Car loan
A car loan is a loan specifically for financing the purchase of a new or used car. It falls under the category of consumer credit. Subject to approval, this type of loan is triggered by the acquisition of a vehicle and cannot be used to purchase any other item, just like a motorcycle loan. It is therefore considered a secured loan.
Unlike a personal loan, a car loan isn't intended to bolster cash flow in any situation. Consequently, a car loan is viewed more favorably by a banker than a personal loan. This is because the banker is assured that the loaned amount is intended to finance a specific life project.
Car loan: the safe choice, no matter the situation
If you thought that a car loan could get you into trouble, you'll quickly change your mind.
Since car loans are exclusively for financing a vehicle (car, motorcycle, or other), the buyer is protected if the purchase falls through. They are also protected if the loan application is rejected, regardless of whether they choose a new or used car.
In practical terms, this translates to:
- A sales contract offer that is null and void if the borrower does not obtain the loan
- Automatic cancellation of the loan if the car is not delivered
- The first monthly payment is only debited once the buyer has received the vehicle.
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