Buying a car is hardly an inexpensive prospect these days — especially if you’re looking to buy a new one. The average transaction price of a new vehicle was $48,008 in March, according to Cox Automotive.
But even if you’re buying a used car, you may not have the money in your savings account to pay for it in full on the spot. As such, you may have no choice but to borrow money and pay off your car over time.
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Now, you may be inclined to take out a personal loan to cover your car purchase. But is that even allowed? The technical answer is yes. But whether it makes sense to take out a personal loan to buy a car is a whole