Car Loan Refinance: The car refinance loan is essentially a secured loan like a home mortgage loan. However, the process is much simpler and much faster. The car refinance loans allow you to take a loan on your existing car, by pledging the car registration papers at the lenders.
There is a difference between the traditional car loan and a car refinance loan – The former is used to purchase of a car while the latter is used to solve your money requirement by pledging a car you already own. It’s not widely advertised, but a few banks and non-banking finance companies (NBFCs) provide loans against used cars