When you need a loan to finance the purchase of a car, you have many different varieties available to you. Here are the different types and when to consider them:

Credit-union loan.
Rates are generally low for members of credit unions. If you don’t belong to one already, it may be worth joining.

Dealer financing.
An interest-free or ultra-low rate loan might be offered to you if your credit score qualifies and these promotions are in effect.

Extend the loan term.
Going long on your loan term can work if you can’t afford the car any other way. However, resist the urge to go out any longer than 48 months.

Lease, then buy.
This strategy is ideal if you plan to buy the vehicle. Avoid putting cash into a lease downpayment. Save the cash for the vehicle buyout instead