Automobile Loans
The types of automobile financing available for your customers are as follows:
- New & Used Automobile Financing
- Refinancing existing Auto Loans
Eastern Bank will as well consider (Private) Auto Sales and Lease Buyouts.
Some of the key features and benefits of the automobile loan products are:
Features |
Benefits |
| Auto title used as collateral | Collateralized loans have a lower interest rate |
| Financing from 24-60 months | Payment structured to fit your budget |
| Fixed rate | Cost of borrowing known at origination; no surprises |
| Fixed monthly payments | Easy budgeting and record-keeping |
| New - Up to 90% of MSRP*
financed Used - Up to90% of NADA suggested retail price financed |
Minimal down payment; less cash needed to purchase a car |
| No application fees | Saves money |
| Payment may be made via a coupon book or automatically deducted by Automated Clearing House (ACH)** from another Bank’s checking or savings account. | Customer has choice of the most convenient payment method |
*MSRP is the Manufacturers Suggested Retail Price.
**ACH is an automatic deduction system that is similar to (IDS) Insurance Deduction Services.
Also see the "At a Glance" chart. This chart presents the most critical aspects of the products.