A car loan is specifically designed for purchasing a vehicle. These loans allow you to spread the cost of a new or used car over a set period, making it more manageable than paying the full amount upfront.Car loans typically come in two main forms:
Secured Car Loans: These loans are secured against the vehicle being purchased, meaning the car is collateral. As a result, secured loans often have lower interest rates compared to unsecured options.
Unsecured Car Loans: These loans do not require the vehicle to be used as security. While they may come with higher interest rates, they offer more flexibility since the borrower is not at risk of losing the car if they default.
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