Car Loan vs Personal Loan for Vehicle
Compare secured auto loan rates vs using a personal loan to buy a car.
| Factor | Car Loan | Personal Loan |
|---|---|---|
| Rate | 8.5–11% typical | 13–16% typical |
| Collateral | Vehicle hypothecation | Unsecured |
| Max tenure | Up to 7 years | Up to 5 years |
Verdict: Always prefer a car loan over a personal loan for vehicle purchase — lower rate and longer tenure reduce EMI pressure.
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