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How Car Loans Work

Auto loans are actually pretty simple. Your principal is the amount of cash you borrowed to buy a vehicle. The principle is then broken up into payments. The interest on the loan is a fee you pay for borrowing cash to buy a new vehicle. The term is the amount of time you are given to pay back the auto loan. The term also determines amount of each payment.

The Principle

The total amount of money you borrowed to purchase a new or used vehicle. 

The Payment 

The payment is calculated by dividing the principle up in to monthly or bi-weekly instalments. The amount of your payment is determined by the term and interest.

The Interest

The fee or cost to borrow money. The fee is presented in a percentage called an Interest rate. This fee is can increase or decrease depending on your credit history.

The Term

The term is the amount of time you are given to pay back the auto loan. The term is usually presented to you in months rather than years.

Here Is What You Need To Get Started
Current Address
Driver's License
Employment & Income
Bank Account
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