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The terms of a collateral loan are that the borrower pledges some type of property or other asset as collateral for the loan. You can learn more about this type of loan at the Wikipedia. Once on the website, type "Secured loan" into the search field at the top of the page and press enter to bring up the information.
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∙ 10y ago
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Can my furniture be used as collateral for a loan?
There may be some signature loan companies that will take furniture as collateral. Most loan companies will want other collateral such as titles to vehicles.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
What are the disadvantages of a collateral loan?
One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.
What does collateral refer to?
security for a loan or outside of what was intended (collateral damage)
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Can my furniture be used as collateral for a loan?
There may be some signature loan companies that will take furniture as collateral. Most loan companies will want other collateral such as titles to vehicles.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
What are the disadvantages of a collateral loan?
One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.
How do you use the word collateral in a sentence?
The bank required me to provide collateral, such as my car, in order to secure the loan.
What does collateral refer to?
security for a loan or outside of what was intended (collateral damage)
What is a loan on which the goods purchased with the loan serve as a type of secured loan.?
collateral
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
What is collateral swap?
If you are speaking of loans, collateral is the object(s) that the financing company, typically a bank, hold as security to guaranty payment. It is possible for the borrower to change the collateral with the financing company agreeing to the change. Essentially you are swapping the original collateral that secured the loan for whatever the new collateral is. No change in terms of the original note are made.
What kind of collateral is used for a personal loan?
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
Can you take out a used auto loan and use the 'to be purchased' used auto as collateral for the loan?
In most areas yes, it is called collateral.
What is colleteral?
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Can I get a loan by using my IRA account as collateral?
Yes you can use your IRA account to apply for a loan as collateral and guarantee to a money lender when applying for a loan. Although i was offered a loan with no credit check and no upfront collateral by a loan lender whose name is Mr. Maurice Tyson? Eight months ago. I was offered this loan on the terms of four months and a loan of £62,000.00 for construction contract financing in west London. Ever since i have been using his company as a financial for any contract i am given. If you are interested to get a loan from him you can contact him via this email:inquiry.nortonfinanceloans@hotmail.co.uk.i know he can assist you also. Henry
