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What is the difference in interest between car loan and personal unsecured loan and which is better a car loan or personal loan?
Wiki User
∙ 9y ago
personal loan have a higher interest rate than car loans beacause they are unsecured loans . In car loan the loan is used for only purchase car .In a car loan, the loan is only used to buy a car, but you can use it as personal items in a personal loan. Interest rates start at just 8.50 percent for a car loan, but can rise 16 percent based on one's credit score and credit history.
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