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.
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.
Yes, and it must be paid off before house can be sold. It creates a lien, just like a first mortgage. A mortgage is a specific, fixed amount procured to buy a property or make improvements. The...