car loan is a type of secured loan used to finance the purchase of a new or used vehicle. The loan is typically repaid in monthly installments over a fixed term, and the vehicle itself serves as collateral
car loan is a type of secured loan offered by banks, non-banking financial companies (NBFCs), or auto finance companies to help individuals purchase a new or used vehicle. The lender provides funds for the car purchase, and in return, the borrower agrees to repay the loan in fixed monthly installments (EMIs) over a specified period. The vehicle itself acts as collateral until the loan is fully repaid.
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