As cars form a part and parcel of everyday life, the demand for new cars is also increasing and thus the rapid expansion of automobile industry. It would be quite difficult to move from one place to another without them. The easiest way to fulfill this need for transport is applying for long-term auto loans to get finances. This happens to be the most well-known type of auto loan currently available. They being easy and open to borrowers is the reason for this is. An additional loan advantage is that the rate of interest charged for the loan is a lot less when you compare them with additional loan types.