Considering a personal loan to buy a car? Here are its pros and cons
6 months, 3 weeks ago

Considering a personal loan to buy a car? Here are its pros and cons

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Personal loans might be a sensible option when buying a car in some cases. Potentially low interest rates: Good credit score can turn the tables when it comes to personal loans versus car loans for car purchases. While personal loans typically have higher interest rates than car loans, if you have good credit score, you might snag a lower rate with a personal loan compared to a car loan. Generally, personal loan interest rates are more sensitive to your credit score than car loans. The disadvantages of taking a personal loan to buying a car include: Higher interest rates : Because of their inherent differences, personal loans have higher interest rates than auto loans.

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