Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > Money Management > Loans > Auto Loans and Financing > Is a car loan an example of a secured loan?

Is a car loan an example of a secured loan?

Answer:

Yes.

First answer by ID1098226693. Last edit by ID1098226693. Question popularity: 2 [recommend question].

[report abuse]

Can you answer these Auto Loans and Financing questions?

	What is the annual percentage rate of the mortgage interest?	Answer it!
	What happens when a loan agreement ends and you still owe money?	Answer it!
	How can you get a declaration page showing the lien holder for the insurance on my car?	Answer it!
	Can a cosigner take over a charge off?	Answer it!
	What dare benefits a second loan?	Answer it!

Is a car loan considered a secured loan?
Yes, the vehicle itself is considered collateral and the lender remains on the title until the loan agreement is fulfilled.
Can you have a car loan and a home loan?
Absolutely!
What makes a loan a secured loan?
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
Are auto loans secured loans?
Yes, they are. An auto loan is secured loan based on the collateral of your vehicle. If you don't pay the loan they will unfortunately come take your car away.
Why are car loans always secured with collateral?
The car can always be repossessed if the owner stops paying off the loan.