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What is a car loan?

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18th Nov 2009 by JonB

A car loan is usually an installment loan secured by the title of a car. Generally car loans have terms from 2-6 years with relatively high interest rates. Car loans can be seen as risky because of the nature of the cars value. New cars especially can depreciate by many thousands of dollars simply by being bought. This makes the collateral somewhat suspect and explains why car loans are some time hard to obtain and when they are, often do not offer very attractive terms. One way to get around this is to take out an equity loan and finance the car through a secured home loan which will undoubtedly offer more favorable rate and terms than a traditional car loan.

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17th Nov 2009 In Finance 1 Answers | 549 Views
Subjects: car loan,

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