Consumer durable loans are a traditional product existing in the market for years. These loans are specifically structured for the purchase of consumer items ranging from appliances to computers. It is a very user-friendly product, which helps you own all the magnificent objects that you desire. A bank or a financial company gives a consumer durable loan for a specific purpose (like buying a consumer durable) and it is either given on the strength of a security (hypothecate the asset purchased) or on an unsecured basis that is without any collateral.