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- A car loan is nothing but the funds that one borrows from a lender for the sole purpose of purchasing a car of his or her choice.A car loan is nothing but the funds that one borrows from a lender for the sole purpose of purchasing a car of his or her choice. Lenders like banks⦠Read more: A car loan is nothing but the funds that one borrows from a lender for the sole purpose of purchasing a car of his or her choice.
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