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What is a secured loan?

A secured loan is a loan in which the borrower pledges an asset (e.g. a car or property) as collateral for the loan.

Unsecured loans are monetary loans that are not secured against the borrower's assets. These often take the form of credit card debt, personal loans, bank overdrafts, credit facilities or corporate bonds. More information on secured and unsecured loans is available on Wikipedia.

A balloon payment is a large, lump-sum payment made at the end of a long-term loan. It is commonly used in car finance loans as a way of reducing monthly repayment figures. Be aware that once you reach the end of your loan period, that balloon amount becomes payable.

APR stands for Annual Percentage Rate and is an important factor in determining the overall cost of a car loan. You can use APR to compare different car finance loan offers. When you arrange a car loan with a finance company or car company, their offer can include extra fees associated with the loan. The APR figure takes all of that into account, giving you an easy percentage interest rate to allow you to compare and shop around. It is generally said that the lower the APR rate is, the better it is for you. Advice from the FSA (UK) is available on their website.

Source:

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