What is the difference between a car loan and a personal loan

Car Loans are used for buying a new or used car less than 5 years old. They can also be used to purchase a boat, caravan or jet ski etc. A car loan will generally be secured against the vehicle being purchased.

Personal Loans generally have a higher interest rate and can be used for a wide range of more personal purposes such as an older car, debt consolidation, weddings, holidays etc. A Personal loan has no security requirement.

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