For auto loans, vehicles are used as collateral to secure loans with fixed monthly payments rather than paying the cash upfront. This is mostly done by lenders of used cars, new cars, commercial vehicles, and two-wheelers. The Covid pandemic resulted in a downward trend in the financial stability of most Americans. Their daily routine changed; thus, people had to stay in their houses and were less mobile. It is important to note that this was a precaution for staying because of the fear of contracting or spreading the virus.
28 March 2022
