Motorloans versus personal loans

[Marianne S]

This may seem like a stupid question but what is the advantage in taking out a motor loan over a prsonal loan? If you have made a number of repayments on a motorloan and want to move the loan to another bank can you take out a car loan or is this only for when you buy the car?

 

[Shane]

Asuming the rates are the same or similar if you can get a personal loan thats the way to go.

 

[Pacman]

One difference I've noticed is with my local credit union.
They offer a reduced rate of 7.5% on car loans but "normal" loans are at charged at a rate of 9.5% ....