Secured Car Loan
A Car Loan is a personal finance product where the financier lends the customer funds for the purchase of a vehicle, and secures the loan against that vehicle.
A Car Loan is can also be known as a Consumer Loan or a Secured Car Loan.
How It Works
Under a Car Loan the financier advances funds to the customer to purchase a car.
The customer takes ownership of the vehicle at the time of purchase, and the financier takes an interest in the vehicle as security for the loan.
Once the contract is completed, the financier lifts their interest in the vehicle, giving the customer clear title.
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