austinburnworth08 austinburnworth08

08-06-2024
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Question 2 of 25
What provides collateral to secure a car loan?
A. The driver's credit report
B. The car
C. A credit card
D. A car loan

Answer :

GinnyAnswer GinnyAnswer

08-06-2024

Final answer:

Collateral for a car loan is the asset that secures the loan repayment, with the car itself often serving as the collateral.

Explanation:

Collateral is an asset that a borrower provides to secure a loan. If the borrower fails to repay the loan, the lender can take possession of the collateral as compensation. In the case of a car loan, the car itself serves as the collateral that the lender can seize and sell if necessary.

Learn more about Collateral for loans here:

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