Identify the transaction before requesting a quote

Write one of four descriptions: a new-car purchase, a used car from a dealership, a used car from an individual or refinancing an existing loan. Include the vehicle price or payoff amount. The transaction determines which documents and payment arrangements you will need to discuss. A private seller, for example, may need a clear explanation of when funds will be available. Do not make a delivery commitment based on an advertisement about funding speed.

What makes this option different

Secured and unsecured are different comparisons

A secured agreement attaches collateral to the borrowing. An unsecured agreement does not use that same collateral structure. These labels affect the documents and terms you should inspect; they do not themselves tell you which proposal is cheaper. Record the available product, APR, fees and repayment schedule in writing. For a vehicle-backed agreement, also establish title and insurance requirements. Your location and the lender’s assessment determine what can actually be offered.

Worked example: 60 months versus 84 months

Illustration only—not a Truist quote. Assume a $28,000 balance, fixed 8% annual interest, monthly amortization and no fees.

The longer schedule lowers the payment by about $131.33 and adds roughly $2,594.44 in interest. If the smaller installment is necessary, acknowledge the cost instead of describing it as a saving. Actual vehicle eligibility, rates and charges may produce a different comparison.

Buying from a private seller

Confirm the seller’s ownership position, the vehicle details and whether an existing lien must be paid. Ask the lender which documents it needs and how the transaction funds will reach the appropriate recipient. Keep the purchase agreement separate from informal messages about the sale. If the funding or title process is not clear, resolve it before arranging a handover. This guide does not verify a seller or transfer ownership.

A dealership purchase needs an itemized price

Ask the dealer to show the selling price, taxes, required charges and optional products individually. Compare lender proposals using that same financed amount. If the monthly payment changes after adding a warranty or service product, record both the price of the addition and the interest it may attract when financed. A product should remain a visible choice rather than an unexplained increase in the installment.

Strengths and limitations

Refinancing: compare what remains from today

Request a dated payoff amount and list the payments remaining on the existing agreement. Then compare the proposed replacement debt from the same starting date. Include the new term, costs and any relevant old-loan payoff charges. A refinance that reduces the rate may still increase total remaining interest if the repayment period becomes substantially longer. Decide whether the goal is lower cost, payment relief or a different repayment pace.

Repayment flexibility deserves a process, not a slogan

Ask how to make an additional principal payment and how to obtain a final payoff figure. Keep proof of payments and verify that the balance changes as expected. If you intend to repay early, compare the written costs and instructions across proposals rather than relying solely on the regular installment. A repayment feature is useful when you understand how to use it under the agreement.

Build a budget that includes running costs

List loan payment, insurance, fuel, servicing, registration and a reserve for repairs. A used-car purchase may make the maintenance reserve especially relevant to your own circumstances. Try a month with a higher-than-expected ownership expense. If the loan would only fit when every other cost stays at its minimum, revisit the vehicle price or borrowing amount. A longer term should be a deliberate tradeoff, not a way to hide a tight budget.

Information to prepare before contacting the bank

• Which purchase or refinance route applies.
• Vehicle details and an itemized price, or a dated payoff quote.
• Your planned deposit and borrowing amount.
• Seller type and any title or lien questions.
• The repayment length you want to compare.

The bank determines its document requirements and credit assessment. Organizing these details makes the discussion concrete without implying that a particular credit score guarantees approval.

Frequently asked questions

Visit the official provider

Use the provider’s current product or course information to confirm availability, terms and the next step. This button does not submit an application or make a payment.

›VISIT THE OFFICIAL AUTO FINANCE PAGE

**You will be redirected**

Use the official page to confirm the right route

Choose the relevant auto-loan category and read its current disclosures. Establish location, vehicle and seller eligibility before proceeding with a full application. Keep the complete quote for comparison with the dealership or another lender. The decision is ready when you can explain the security, payment schedule, total repayment and ownership costs in plain language—not simply repeat the advertised monthly figure.

Sources and review

Provider information checked on October 3, 2026. Examples, worksheets and project suggestions are original editorial illustrations, not provider offers, assignments or reported results. Conditions can change.

• Truist: auto loans and disclosures