Secured Boat Loan
Typically, secured loans feature a lower interest rate than unsecured lending. With a secured boat loan, the boat is used as security. An amount is lent that is either equal to, less than or greater than the value of the boat.
How It Works
Under a Boat Loan the financier advances funds to the customer to purchase a boat.
The customer takes ownership of the vehicle 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 boat, giving the customer clear title.