What is Car Loan
A car loan (as well known as a vehicle loan or automobile loan) is an amount of money borrowed by a customer to buy a car. In general, a loan is a sum of money lent to a person, a corporate, or another institution. The party lending the money is referred to as the lender, while the entity borrowing the finances is referred to as the borrower. It is a type of financial assistance used to purchase a car with a low initial out-of-pocket payment. The lender's borrowed funds can be repaid in equal monthly installments over a set period of time at an agreed-upon interest rate. Typically, car loans are secured by the vehicle being purchased.
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