When purchasing a new car, you’re going to be faced with various financing options for buying the vehicle. Typically, most people will be looking at either a car or personal loan.
The distinction between these loan types is small but important. Normally, car loans are secured by the car itself, while personal loans can be used on a range of different things and are unsecured.
While the details are subtle, there are some important factors that you will need to weigh up when comparing your options.
PROS of car loans
CONS of car loans
PROS of personal loans
CONS of personal loans
Before making a decision on whether this type of loan is suitable for you,
it is important for you to consider the above information and discuss the
suitability of this loan type with our mortgage professional.