Is car loan a personal loan?

There are few companies which provide car loan under personal loan but most of the companies differ car loan from personal loan. It’s because personal loan is an unsecured loan which is availed in order to satisfy financial needs. However, car loan has been availed specifically to aid with the payment for the car where company covers 80% of car cost and remaining 20% is borne by you. It means you do not require collateral in the form of property or gold to avail the loan. Unlike car loan and many other types of loans, a default with the repayment of the loan will not result in the auction what you own.