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