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A secured loan is when the bank has security over the asset in question in this case, your new car. This means if something were to happen and you couldn't repay the loan, the bank would be able to sell your car to recoup its money.
A security interest on a loan is a legal claim on collateral that the borrower provides that allows the lender to repossess the collateral and sell it if the loan goes bad. A security interest lowers the risk for a lender, allowing it to charge lower interest on the loan.
Terms Contained in a Security Agreement A basic security agreement should have the description of the parties involved, the collateral and the statement of intention of providing security interest along with signatures from all parties.
Loans from banks or other institutional lenders are always made using a number of documents, two of which are a promissory and security agreement. In general, the promissory note is your written promise to repay the loan and a security agreement is used when collateral is given for the loan.
The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.
