Credit: AA Finance
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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