The type of credit people are most likely to use for small purchases during their lifetime is A credit card. A personal loan. An auto loan. A mortgage.
Answer: A. A credit card.
Personal loans are not necessarily taken for small purchases. There are some personal loans of above $10,000, and this kind of purchase is not small. You can get a personal loan to renovate your pool or house, fund your business startup, and consolidate your existing debts, among other things.
Some lenders agreed to give borrowed unsecured personal loans. However, others require some sort of collateral or security before giving a borrower a personal loan.
A vehicle purchase is a substantial and among the major ones. A loan to buy a car is thus a major loan as well. This implies auto loan is not used for routine small purchases.
A mortgage is the loan you use to buy a house. Mortgage is repaid in the long term, extending up to 30 years in repayment. Mortgage loan is thus not used for daily or rather routine small purchases.