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Better to take personal loan or auto loan for used car?
I know when you take an auto loan you are required to have full coverage insurance while you are in payment status until you have paid it off. With a personal loan I believe the interest is higher but you do not have to keep full coverage on the car. Anyone with any experience and can tell me which is the most economical way to go?
8 Answers
- mccoybluesLv 79 years agoFavorite Answer
A traditional car loan is the only way to go. Insurance is required on any loan where the car is used as collateral for the loan.
Driving a car with no insurance is a foolish thing to do. Why would you not want to protect your investment. You could lose it all if you have no insurance and the car gets totaled.
If you can't afford the insurance then you can't afford the car. Period.
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- J E T H R OLv 79 years ago
Most if not all banks will not give you a personal loan for a car. Because they want the car for collateral on the loan. That way they have a way to recover in case of default. And they want insurance to protect there interest. .................&&&
- 9 years ago
A personal loan is way to go...just tell the bank it is for a reason other than buying a car...if they ask at all.
- 6 years ago
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- Anonymous7 years ago
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