car loan

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Word: Car Loan

Definition: A car loan is a type of personal loan that you take from a bank, credit union, or other lender to buy a car. You borrow money to pay for the car, and then you pay back the lender over time, usually with interest.

Usage Instructions:

• You can use "car loan" when discussing buying a car and how you plan to pay for it.
• It's commonly used in financial contexts, such as when talking about budgeting or loans.

Example:

• "I applied for a car loan so I can buy a new vehicle."
• "She was approved for a car loan, and now she can pick up her new car next week."

Advanced Usage:

• When discussing terms, you might hear phrases like "fixed-rate car loan" (where the interest rate stays the same) or "secured car loan" (where the car is used as collateral).
• In conversations about finances, you might say, "I’m comparing different car loan offers to find the best interest rate."

Word Variants:

• Loan (noun): The money borrowed.
• Lend (verb): To give someone money that they will pay back later.
• Lender (noun): The person or organization that gives the loan.

Different Meaning:

• In general terms, a "loan" can refer to money borrowed for various purposes, not just for a car. For example, a "student loan" is money borrowed for education.

Synonyms:

• Auto loan
• Vehicle loan
• Car financing

Idioms and Phrasal Verbs:

• Pay off a loan: To finish paying back the money borrowed.

  • Example: "I just paid off my car loan, and now I own my car."

• Take out a loan: To borrow money from a lender.

  • Example: "I decided to take out a car loan to buy my first car."

Summary:

A car loan is a financial tool that helps you buy a car by borrowing money and paying it back over time.

Academic

Noun

1. a personal loan to purchase an automobile

Synonyms

• automobile loan
• auto loan