“Auto financing is a process where a lender gives you money to buy a vehicle and uses that vehicle as collateral for the loan. In return, you get to drive the car, but you have to pay back the loan amount (principal) with interest (APR) as stated on your contract within a certain time frame (usually 48 to 84 months).
To secure financing, you’ll have to show proof of income and have decent to good credit; you may also need to make a down payment.
Keep in mind that if you finance a car, you’ll also likely be required to carry collision coverage and comprehensive coverage on your car insurance. Make sure to budget for this and to shop with Jerry to get the best rates from dozens of insurance companies.”