Loan

(redirected from Car loans)
Also found in: Dictionary, Thesaurus, Legal, Financial.
Related to Car loans: Personal loans

loan,

in business, sum of money borrowed at a particular interest rate. More generally, it refers to anything given on condition of its return or repayment of its equivalent. A loan may be acknowledged by a bond, a promissory note, or a mere oral promise to repay. Because of biblical injunctions against usury, the early Christian church forbade the taking of interest. In feudal European society, loans were little needed by the great mass of relatively self-sufficient and noncommercial peasants and serfs, but kings, nobles, and ecclesiastics were heavy borrowers for personal expenditures. Merchants and other townsmen, especially the Jews, were the moneylenders, and various devices were found for circumventing the prohibition of usury. With the rise of a commercial society, restrictions on the taking of interest were gradually relaxed. Today, banks and finance companies make most loans, usually on collateralcollateral
, something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although the latter may also be accepted as such.
..... Click the link for more information.
, such as stocks, personal effects, and mortgages on land and other property, or on assignments of wages. Credit unionscredit union,
cooperative, not-for-profit financial institution that makes low-interest personal loans to its members. It is usually composed of persons from the same occupational group or the same local community or institution.
..... Click the link for more information.
 have attained some importance in making personal loans at relatively low interest rates, and microcredit programs and organizations, which offer small-scale loans, have proved useful, particularly in developing countries, in helping individuals to establish small businesses. The 21st cent. has seen the rise of so-called peer-to-peer lending, in which companies use the Internet to match lenders with borrowers. Focusing on smaller personal and business loans, peer-to-peer lending has developed in part because investors faced lower interest rates on bonds and money-market funds in the aftermath of the recession of 2007–9. A pawnbrokerpawnbroker,
one who makes loans on personal effects that are left as security. The practice of pawnbroking is ancient, as is recognition of the danger it involves of oppressing the poor.
..... Click the link for more information.
 lends money on the security of articles left in his shop.
The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Loan

 

in civil law, a contract by which one party (the lender) transfers to the ownership of another party (the borrower) or to his management money or articles defined by generic characteristics, such as number, weight, measure (for example, grain), and the borrower undertakes to return the same amount of money or an equal quantity of articles of the same kind and quality. Loan contracts belong to the category of so-called real (the rights and obligations of the parties under such contract arise only from Jhe moment of the transfer of the loan) and unilateral contracts (the lender has the right to demand the return of the loaned property and does not carry any obligations, whereas the borrower is obliged to return the property and has no rights whatsoever). Under Soviet legislation, loan contracts are to be gratuitous, and the collection of interest is allowed only in cases prescribed by the legislation of the USSR and in the loan operations of public mutual aid funds and municipal pawnshops. A contract for an amount greater than 50 rubles must be concluded in writing.


Loan

 

(Russian, ssuda), a type of loan (zaem) in specie or in kind. The State Bank of the USSR (Gosbank) and other banks of the USSR, by paying out specific, fixed-term sums of money, extend credit to state organizations, collective farms and other cooperatives, and public organizations (see and CREDIT). Banks, public mutual-help offices, pawnbrokers, and the funds of associations of creative workers make loans in money to individual citizens, according to set regulations.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Meanwhile, about Sh78 million in car loans was dished out to 38 MCAs without the vehicles' valuation reports, and about Sh100 million was given as housing loans without supporting documents contrary to the PFM Act.Missing in the applications are copies of approved designs of the proposed residential property, bills of quantities, official search of title deeds to the property intended to be bought and copies of the properties' sale agreement.
Consumer loans, including car loans, are often overlooked by investors because they account for just 2 percent of total loans.
This can lead to serious debt trouble when you have a car loan that's a lot longer than 3 to 5 years.
Car loan refinancing can help you change almost every aspect of your car loan -- term, rate, fees, etc.
NCUA data shows CU Direct's 92 credit union shareholders increased their car loan portfolios by 15% from Sept.
They include a 26-year-old who posed as a doctor to obtain a BD29,000 car loan for a Toyota Land Cruiser in February 2014, before fleeing the country with the vehicle.
The minimum funding for a car loan is EGP 22,000 and capped at EGP 1m.
Financing at 0% saves you interest compared to a (https://www.fool.com/retirement/2017/05/28/guess-how-many-americans-now-have-auto-loans.aspx) standard car loan , but it can be tough to figure out exactly how much.
In the USA, where cars and car loans are bigger, the New York Federal Reserve bank warned arrears in the sub-prime car-loan sector were a "significant concern".
The interest is the smallest in car loans. These loans have been dropping for quite some time now.
These lenders, who specialize in cars and car buyers, have been much better equipped than banks to gauge the risk of individual car loans and more willing to accept purchased cars as collateral.