FINANCE
Car loan basics

Car loan basics

Credit: AA Finance

One Partner Limited

23 January 2017, 2:42PM

One Partner Limited

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CATEGORY: SHOPPING FOR YOUR NEXT CAR

It might seem an obvious question, but what is a car loan? Of course it’s a loan to buy a car, but why not buy a car with a personal loan? Why not buy a car with a credit card or top up your mortgage? Let’s take a closer look at what a car loan is, how it works, and why it can be the smart way to borrow money for your next car purchase.

What is a car loan?

A car loan is a finance facility specifically designed to provide funding for the purchase of a vehicle. Although usually called a car loan, it can actually also be used to purchase a range of vehicles from boats to motorbikes and everything in between.

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