Car loan is a financial assistance taken to purchase a car with minimal initial payment from your own pocket. The borrowed money from the lender can be repaid in equal monthly instalments over a period of time with an agreed rate of interest. Normally, car loans are secured with the vehicle itself that is being bought.
What is a car loan statement?
A car loan statement includes your interest rate, loan balance, repayment transactions processed during the statement period, interest charged, redraws and or fees.
How do I find out my loan balance on my car?
Three major factors that determine your monthly car loan payment are your loan amount, the interest rate and the loan term. There are steps you can take — like making a down payment, improving your credit or choosing a different loan term — that can help reduce the amount you pay each month.