Conventional car loans: This is the most popular type of car loan, and it’s available to borrowers with good credit scores. The interest rate on a conventional car loan typically ranges from 6 to 9%, and the loan term ranges from 72 to 120 months.
Auto finance loans: This type of loan is designed for people who don’t have good credit scores but want to buy a car. The interest rate on auto finance loans typically ranges from 14 to 24%, and the loan term ranges from 36 to 60 months.
Unsecured car loans: This type of loan is not as common as the other two, but it’s still available to borrowers with good credit scores. The interest rate on an unsecured car loan typically ranges from 8 to 12%, and the loan term ranges from 36 to 48 months.
Secured car loans: This type of loan is ideal for people who don’t have good credit scores or want security in their lending agreement. The interest rate on a secured car loan typically ranges from 4 to 8%, and the loan term range from 24 to 36 months
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