July 26, 2010
What Are Different Types of Auto loan?
Auto loans are of two major types. They are new and user auto loans. These two types can then be classified into two, secured and unsecured auto loans. New AUTO LOAN is one, which is availed to purchase a brand new car while a used AUTO LOAN can be availed to purchase used vehicles or secondhand cars. It is much easier to avail a new AUTO LOAN than used Auto Loan as lenders impose certain restrictions on the loan amount for used auto loans. Used auto loans can only be availed through a dealer and they also come with a higher rate of interest charged on the loan amount.