Personal loan for car : r/personalfinance - Reddit

Most Car loans are usually Cheaper than personal loans. For a used car, a 3 year or 4 year loan should work. Make sure that your payment is 25% of your gross income or less, and make …

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Personal Loan For Car : R/personalfinance - Reddit

2 weeks from now

Most Car loans are usually Cheaper than personal loans. For a used car, a 3 year or 4 year loan should work. Make sure that your payment is 25% of your gross income or less, and make …

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Personal Loan Vs Auto Loan : R/personalfinance - Reddit

2 weeks from now

The personal loan is from First Republic, APR of 3.95% with a few clauses (need to maintain a balance of 20% loan amount in a checking/savings account, set up auto pay). The minimum …

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Taking Out Personal To Loan To Buy Used Car? : R/personalfinance

2 weeks from now

Originally I was going to try to get a ~10,000 dollar used car with an auto loan and put $2000 down. However, now I'm thinking that maybe I should try get a $5000 dollar car by taking out a …

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Personal Loan Or Car Loan? : R/personalfinance - Reddit

2 weeks from now

Personal loans are like 12 - 15% APR. Car loans for new cards are often 0%. Really, it's just vastly different. Either way, I would try to get a bank loan secured against the car rather than …

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Options For Taking A Loan Out For A Car. : R/personalfinance - Reddit

2 weeks from now

You’ll need to get a personal loan, doesn’t matter who it’s through. No CU or bank is gonna give you a $3k auto loan. Your other option, is to get a $7k loan with 0% down. Then just pay the …

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Can I Buy A Car With A Personal Loan? : R/personalfinance - Reddit

2 weeks from now

If you mean personal loan, as in an unsecured loan, then yes. The way we do it at the bank I work at you can do whatever you want with the money. You come in, say you want a loan for $10K …

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FAQs about Personal loan for car : r/personalfinance - Reddit Coupon?

Is a personal loan a good idea to finance a used car?

A personal loan can be a good idea to finance a used car if conventional financing isn’t available or if you can’t qualify for an auto loan. Rates can be higher and repayment terms shorter, compared to traditional auto loans. You may be able to avoid repossession of your vehicle if you default on a personal loan. ...

What is the best car loan?

The best loan is one that has the lowest interest rate. Don't finance a car for longer than 3 years (especially a used car). If you need to finance longer than 3 years in order to afford the monthly payments then the car is too expensive for you. A 40k used car is sort of crazy in my opinion. You can go buy a brand new Toyota for ~28-35k easy. ...

Should you get a personal loan to pay for a car?

No down payment: The biggest reason to choose a personal loan to pay for a car is that you don’t need a down payment. Less risk of repossession: If you default on the loan, your lender won’t repossess your car (not right away at least—they can still pursue you in court). ...

What is the difference between auto loans and personal loans?

Auto loans and personal loans are similar in that they are both installment loans. That means you will make monthly payments over a set period. They both come with a fixed interest rate. Your income and credit history will be key to getting approved with either type, but there are also some key differences. ...

What is a personal loan & how does it work?

A personal loan is a type of unsecured loan that has a wide range of uses. Many people take out personal loans to consolidate debt at a lower interest rate, pay for house repairs or upgrades or cover car repairs. You can use personal loans for almost any type of expense, including financing a new car. ...

Are personal loans more expensive than auto loans?

Much more expensive: Personal loans carry higher interest rates than auto loans. According to the latest average rates from the Federal Reserve, two-year personal loans are almost twice as expensive as four-year auto loans (9.65% vs. 4.95% annual percentage rate (APR)). More affordable: Auto loans are simply cheaper. ...