automobile loan

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Definition:

An automobile loan is a type of personal loan that you take out to buy a car. This means that when you want to buy a car but don't have enough money to pay for it all at once, you can borrow money from a bank or a financial institution. You then pay back this loan over time, usually with interest.

Usage Instructions:

• Use "automobile loan" when talking about financing a car purchase.
• It is often used in discussions about buying a car, budgeting, or financial planning.

Example:

• "I applied for an automobile loan to buy my first car because I didn't have enough savings."

Advanced Usage:

• In more complex discussions about finance, you might refer to the terms of an automobile loan, such as the interest rate, repayment period, or monthly payments.

Word Variants:

• Auto loan: A shorter term that means the same thing as automobile loan.
• Car loan: Another common term used to refer to an automobile loan.

Different Meanings:

• The term "automobile" itself refers to a motor vehicle, while "loan" generally means borrowing money. Together, they specifically refer to borrowing money to buy a vehicle.

Synonyms:

• Auto loan
• Car loan
• Vehicle financing

Idioms:

While there are no specific idioms that include "automobile loan," you might hear phrases like: - "Drive off the lot" - meaning to take a car home after buying it, often with a loan involved.

Phrasal Verbs:

There are no direct phrasal verbs specifically related to "automobile loan," but you might use: - Pay off: This means to finish paying the loan. For example, "I will pay off my automobile loan in five years."

Summary:

An automobile loan is a financial agreement that helps you buy a car by borrowing money, which you will pay back over time.

Academic

Noun

1. a personal loan to purchase an automobile

Synonyms

• auto loan
• car loan