Can I use a car or real estate as collateral for a loan?
Curious about Collateral
Yes, you can use a car or real estate as collateral for a loan. These are some of the common types of collateral that lenders accept for secured loans. When you use an asset as collateral for a loan, the lender has the right to seize the asset if you default on the loan. It's important to note that the value of the collateral will typically determine the maximum amount you can borrow. For example, if you use your car as collateral for a loan, the lender may only offer a loan amount that's less than or equal to the value of your car.