Personal loan vs Auto Loan : r/personalfinance - Reddit

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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Personal Loan Vs Auto Loan : R/personalfinance - Reddit

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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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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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Personal Loan Vs. Auto Loan: How Should You Finance A Car

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Dec 11, 2024 · Personal Loan vs. Auto Loan; Personal Loan Auto Loan; Maximum loan amount: $100,000: Typically $100,000: APR range: From single digits to 35% or more: From single …

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Need Advice: Personal Vs Auto Loan (Private) : R/personalfinance

2 weeks from now

The original intention was that I would be able to take out the loan and only "purchasing the vehicle $5k" to avoid the majority the taxation. However, I'm curious if this will further …

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Personal Loan Vs Auto Loan For A Car? : R/personalfinance - Reddit

2 weeks from now

Checking my local bank, 4 year auto loans are at 7.5%(25kmax), while a 4 personal loan is at 14.5%(15Kmax) I see zero benefit to the personal loan, you are going to pay way more in …

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Personal Loan For Car : R/personalfinance - Reddit

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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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FAQs about Personal loan vs Auto Loan : r/personalfinance - Reddit Coupon?

Is a car loan better than a personal loan?

Generally, an auto loan is a better option than a personal loan for financing a car because car loans usually offer lower interest rates and possible dealer promotions. But no matter how you intend to finance your new vehicle, a good credit score can make it easier and more affordable. ...

What's the difference between car finance and personal loan?

I presume with car finance, the finance is secured against the asset ( car ) whereas with Personal Loan it isn't? Thanks For any Advice! Welcome! It looks like you're new here. Sign in or register to get started. The APR is slightly less, but is there any different impact on my credit score - also thinking of a mortgage this year. ...

Is a personal loan a good option for a used car?

May be a good option for a used car: Some lenders won't approve auto loans for used cars past a certain age or mileage amount. If you're purchasing an older used car from a private party, a personal loan could be easier to get than an auto loan and may have similar terms. ...

Can you pay for a car with a personal loan?

While you can get an auto loan through a bank, credit union, or the dealership, you can also pay for a car with a personal loan. Personal loans reduce your risk — there’s no chance of your car being repossessed — and they may give you more negotiating power. However, personal loans typically cost more in the long run. ...

Can you use a personal loan to finance a new car?

You can use personal loans for almost any type of expense, including financing a new car. Personal loans generally come with higher interest rates than auto loans because personal loans are unsecured vs. secured. While you typically don’t need to make a down payment, your lender may charge an origination fee. ...

Can a car loan be used for more than a price?

Restricted use: An auto loan must be used to buy a car. You can't get an auto loan for more than the vehicle's price and use the leftover funds for something else. May need a down payment: You don't necessarily have to make a down payment when financing a car, but you may need a down payment to get the best loan terms. ...