A consumer secured loan is backed by security, such as for instance a car, ship or bike. We secure these loans by putting a lien regarding the automobile before the loan is compensated in complete.
Matter: What is really a “consumer guaranteed” loan?
Solution: A customer guaranteed loan is one that’s secured by some form of collateral. This might be a vehicle, bike, watercraft, ATV, etc. essentially, we have a safety desire for the security using a title lien or UCC (Uniform Commercial Code lien) filing. The safety interest is released because of the credit union upon complete payment associated with the loan.