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Lawrence got a car loan from a bank, with the car as collateral. What kind of loan did he get? a secured loan an unsecured loan a fixed-rate loan

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Lawrence got a car loan from a bank, with the car as collateral. The kind of loan he get is called "secured loan." Being in a secured loan, the value of the car itself is basically secured. If Lawrence won't be able to pay the total amount of the car, then the bank will get the car and sell it for the balance owed.

Answer: Secured loan

Lawrence got a car loan from a bank, with the car as collateral. Lawrence received a secured loan from the bank because the value of the loan represents the car. If something happens to the car, the loan is still set at the same amount, therefor the pricing is secure.

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