What are the types of Car loan?

Added: (Thu Mar 04 2021)

Pressbox (Press Release) - Car loan
You can avail a loan from a bank to purchase a brand new car. You have to pledge the car as collateral to avail this loan. You can also avail a loan for a pre-owned car.

What are the types of Car loan?
Secured car loan: Your car is the collateral for your loan. If you do not repay your car loan, the bank can repossess and sell the car to get the money back.

Unsecured car loan: You avail an unsecured car loan to purchase a used car. You need not offer the car as security for the loan. You are sanctioned a smaller quantum of loan than a new car loan, and at a higher interest rate.

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