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🚗 Auto Loan: Financing Your Vehicle Purchase
An Auto Loan (or Car Loan) is a type of secured credit taken from a bank, credit union, or financial institution specifically for the purchase of a vehicle (new or used). It allows a borrower to spread the cost of the car over a fixed period, making the purchase immediately accessible.
Pre-approval is a more thorough process, often requiring a hard credit inquiry, where the lender formally commits to lending you a specific amount at a specific interest rate, subject to final verification and vehicle details.
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