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It is a type of loan for consumers, a personal loan for buying a car. Since the vehicle is not a security for the lender, it takes a higher risk, usually resulting in a higher interest rate than a secured car loan.
Unsecured car loans can finance both new and used cars.
Lenders determine eligibility and the interest rate based on credit score and overall creditworthiness; the interest rate can be variable or fixed depending on the lender and circumstances.
It may save money by resorting to a secured rather than an unsecured loan.