There’s a variety of different types of loans available to Los Banos and Modesto shoppers. Secured loans are on of them. What is a secured loan? How does a secured loan work? Get the information you need from the Smith Chevrolet Of Turlock finance department, and when you’re ready, apply for financing with us.
When you take out a secured auto loan, the lender is protected by collateral that you put down. If you don’t pay the loan, the lender keeps the collateral. In the case of a secured auto loan, the vehicle you purchase with the loan is usually the collateral. Are all car loans secured loans? Not necessarily, but they are very common. Home loans are a great example of a secured loan—the house is used as collateral.
On the flipside, unsecured loans are often called signature loans or personal loans. They’re not secured with collateral, so they tend to have much higher interest rates to protect them.
When you apply for a secured auto loan, you’ll be asked for personal information that includes your name, Social Security number, and some details about your current finances, like your income. This information will be used to conduct a credit check. The results of your credit check combined with your income information will be used to determine your loan’s interest rate. Depending on the lender, there might be additional secured loan criteria you’ll need to meet to get approved. If you do, then you’ll be offered the fixed rate of your loan. And once you have your secured auto loan you can start shopping for a new vehicle, which will belong solely to you when you finish paying off the loan. If you don’t meet the terms of your secured loan, the lender can repossess the vehicle.
At Smith Chevrolet Of Turlock we’re happy to give you the information you need when it comes to buying and maintaining your vehicle. If you’d like to learn more about the car-buying process and how to get your next car within your budget, pay a visit to our car-buying tips. We’re here to make the buying process as straightforward as possible.
The Chevy Trailblazer burst onto the scene just a few years ago, but it’s already made its mark on forward-thinking drivers. After all, the Trailblazer is efficient, well-equipped, and—perhaps most obviously—stylish! You’ve got tons of different Chevy Trailblazer colors to consider in the current model year, and we can’t wait to show you your options….
Are you ready to explore the Los Banos area in a new Chevy Traverse? But do you want to learn more about what this amazing SUV can offer you? Take a look at what other drivers have to say about the Traverse! And then you can get back to enjoying your Ceres and Los Banos drives…
The 2023 Chevy Tahoe trims have so much to offer Los Banos families who need a lot of room to manage their transportation needs in the Modesto area. No matter how you drive or your budget, there’s a Chevy Tahoe price that’s just right, too. Take a look at what each Chevy Tahoe trim level has…