Personal Loan Vs Auto Loan Reddit. A personal loan can be used for many different purposes, whereas a car loan is strictly for the purpose of purchasing a vehicle. Personal loans carry higher interest rates than auto loans.
Level 1 · 4 mo. In the long run, you’ll pay much more for a shorter personal loan. Really, it's just vastly different.
Usually more affordable than personal loans.
We checked rates at the credit union where we had been members. Your credit score interest rate other fees loan term collateral ease of. Either way, i would try to get a bank loan secured against the car rather than secured. Usually more affordable than personal loans.