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 does a Secured Boat Loan work?
- 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.