When buying a car, is car finance or a personal loan better?
Personal loans and auto finance loans are the two main financing options when purchasing a vehicle. The only other loan that may be related to a new vehicle purchase might be an online payday loan or a cash advance loan to make a cash downpayment for the car. After the downpayment comes the real commitment; this will be a long four to six year relationship. You need to make it a good lasting one. Comparing the loans we have auto finance ranging with interest rate APRs from 3% to 7%; on the latter, we have personal loans with interest rates ranging form 6% to 36%. Make the primary option the best route to get when choosing an online loan for your car finance loan. According to websites such as LendingTree, personal loans average around $11,000 while auto finance loans for new and used cars average $32,000 and $20,000 respectively. The time frame you are allotted to pay back the loan also differs greatly. Find great financing options for personal loans through us today!