Collateral

Collateral refers to something that can be forfeited by a borrower for not repaying his or her loan. For example, a car, piece of art, or even a house can be taken as collateral as long as it is worth the same as the money that is owed.

Related Articles:

• 5 Simple Ways to Rebuild Your Credit
• Even With Bad Credit, Auto Loans Are Still Attainable
• 5 Tips for Obtaining an Auto Loan with Bad Credit
• What Are Your Options When Car Payments Become A Burden?
• The Right Questions to Ask Before Financing Your Car
• The 3 Best Credit Cards If You Have Bad Credit
• Glossary: Unsecured Loan
• Glossary: Title Loan
• Glossary: Secured Loan
• Glossary: Auto Equity Loan
• Even With Bad Credit, Auto Loans Are Still Attainable