Well, an auto loan is basically a loan that you take out in order to purchase a vehicle. With an auto loan, you are not paying on the depreciation of the vehicle like you do with a lease.
You are paying on the vehicle purchase price plus interest. In finance, a loan is the lending of money by one or more individuals, organizations, and/or other entities to other individuals organizations etc.The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid,and also to repay the principal amount borrowed.
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