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What methods of payment are available for car loans?
I just want to know what my options are before I sign up for a car loan.
Jim Donaher · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Thanks to advancements in technology, there are a multitude of options for making your
car loan
payments. Once you open your loan, you can authorize the lender to draw your payment from your checking or savings account on the due date. This is easy, free, and enables you to have a perfect on-time payment record.
If you prefer to have a bit more control, the same effect can be had by setting up a recurring payment to the lender through your online banking account. You can adjust the amount or the payment date any time you need to.
Then there are the more old-fashioned approaches: you can write a personal check and mail it to the lender, or you can make your payment in person with cash, a check, or a money order.
If you are looking into insurance after purchasing a new car, the Jerry app is a good place to start. A licensed broker,
Jerry
does all the hard work of finding the cheapest quotes from the 50 top name-brand insurance companies and delivers the best deals to your phone in minutes.View full answer
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