Question

50+50 Points
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Write a paragraph in 50 words on car loan issued by a bank.

[Basically the paragraph should contain the definition of car loan]

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Answer 1

.Car Loan.
A car loan is a personal loan that allows the potential buyer to pay the vehicle off in monthly payments instead of having to pay the full price all at once. This means that a lending servicer or bank will pay off the car in full, while in return the borrower pays off the debt in monthly payments with an interest fee included as well.

This type of personal loan may be either a secured or non-secured loan depending on the situation they are in. But for the most part lenders will usually offer a loan that is secured just in case the borrower falls behind on their payments and fails to pay off the debt. If the borrower fails to pay the monthly payments, their lender will repossess the car to pay off the debt. To qualify for an unsecured loan the borrower must have a very high credit score and also issue a higher interest rate on the loan as well.

....Hope This Helps....

Answer 2

A luxury that one wants to afford after a nice home is a branded car. Owning a car makes one's life comfortable. You can drive off to work instead of using crowded public transportation or use it for a leisurely weekend getaway.


Earlier, buying a car was a milestone in one's life as one had to shell out a huge amount of money, but now one can simply take a car loan.
Banks and NBFCs (Non-Banking Financial Companies) offer car loans with easy equated monthly instalments ( EMIs), which make it easier to afford a car without disturbing one's budget.

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