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Can You Use A Personal Loan To Buy A Car. Personal loans generally come with higher interest rates than auto loans because personal loans are. Buying a car with a personal loan.
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Send payment to lender with loan account number on it to pay off the car loan. A personal loan can be used for many different purposes, including buying a car, whereas a car loan (as the name implies) is strictly to purchase a. With a private party auto loan, a lender loans you money to buy a car from a private seller.
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It would only make sense to use this money to invest if your returns could exceed that 11.99% cost. For instance, let’s say you can take out a personal loan with an 11.99% interest rate. If approved, the lender typically pays the seller or lienholder the amount you owe, then you repay the lender, with interest, over the term of the loan. The short answer to this question is “yes,” but there are a few things to take into consideration when thinking about buying a car with a personal loan or a car loan.
