About to take out my first loan to buy a car.?
With the auto loan theres a penalty for paying off early, but 5.9% interest rate.
The personal loan has a 13.06% interest rate and NO penalty for paying early.
I'm leaning more towards the personal loan because I can pay $1000 the first month and REALLY knock a lot off.
I have bad credit so the interest rates are going to be high for me anyways. Just wanted to make sure I'm making the better decision if I take the personal loan in lieu of the auto loan?