Auto Loans: Consider Alternatives
If you consider friend or family lending as part of your auto financing package
, be sure to set up a proper, legally binding loan agreement that lays out all the terms of the loan. Just as with a traditional auto loan, agree on an interest rate and set up a payment schedule. Make payments on time and pay the loan down quickly to reduce the amount of interest you pay overall. For more information on friend and family lending, the benefits, the risks, and how to do it right, visit www.loanback.com.Auto Loans: Consider Alternatives
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