Whats the difference between a personal and auto loan?

I am doing a project for school. We have to find a brand new car, and figure out what the rate will be for a 3,4,5 year loan, and the percentage down payment required. I understand all that...but then it asks...





"Also, find out the rates for a personal loan. (Hint: this is always higher than the auto loan"





what is a personal loan and how can I find the rate for one??? soo confused

Whats the difference between a personal and auto loan?
Sammy, Try getting a free online auto loan quote. http://www.goodinternetdeals.com/Auto-Lo... The questionaire will let you know if you can be approved. It's free and you can get an answer in minutes.
Reply:An auto loan is secured by the automobile. That is if you fail to pay on the loan they can take the car. A personal loan is "unsecured" that is you did not put up any collateral for the loan, hence the higher rate because the higher risk. These can also known as "signature" loans.