Gulf Winds Federal Credit Union

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What You Need to Know About Collateral Loans

Posted on Monday, Jul 29, 2013

One common way to ensure you can pay for a certain expense is through a loan. Whether you are taking on medical bills, home improvements, debt consolidation or a vacation, a loan can help you afford the costs and give you a more manageable timeline to make payments. One loan option that may work for you is a collateral loan.

What is a collateral loan?

Also known as a “secure loan,” a financial institution offers a collateral loan in exchange for an asset that you own. This loan is considered secure because you agree to hand your asset over to the lender if you cannot repay the loan. This type of loan often has a lower interest rate and longer term, like our 60-month maximum term, because the lender has a guarantee of payment if you do not pay off your loan.

What items can be used?

There are many different personal assets you can use for collateral. Items such as an ATV, tractor, farm equipment, boat motor, piano or horse trailer are accepted by Gulf Winds for a potential loan. For example, you can present your car title as collateral for a loan. In this case, your car title will belong to the lender until you repay the loan. 

At Gulf Winds we offer a simple application process, a fixed term and rate, and allow you to provide new and used items as for the loan. Collateral loans can be a huge financial boost, but it is important to remember that your item can be possessed if you do not repay your loan. If a collateral loan seems like it will benefit you, be sure to contact us to find out your options.

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