An auto mortgage is a mortgage taken to buy an automobile. Taking an auto mortgage is easy as it does not require any credit score report or credit score. Totally different lenders have completely different charges of curiosity and terms and conditions. There are some necessities to be fulfilled for buying an auto loan. USA Federal offers one hundred% financing of the Manufacturers Recommended Retail Worth on new vehicles. Earlier than you go for an auto mortgage, seek for an aggressive loan. See that there are no prepayment penalties on the mortgage you take.