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Auto Loan vs Personal Loan, Which is easier to get? |
Auto Loan vs Personal Loan, Which is easier to get? Being a past VP in banking for 15 years I will tell you that an auto loan is eaiser, as on a personal loan they are generally unsecured with no collateral where an auto loan the lender takes the pink slip on the car for collateral. Typically personal loans run in the 15-18% range while an auto loan is typically some what less unless the car is over 5 years of age. Generally, the auto loan is probably going to be the easier one to get because if the borrower defaults the bank can come back and repo the car then sell it in auction to get some of their money back. Generally an auto loan because there is collateral for the lender. They can reposes your car and get at least some of their money back. With a personal loan it is very hard for them to collect if you do not pay. So generally someone needs to have better credit to get a personal loan. Go here, > http://affiliatestag.blogspot.com... > http://paidforwritedown.blogspot.com... > http://professionallab.blogspot.com... > http://moneytreetips.blogspot.com... ------------------- Your search ends at below site. Have a look at it. It will definitely help you out http://lnk.in/4qwq Auto loans are easier, because the bank has some collateral against the loan, so if you default, we can come and take the car and not lose money. It's easier to qualify, as long as you don't want $25000.00 for a cheap 1984 Tercel or something If you get a personal loan and default, all we can do is get angry and scrunch our fists at you LOL Lender for 6 years |
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