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The difference is that one is for your vehicle (car) and the other is for your home. For both you are being loaned money and will need to pay them back but basically that's the difference.

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Q: What is the difference in a car loan and home loan?
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Related questions

Should you use your home equity loan to pay off your car loan?

I would need more details but in general, the answer is no. If you don't pay your car loan, you lose the car. If you get a home equity loan and can't repay it, you lose the house - big difference.


What is the difference between a collateral loan and a home equity loan?

OFFHAND I WOULD SAY THERE IS NO DIFFERENCE. WITH A HOME EQUITY LOAN, THE COLLATERAL THAT YOU OFFER TO THE LENDER, IS YOUR HOME. WITH A COLLATERALISED LOAN, YOU PUT UP SOME OTHER ITEM THAT YOU OWN, MAYBE A CAR OR STOCKS OR BONDS IN ORDER TO OBTAIN A LOAN.


Can you have a car loan and a home loan?

Absolutely!


What is the difference between a car loan?

how do interest rate calculated in a car loan finance by chase bank


Will the bank go after your house if you don't pay for your car loan?

no, your car loan is secured by your car, your mortgage by your home


Do you still have to pay the difference in the Loan?

Yes, you are legally bound to pay the difference is what the lender sells the car for and the balance on the loan.


Does applying for a car loan affect your chances to get a home loan?

It does if you get turned down.


Whats the difference between buying a car with a loan and leasing a car?

When you have paid off the loan the car becomes yours. When leasing a car it never becomes yours.


How can you sell your home to a bank and pay the difference in the loan?

You go to the bank and ask for a loan.


What is the difference between home equity and a home loan?

There are many differences between a refinance loan and a home equity loan. These include differences in costs, loan structure, interest rates and accessing your money.


Can you trade in a loan car?

Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.


What is the difference between a mortgage and a home equity loan?

The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.