What is the difference between a boat loan, a car loan, and a mortgage? its all money, what is the d

when you borrow money, wether it is for a boat, car, or house, its all money, you can spend it on whatever you want, so what is the difference?

What is the difference between a boat loan, a car loan, and a mortgage? its all money, what is the difference?

Different assets that you are offering as collateral have different resale values and such. They also typically have different terms of useful life. The banks want to protect themselves in the case that you default on your loan. People are also more likely to default and let their boat go into repo than their house, as you can probably understand, so their are different risks. This is why the interest rates, terms and loan to value amounts vary based on what you are financing.

What is the difference between a boat loan, a car loan, and a mortgage? its all money, what is the difference?

The boat and car loans, you basically lose money the moment you leave the dealership. In other words, depreciation.

The Mortgage for the most part, you purchase a home, and you usually appreciate. Unless your completely foolish and buy above your means....like all those that chose the sub prime loans vs a fixed loan.

If you cant afford it, dont do it.

What is the difference between a boat loan, a car loan, and a mortgage? its all money, what is the difference?

no really you can't spend the money on what ever you want . Banks usually ask what you are using it for then they decide if its worth it. Also it depends on type of loan for a boat it could be a personal loan not secured then you could spend it on whatever ,or it could be secured and has to be approved by the bank on its value then it has to go for the boat and they hold the title until paid,a car is usually a secured loan with the title up for collateral , a mortgage is only to buy a house that the bank approves and holds the deed to until its paid.All of these loans have different percentage rates also.Its also depends on your credit ratting on which loan they may approve you for if any. So the only way to get a loan and spend it however you want would be a personal loan with no collateral just your signature(is also known as a signature loan).

What is the difference between a boat loan, a car loan, and a mortgage? its all money, what is the difference?

The loans are all the same in my mind. They are all designed to make you poor and someone else rich.