General Motors Corporation offers a number of GMAC car loan options for the customers. You can avail of GMAC car loan the traditional retail financing way or through the lease financing option.

GMAC car loan in traditional retail financing lets you own the vehicle for more than just a few years (more or less 15,000 miles per year) and allow you to make alteration on the vehicle’s appearance. GMAC car loan on leasing on the other hand will let you pay only for the length of time you expect to use the vehicle and add the rent charge, taxes and fees. In order to make the comparison more concrete, let’s consider a $20,000 vehicle for instance. GMAC car loan for the traditional retail financing lets you pay the entire $20,000 value of the vehicle plus the financing charge or interest rate. After the financing term you have availed of in the GMAC car loan you will own the vehicle. In GMAC car loan using the lease, the same $20,000 vehicle will only require you to pay the amount of vehicle you expect to ‘use up’ over the lease term plus rent, taxes and fees. ‘Used up’ value is computed by deducting the estimated value at the end of the lease, let’s say $9,000 to the original cost which is $20,000. Lease value is then equal to $11,000. Availing of GMAC car loan leasing option will enable you to pay lesser monthly payments, a new vehicle in every year or two, avail of a number of vehicles and no need for resale or trade-in of the old vehicle. However, GMAC car loan for leasing will not enable you to own the vehicle. You have to return the leased vehicle at the end of the lease unless you opt to purchase the vehicle as specified in the lease agreement.

If you want to avail of car loans, you can approach the bank, credit unions and automotive financing companies and make the necessary car loan application. Or, you can avail of GMAC car loan for the traditional retail financing which is conveniently located at your GM dealer.

Another GMAC car loan option is the Smart Guy.  SmartBuy is a GMAC car loan program that lets you own your vehicle and lower monthly payments at the same time. Low payment is possible because you pay for the portion you expect to use of the vehicle each month plus the finance charge. At the end of the contract you can choose to make a final balloon payment or return your vehicle with a $250 disposal fee.