Secured loans ?
Okay I understand what a secured loan is, you agree to the terms and agree to surender whatever you secured it with if you default, but what I want to know is can you secure a loan with what it is that your purchasing with the loan?
Say your buying a car. You take it to them and say "Hey look, I want this car and this guy wants to sell it to me. It's worth the amount that he is asking for it and oh looky there's a place right next door where I can run right over there and get full coverage insurance, but I want you to give him the money for it. I will sign your contract saying I will pay you installments and you can hold the title or whatever. Okay thanks and have a nice day!"
Can it work that way?
yes - i brought my car this way in the uk it is called HP
That is the way commercial financing of cars, boats, aircraft, locomotives, etc. is done.
Everyone who gets a bank loan to buy a car from a dealership, does it this way - if you have a friendly relationship with your bank - it's worth asking them to consider such an arrangement.
Yes, isn't that the standard way to finance a car? The lender is certainly not going to let you walk away from the payments without trying to repossess the car. That's why car loans typically have somewhat lower interest rates than unsecured debt like credit cards - the lender can recover some or all the loan amount by taking back the car in the event of a default.
yes i think u can
that's what a car loan IS. Same thing with a real estate loan.
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Say your buying a car. You take it to them and say "Hey look, I want this car and this guy wants to sell it to me. It's worth the amount that he is asking for it and oh looky there's a place right next door where I can run right over there and get full coverage insurance, but I want you to give him the money for it. I will sign your contract saying I will pay you installments and you can hold the title or whatever. Okay thanks and have a nice day!"
Can it work that way?
yes - i brought my car this way in the uk it is called HP
That is the way commercial financing of cars, boats, aircraft, locomotives, etc. is done.
Everyone who gets a bank loan to buy a car from a dealership, does it this way - if you have a friendly relationship with your bank - it's worth asking them to consider such an arrangement.
Yes, isn't that the standard way to finance a car? The lender is certainly not going to let you walk away from the payments without trying to repossess the car. That's why car loans typically have somewhat lower interest rates than unsecured debt like credit cards - the lender can recover some or all the loan amount by taking back the car in the event of a default.
yes i think u can
that's what a car loan IS. Same thing with a real estate loan.
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