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Loan secured by a vehicle
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Loan restrictions with collateral
For example, some institutions do not accept cars that are more than 15 years old. And the value offered can vary from car to car, as well as the percentage granted.
Newer cars tend to have lower interest rates, as well as better payment terms.
Finally, although you can use your vehicle normally, it remains under lien. In other words, you cannot sell it, use it for another loan, transfer it to someone else's name, etc.
Furthermore, if the loan is not repaid, your vehicle may be seized by the lending institution. Therefore, keep your payments up to date.
Of course you can refinance the loan, but the interest rates and payment terms may change and no longer be as advantageous as the first time.
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