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15.
A boat loan would most likely be a secured loan.
True
False
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True.
Most boat loans are secured loans — the boat itself serves as collateral, so the lender can repossess it if you default. (You could also finance a boat with an unsecured personal loan or credit card, but those are less common and usually have higher interest.)
Most boat loans are secured loans — the boat itself serves as collateral, so the lender can repossess it if you default. (You could also finance a boat with an unsecured personal loan or credit card, but those are less common and usually have higher interest.)
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