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10 Options for Car Financing

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Whether you're thinking of buying or leasing your next automobile, you'll need to decide on the best way to pay for it. We offer 10 options for car financing to make your next set of wheels a reality.

Car Loan

During a set period of time, you'll make fixed payments including interest when you purchase a vehicle with an auto loan. The larger your down payment is, the lower your payments and debt will be.

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Car Lease

A car lease is a contract that lets you use a vehicle during a certain amount of time. The dealer usually will require a down payment of at least 10 percent due at signing of the lease.

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End-of-Lease Purchase

When the lease term is up, you can return the car or buy it for a predetermined depreciated value, known as the residual value. A higher residual value means it's worth more at the end of the lease and your lease payments will be lower.

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Loan Refinance

Refinancing an auto loan can make payments more affordable. Monthly payments may be lower with a lower interest rate or a longer repayment term.

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Lease Trade

Also known as a lease transfer or lease assumption, this option is affordable and won't hurt your credit if you are having trouble making your lease payments. One person takes over the lease payments with the approval of the leasing company.

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Motor Vehicle Title Funding

Another option for vehicle finance is motor vehicle title lending. This is a loan for a small amount of money and a limited time, and the title is kept as security.

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Exeter Auto Finance

Exeter Auto Finance partners with franchised auto dealers to make car ownership a reality for credit-challenged consumers. Exeter promises to help customers establish a payment history that can affect their credit score.

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Southeast Toyota Finance

Established in 1981, Southeast Toyota Financing is an operating division of the World Omni Financial Corp. This loan provider offers financing to Toyota dealers and customers in Georgia, Florida, South Carolina, North Carolina and Alabama.

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Loan Cosigner

College students can benefit from adding a creditworthy cosigner to their auto loan. A cosigner guarantees to make any missed payments or cover the full loan amount if needed but has no rights to the vehicle.

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Co-applicant

Co-applicants are joint borrowers with equal responsibility for repaying the loan and have equal rights to the vehicle. Like the cosigner model, this option can lighten the load for borrowers.

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