A car loan is money that you borrow from a bank (or another lender) to buy a new or used car (in our case, we are talking about the second option). It is based on a deposit, namely the car itself. This makes it possible to buy a car with or without a down payment.
The key characteristics of a used car loan rate  are its price, expressed as a percentage per annum, and the repayment period. You should also take into account the fees for financial services and fines that you will have to pay in case of late payments. You can freely use a car bought with a car loan, but you cannot sell, rent, exchange or donate without the lender’s permission. Until the debt is repaid, the lender will keep the vehicle registration certificate.
Therefore, car loans have the following features:
you have to pay the first fee from your own funds. In some cases, you may be offered a preferential car loan program where this payment is absent;
if you bought a car on credit, you are not allowed to use the vehicle for commercial or industrial activities. To buy a car for these purposes, you need to apply for a commercial car loan;
insurance for a car bought on credit is mandatory. This approach will protect the interests of the lender and the seller in the event of the disappearance or reduction in the cost of the vehicle caused by destruction, damage, or theft;
loan money is issued to a legal entity that transfers ownership. In this case, the seller is responsible for the delivery of the vehicle to the new owner, as well as for the transfer of the owner's status to the buyer.
There are many ways to apply for a used car rates loan. For example, you can fill out a special form on the bank's portal or visit an office. In addition, requirements for borrowers are usually posted on the official websites of credit institutions. Another way is to fill out a questionnaire on the dealer's website, indicating the model you like.
As for buying a used car from an individual using a car loan directly, you will not be able to do this. In order to conclude a purchase and vehicle sale agreement, you will need a legal entity that will act as an intermediary. Usually, the bank takes over this responsibility.