Describe about Auto Loans and car loans

Question

Accepted Answer

Auto loans and car loans are financial products that allow individuals to purchase a vehicle by borrowing money from a lender.

Auto loans and car loans are secured loans, meaning the vehicle serves as collateral for the loan.
The loan amount, interest rate, and repayment terms vary depending on the borrower's credit score, income, and other factors.
Auto loans and car loans can be obtained from banks, credit unions, and online lenders.
Some lenders offer pre-approval for auto loans, which can help borrowers negotiate a better deal with the dealership.
Auto loans and car loans typically have a fixed interest rate and monthly payment, making it easier for borrowers to budget.
Defaulting on an auto loan or car loan can result in repossession of the vehicle.

Top HR questions asked in SBI Securities Auto Loan Sales Executive