A Secured Marine Loan has a very straightforward format. The lender accepts the boat as security against the loan and the borrower repays the loan in equal monthly repayments over the agree loan term. This type of loan is set at a fixed interest rate and has fixed repayments and a fixed loan term. When the loan is finalised, the lender relinquishes any claim over the vessel. This type of loan is the most commonly used form of boats used for personal use and can be used to purchase most types of boats.