[ryanmercer]

You don't own the vehicle if you have a loan, the bank has the title. The title holder is the owner. The best part about paying off a financed car, to me anyway, is the day the title shows up in the mail and you actually own your car.

[kube-system]

> You don't own the vehicle if you have a loan, the bank has the title. The title holder is the owner.

No, the listed owner on the title is the owner, no matter who has possession of the title.

[jhgb]

"Loan" sounds so generic to me that what you're saying may or may not be true in different places.

[tialaramex]

I'm sure that somewhere has crazy rules but the general idea of a secured loan is the lender can easily take your security if you don't pay the debt. If not for that it isn't secured, is it?

Car loans are secured on a car. If you want to just borrow money with no security you can get a (likely far more expensive) unsecured loan if the bank judges this to be a good risk, or take an overdraft on a current account or use a credit card, all unsecured debt.

[jhgb]

Collaterals don't require ownership by bank where I live. Loaned cars are owned by their loaners (but leased cars aren't, although they may transfer ownership to the leaser after a period of time, depending on the terms of the lease). Not sure how these things work in the UK, though.