I know what loans are (you borrow money and pay it back plus interest over a period of time), but I have a few questions about the specifics:
When you are approved for an auto loan and you proceed to get one, does a lump some cash amount (the principal) get added to your checking account?
If you take a loan from your bank, does a new account "tab" also pop up on your dashboard like your credit card tabs?
I know how interest in paid for bonds. How is interest paid for a loan? Let's say you take a $10,000 at 3$ APR for 12 months. Do you pay $833.33 ($10,000/12) of principle + $25 ($10,000 * 0.03/12) every month?
Do you have to post collateral?