Tresl Blog

A man with money and a nice car after getting a good car loan rate
General Auto Finance Education
Britta Retherford

Must-Know Tips for Getting a Good Car Loan Rate

You likely can’t predict the rate you’ll get just by polling your neighbors. Still, a little research never hurts. Here’s the latest data on auto loans—and more importantly, how you can improve your odds of securing a good car loan rate yourself.

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Icons that show the difference between APR and interest rates on car loans.
General Auto Finance Education
Britta Retherford

APR vs. Interest Rate For Car Loans

Most car loan contracts list two rates, your APR and your interest rate. The higher the APR, the more you’ll pay over the life of the loan. Lenders will give you both rates on your car loan paperwork so that you can better understand your loan.

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A man entering his new car after learning how car loan interest works.
General Auto Finance Education
Britta Retherford

How Does Car Loan Interest Work?

Most car loans use simple interest, a type of interest of which the interest charge is calculated only on the principal. Simple interest does not compound on interest, which generally saves a borrower money.

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Someone pushing a lever toward a good credit score
General Auto Finance Education
Britta Retherford

The Four C’s Of Credit

You probably know that your credit score is important for getting a loan. However, your credit score is not the only factor that banks and other lending institutions look at when considering you for a loan. Lenders typically look at four primary factors.

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People examining a vehicle service contract with a magnifying glass
General Auto Finance Education
Britta Retherford

What Is a Vehicle Service Contract?

The purpose of vehicle service contracts is to pick up where manufacturer warranties leave off.
A warranty from a manufacturer is essentially a promise that your car is in working order.

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Two people doing the math to understand what a loan to value ratio is
General Auto Finance Education
Britta Retherford

What Is A Loan To Value Ratio?

A loan to value ratio, or LTV, is simply the ratio of a loan amount to the market value of the asset to be purchased with the loan. LTV is a measure of risk. It describes how much of a loan is backed up by real world value.

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An infographic showing the facets of GAP Coverage
General Auto Finance Education
Britta Retherford

What Is GAP Coverage?

Guaranteed Asset Protection (also known as “GAP Protection,” “GAP Coverage”, or simply “GAP”), protects you from paying for a car that no longer exists because of an accident or theft.

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What Is Tire and Wheel Coverage
General Auto Finance Education
Britta Retherford

What Is Tire And Wheel Coverage

Tire and Wheel Protection Plans supplement your insurance coverage, protecting you from paying for damage to your car’s tires and wheels when your insurance may not.

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