What is Vehicle Loan?
A vehicle loan, also known as a car loan or an auto loan, is a type of loan that is specifically designed to help individuals finance the purchase of a vehicle, such as a car, truck, or motorcycle.
In a vehicle loan, the lender provides the borrower with a specific amount of money that is intended to be used to purchase a vehicle. The borrower then agrees to pay back the loan amount, plus interest, over a set period of time, typically through a series of regular payments.
The interest rate and terms of the loan will depend on a variety of factors, including the borrower's credit history, income, and the value of the vehicle being purchased.
