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Auto Loan vs. Personal Loan: Which Should You Use to Buy a Car?

You generally have two main paths when borrowing for a vehicle: need a loan to buy a car

Financial experts often recommend the to avoid overextending yourself: Auto Loan vs

: These use the car itself as collateral. Because the lender can repossess the car if you default, they typically offer lower interest rates than personal loans. Because the lender can repossess the car if

: Lenders look at your existing monthly expenses to ensure you can afford the new payment. 3. Use the "20/4/7" Rule for Affordability

: Most borrowers who qualify for standard rates have a score of 661 or higher . While you can still get a loan with lower credit, your interest rates will likely be much higher to cover the lender's risk.