What Is a Car Loan? Meaning, Types & How It Works

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2026-03-03 09:44:57 -

If you are planning to buy a vehicle but do not want to pay the full amount upfront, you may wonder what is a car loan and how it works. A car loan is a type of secured loan offered by banks and financial institutions to help individuals purchase a new or used car. Instead of paying the entire cost at once, the borrower repays the amount in fixed monthly installments over a specific period. In...

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