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What is a car loan?CANSTAR - Outstanding Value - Car Loan

A car loan is a type of personal loan used for buying a motor vehicle such as a car, ute, 4WD, motorbike, or other road vehicle. A car loan is helpful when you don’t have enough savings to afford the vehicle of your choice, but you can afford to repay a loan in monthly installments.

There are a few different types of car loans:

  1. New car loan: Available for buying cars that are brand new, and some lenders will let you use a new car loan for a car that is 1, 2, or even 3 years old. A new car loan will usually be secured by the car, and the interest rate may be lower the more the car is worth.
  2. Used car loan: Available for buying cars that are up to 5 or 6 years old and do not qualify for a new
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