This option will reset the home page of Loan Advices: You Ask – We answer | All About Loan Issues restoring closed widgets and categories.

Reset Loan Advices: You Ask – We answer | All About Loan Issues homepage

Is it better to get a personal loan to buy a car?

Hi Ok Bye! asked:

A friend told me that if I get a car loan, I will end up paying too much on insurance. He recommended I take a personal loan. Do you have any experience in car loans? What would you suggest?
Asked on: 2012-11-24 09:31:35

2 Comments

  1. Randy says:

    It depends on what you intend to do. If you intend to buy insurance for your car, then a car loan is the way to go as the interest cost will be lower. On the other hand, if you intend to drive without insurance (uninsured motorist) you will have to get a personal loan because one of the conditions of a car loan is to maintain insurance on the car. The savings on interest with a car loan is not enough to pay the car insurance cost.

  2. Abb_ says:

    you friend is right … a personal loan is better … My father took a personal loan to buy a car two years ago

Leave a Reply

You must be logged in to post a comment.