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

Don_08

Registered User
Messages
329
Sorry if it's a really stupid question!! Was just looking at bank of irelands website as considering buying a car and there seems to be separate products but no rates published for car loans.

And are banks even giving out loans these days??
 
A car loan differs from a personal loan with respect to what it can be used for. A car loan as the name suggests can only be used for the purpose of purchasing a car while a personal loan can be used for most legal purposes, and that definitely includes purchasing a car. One more thing is Interest rates are the big cost driver for the loans
 
i think some times you have to give some thing in regards of the personal loan to the bank and in car loan you are paying per month and i think loans are not reliable the policies differ day by day what do you think
 
Isn't the main/only difference the fact that with a car loan the car is the security for the loan whereas in a personal loan there is no security.