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The financing company is likely to be represented in this discussion by either a car dealer or automotive finance broker. [ 6 ] This form of contract purchase was originally used more by businesses than individuals, but there has been steadily increasing use by consumers in countries such as the UK in recent years.
Borrowing against your 401(k) to purchase a car can be tempting, especially if you don’t have other savings. While no laws specifically prohibit using a 401(k) loan to buy a car, there are ...
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
Your car insurance typically covers family members and friends who infrequently borrow your car, but understanding the coverage limits helps protect you from unexpected costs.
A loan agreement (also known as a lending agreement [1]) is a contract between a borrower and a lender which regulates the mutual promises made by each party.
You can either turn in your car to the dealer, purchase the car or lease a new car. Leasing a car vs. buying a car. Consider your priorities when deciding whether to lease or buy. Reflect on how ...