Like all financial products, there are pros and cons to getting a car loan.
#### Pros
* Allows you to spread the purchase cost of a vehicle over a number of years
* Could enable you to get a newer and better model of car than you would otherwise be able to
* Usually a simple and fast process
* You can often pay off the loan faster and save on interest by making extra repayments
#### Cons
* More expensive than using savings to cover the purchase price of a car
* There are a number of fees to watch out for
* The pricing is complicated and you might not be eligible to get the cheapest interest rate a lender is advertising