Tuesday 14 November 2017

9 Difference Between Car Loan And Personal Loan

1. The Personal Loan (Unsecured)
A personal loan provides the borrower with funds from a lending institution (generally a bank), whereby the full loan amount is paid in a lump sum that can be used at the borrower’s discretion.
2. Interest Rates:
Generally, unsecured loans have higher interest rates than comparable secured loans with collateral attached.
3. Personal loan comes with no restrictions on how funds are spent.
4. Interest rates on personal loan is high.
5. Interest rate on car loan is less compare to personal loan.
6. Car loans use the vehicle you’re borrowing money for as collateral.
7. Most car loans are fixed at 36, 48 or 60 months.
8. Personal Loan:
You can use approved funds for any purpose.
9. Personal loan lending requirements are tuff.


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