Planning to get a used car do I apply for personal loan or car loan

 

We highly suggest that you get a used car loan!

Why do we say so?

Because:

1.      In basic, a car loan must be taken when you are looking to purchase a car and a personal loan when you need to settle some expenses which can be expected or unexpected.

2.      Next, the interest rates on used carloans are very low when you compare them with personal loans. The reason being the latter is also an unsecured loan. These loans are not backed by any collateral and hence Banks will always keep high rates for them. Whereas for a used car loan, the car is collateral so Banks charge very less interest.

3.      Credit score is very important when it comes to getting the best deal on any kind of loans. If you want to get the best personal loan, your credit score must be in upwards of 750. When it comes to car loan, although credit score is important, but it is not the defining factor to get the loan.

      At Ruloans we pride ourselves in giving the best services to customers for free. We believe that their financial needs must be taken care of and hence we always give them the right suggestion.

      Here too, we suggest that you opt for a used car loan and enjoy a lot of benefits! If you need help in used car loans, do contact us!