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Car/Boat Loan Definition

What is a Car/Boat Loan?

Secured lending 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 item.

Cars and Boats are the most common item that is “secured against”; and is often referred to as “car loans” and “boat loans” other than property financing, which is a good comparison.

As the car or boat 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/boat, 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/boat”.

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 / Boat Loans Uses

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