auto loan

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Word: Auto Loan

Definition: An auto loan is a type of personal loan that you take to buy a car. You borrow money from a bank or financial institution, and you agree to pay it back over time, usually with interest.

Usage Instructions:

• You typically apply for an auto loan when you want to purchase a new or used vehicle and do not have enough money to pay for it all at once.
• You will need to make monthly payments until you pay off the loan.

Example:

• "I need to get an auto loan to buy my first car."

Advanced Usage:

• Auto loans can vary in terms (the length of time you have to pay back the loan), interest rates (the extra money you pay), and whether they are secured (backed by the car itself) or unsecured (not backed by an asset).

Word Variants:

• Auto financing: This is another term that can be used to describe the process of getting a loan to buy a car.
• Car loan: This is a synonym and can be used interchangeably with auto loan.

Different Meanings:

• In some contexts, "auto" can refer to anything related to cars, but in "auto loan," it specifically means the loan for purchasing a vehicle.

Synonyms:

• Car loan
• Vehicle loan
• Auto financing
• Motor vehicle loan

Idioms and Phrasal Verbs:

• There are no specific idioms or phrasal verbs that directly relate to "auto loan," but you might hear phrases like:
  • "Drive off the lot" – This means to leave the dealership with your new car, often after securing your auto loan.
  • "Pay it off" – This means to complete all payments on your loan.

Summary:

An auto loan is a helpful financial tool for people who want to buy a car but do not have enough cash to pay for it upfront.

Academic

Noun

1. a personal loan to purchase an automobile

Synonyms

• automobile loan
• car loan