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Is a car loan a secured loan?

I've been trying to figure out if my car loan is a secured or unsecured loan. Are car loans secured?

avatar
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Secured loans have collateral. In the case of your
car loan
, the collateral is your car. So yes, a car loan is a secured loan!
In fact, until you’ve paid off the loan in full, your lender is the lienholder and is listed on the car title, meaning they technically own the car. But once you’ve made your final loan payment, that will no longer be the case. You’ll own the car outright and be the sole name listed on the car title.
However, if you fail to make the required payments toward your loan, your lender can
take the car back
 to make up for the money you owe.
If you’re worried about your car loan payments, you should look into refinancing. The
Jerry
 app makes it quick and easy. Jerry uses your current loan information and credit score to find competitive rates from top lenders. On average, car owners pay $85 less every month by refinancing.
MORE: How to refinance a car
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