personal loan vs motor loan

P

pAnTs

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Hi I was just wondering what the difference between a personal loan and a motor loan is? I'm looking to buy a new car and am not quite sure which has a better rate, I can't find the information on their sites either...
 
I would think that a motor loan is a personal loan if its not for business purposes.
 
Generally speaking the only difference is the rate, so contact them and ask. That's assuming both actually are loans, and the motor one isn't a lease.
 
I applied the other day online for a permenanttsb loan and got an out of office reply in response :)
 
I thought a motor loan was secured against the car, where a personal loan was unsecured
 
Personal loan is for personal usage like marriage,tours,etc Whereas motor loan is for buying any motor.
 
Conversely, credit union loans for cars sometimes have better rates than those for personal loans. Youghal CU, for example, has the following rates:

  • Standard Rate 9.4%
  • Car Loan Rate 7.8%
  • Home Loan Rate 5.9%
If I had been a member long enough, my recent car loan would have been required to improve my house. It does look lovely outside. :)

adam
 
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