The most common types of car loans are:
Secured car loans - this means your lender has the legal right to repossess the vehicle if you fall behind on repayments
Commercial hire auto loans - a financer purchases the car and hires it to the consumer over a set period, and once all payments are complete the vehicle will be transferred to the consumer
Finance Leasing - a financer purchases the car then leases it to the consumer giving an immediate use of it
Unsecured car loans - this is a loan with no collateral, meaning if you default on loan repayments, the lender cannot repossess the car you purchased