You have decided to buy a car and found the manufacturer of your choice. Now you need to contract a credit agency for a car loan. It could either be a partner of the manufacturer selected or an established credit professional. There can be two possibilities. Your selected vehicle can be a new car or a used car. In case of the first, the maximum repayment period is usually set to seventy-two monthly installments ,that is a six years repayment period. If it is a used vehicle, then the period is set to a maximum of sixty months, though there are some agencies that limit the credit for vehicles over five years old to 2 years.

After receiving all the necessary documents for the credit application, you do it with the knowledge that the application will be studied to determine your repayment reliability based on your income, expenses and liabilities during the payback period and any conditions that apply if you change your idea of acquisition of the vehicle during the retraction period.

The acceptance of the auto credit as it is granted results in the release and transfer of the funds to your bank account for the vehicle acquisition. Thereafter, it becomes your responsibility to provision your account to honor the levies of the credit agency each month on a fixed date that you have agreed to. At a later time if you need to make any modifications to this date based on money movement from your account, then you can do so after beginning the loan repayment process.

To complete the review of options for the car loan, you can opt for a "bridge loan", if you buy a new or used car without having sold your existing car. The advantage of opting for a bridge loan is that it allows you the flexibility to sell the vehicle without the current rush, thus obtaining the best price from the market for your car. If you are given the option of Unemployment insurance by the credit agency in your contract, you are free to accept or reject it depending on your confidence on your employer and source of income for the car loan repayment.