Personal Finance Questions

Q: Do I need good credit to apply for a personal loan?

Yes, usually you would.

Q: Can I obtain preapproval for a personal loan?

Yes you can, and the figure can be adjusted depending upon the purpose of your funds (eg car purchase).

Q: Why would I have a personal loan for a car instead of a car loan?

Car loans require the car to be no older than 12 years at the end of the term (can change from lender to lender), whereas a personal loan does not.

Q: Can I pay out the personal loan early?

By making additional payments you will pay less interest and reduce the term of the loan.  A termination fee may apply.