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Owning an item and owing money are separate questions
A loan used for a purchase can continue after the item is sold, damaged or no longer needed.
Security or ownership provisions add further conditions where they apply.
The documents explain those relationships for the actual product. A general guide should not promise that disposal of the purchase releases the repayment obligation.
Compare secured and unsecured structures
Definitions
- Nominal interest rate
- Stated rate used to calculate interest under the agreement; it does not describe every other charge.
- Annual comparison measure
- Annualized disclosure used to compare borrowing costs; its calculation and included charges depend on the jurisdiction and product.