FAQ: What is a Car Loan & how do they work?

What is a Car Loan, and how do they work?

A Car Loan is a personal finance product where the financier provides the borrower with the funds to purchase a vehicle for personal use. The loan is secured against the vehicle, and at the end of the contract the customer retains the full title of the vehicle.

A Car Loan can also be known as a Consumer Loan or a Secured Car Loan.