THIS USER ASKED 👇
Lawrence got a car loan from a bank, with the car as collateral. what kind of loan did he get? a secured loan an unsecured loan a fixed-rate loan
THIS IS THE BEST ANSWER 👇
Lawrence borrowed a car from a bank, with the car as collateral. The type of loan it receives is called a “secured loan”. If you are on a secured loan, you are basically getting the value of the car itself. If Lawrence is unable to pay the full amount of the car, the bank will acquire the car and sell it on the balance due.