Car Loan Definition

What is a Car Loan?

A Car Loan is an example of Secured lending, and is where the financier agrees to advance the money to the customer for the purchase but takes a “goods mortgage” ( Bill of Sale ) or security over the vehicle.

As the car is going to be “used” as security, there needs to be a way of ascertaining its value.

A dealer will have a price on the car, it will be advertised, for a different price, and after negotiation with the customer, a third price will be agreed upon. This final agreed price; is also called, its “TRUE MARKET VALUE”.

However there is a standard that is adopted by financiers; and in typical tradition, there is more than one standard; but mostly the value that a financier will put on a vehicle ( used ) is found in “GLASSES GUIDE”, available on-line and in book form. The other main guide is the “RED BOOK”.

The term used is “booking the car”.

Both these guides represent a nation wide average of sales on different vehicles, gained from gathered data, from government motor vehicle agencies, auction houses, etc.

It represents a national guide as to what the vehicles are being bought, traded in for, and sold for in retail, trade and wholesale situations.

Financiers generally take the “middle value” / trade value, as the value they will lend against.

Car Loans Uses

Compare Car Loan Lenders Below: Also read the adverts for Car Loans on this page.

Secured Lender	Interest Rate	Term	Amounts	Enquire
	15%	5 Years	$500 to $10,000
	15%	5 Years	$500 to $10,000
	15%	5 Years	$500 to $10,000
	15%	5 Years	$500 to $10,000

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