Personal loans can be used for many things. If youre itching to pay off your auto loan quickly, using a personal loan could be the answer but it could cost you more money in the long run. Weve got some considerations to keep in mind before going through with it.

Taking Out a Personal Loan

Personal loans are offered by direct lenders from credit unions, banks, or online lenders. Some lenders offer loans anywhere from $1,000 to $100,000, with the terms usually dependent on the size of the loan and your creditworthiness. A borrower with a good credit score has a better chance of qualifying for a personal loan.

If you have a less than perfect credit score, qualifying for a personal loan can be tough. Personal loans typically arent secured by anything (like an auto loan where the vehicle secures the loan). Continue reading Can I Use a Personal Loan to Pay Off My Car? →