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What type of credit is a car loan?

I understand that there are different types of credit and that they are different from each other, but I can’t seem to find an answer for what category car loans fall under. What type of credit is a car loan?

avatar
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car loans are an example of what is known as installment credit.
This essentially means you borrow a fixed sum of money and make monthly payments of a specific amount until the loan is paid off. To provide a little more clarity, this places them in the same category as mortgages and personal loans, as well as refinancing. This type of credit is a fundamental aspect of calculating your
credit score
.
If you feel like your car payments are too much, try refinancing for lower rates. Finding the right lender can be stressful and time-consuming.
Jerry
 makes it simple–download the app and compare top lenders. Simply answer a few questions in our app and Jerry matches you with multiple lenders that meet your needs. On average, car owners pay $85 less every month by refinancing their auto loan.
MORE:
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