Advertisement
Advertisement
What is Car Loan?
A car loan is a type of secured loan in which you can borrow money from the bank or NBFC to cover up the expenses of purchasing your car by submitting the same vehicle as collateral. You can buy and use the car simultaneously as you pay the interest and principal to cover up the loan.
Car loans are so prevalent that car companies, in collaboration with loan providers, introduce different offers to attract customers into purchasing cars through loans. However, some common types of loans are offered for cars, as stated below.
- New Car Loan
- Used Car Loan
- Loan Against Car