in which the lender agrees to finance the vehicle purchase without requiring a cosigner or collateral. The interest rate on a guaranteed auto loan is typically higher than that of a conventional loan, but it is still lower than the rates charged by most subprime lenders.
To qualify for a guaranteed auto loan, you will need to have a steady income and meet other basic lending criteria. In some cases, the lender may require that you have a down payment or trade-in before approving the loan.
If you are looking for an affordable way to finance a vehicle purchase, a guaranteed auto loan may be right for you.
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