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An auto loan is a loan secured by a car and lets consumers pay off their car with fixed monthly payments rather than paying cash upfront. Consumers who want to pay off their car over time can use a car loan to buy or refinance a new or used car.  

The best auto loan rates allow car-buyers to save money over the life of their loan by charging them less interest, and often come with easy application processes, flexible repayment terms, and financing options for either new or used vehicles.