Car Loan
A car loan (also known as an automobile loan, or auto loan)
is a sum of money a consumer borrows in order to purchase a car.
Generally speaking a loan is an amount of money that is lent to
an individual, a business, or another entity. The party that
lends the money is known as the lender, while the party borrowing
the money is called the borrower. When taking out a loan a borrower
agrees to pay back the full loan amount, as well as any interest
(a percentage of the loan amount, usually calculated on an annual basis),
by a certain date, typically by making monthly payments. Car loans follow
most of the
same rules and procedures that apply to other loans.