Structure

A personal loan is normally a fixed cost, fixed period loan of money to purchase any item the customer wants – including vehicles. 

A personal loan is not a tri- partite transaction as the lender provides the loan facility but not the vehicle. The customer buys the vehicle directly from the dealership using the loan amount borrowed. The customer will immediately take title/ownership of the vehicle.

There are a few lenders who offer what is called a 'restricted-use' personal loan agreement.  This is one where the loan must be used by the customer to buy a motor vehicle.  However, even then the customer buys the vehicle directly from the dealership and will immediately take ownership/title of the vehicle.