Following through on a plan to purchase a car takes serious savings. But when there’s none around it’s best to opt for a loan. Read on to know which one’s better, a car loan or personal loan?
Nowadays when it comes for buying a new car, many customers will choose for car finance from the dealer as they are usually quick and readily available. However, for some customers, it might actually be beneficial to get a personal loan to finance your vehicle instead.
Well,it depends.Here are few points which describe both have their own sets of pros and cons.
Secured car loans
Unsecured personal loans
Must Read: Know These 5 Golden Rules To Follow When Taking Personal Loan
Nowadays when it comes for buying a new car, many customers will choose for car finance from the dealer as they are usually quick and readily available. However, for some customers, it might actually be beneficial to get a personal loan to finance your vehicle instead.
Well,it depends.Here are few points which describe both have their own sets of pros and cons.
Secured car loans
- The outstanding loan amount
- The rate of interest on car loans
- Car loan tenure
- The benefits of signing up for a car loan
- The downside of car loans
Unsecured personal loans
- personal loans interest rates better than those for car loans
- Personal Loan repayment
- Calculate EMI for personal loan
- The merits of choosing this variant
- Easy approval of personal loan
So, taking a personal loan has added benefits although the interest rates are low. So it's a best option for a four-wheeler purchase. Getting a brief information about personal loan vs car loan have a look this tutorial.
Must Read: 6 BENEFITS A PERSONAL LOAN FOR HIGHER EDUCATION
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