There is a lot mystification about Car finances and Auto loans prevailing in the market today. So, let’s quickly enlighten ourselves with the infinitesimal details of ‘finance related to our car’ to safeguard against negligence and malpractices. Auto loan is a secured lending scheme where the car to be owned by you is reserved as security. This kind of security is essential to eradicate the financial risk apprehension in the lender’s mind. Broadly, there are two types of auto loans – short term and long term. In both the cases, you do have to pay a down payment (upfront amount) to the lender. The choice of the loan duration is generally your call. Making things further clear, long term loans demand higher interest rates, whereas short term loans has lower rates. These Auto loans are  [...]