Secured Loans And Secured Lending – What Is It All About?
Secured loans are the most common forms of lending. Secured loans protect the lender from losing the money that they lend because they are protected by some asset or other collateral. In the case of a secured home loan, for example, the home itself is the collateral.
If the borrower does not pay the secured loan, the lender puts a lien on the property and the home can be returned to the ownership of the borrower if the secured loan is not paid in a timely manner.
Auto loans are often secured loans. If financed through the auto dealership, as in the case of the buy here, pay here used corner auto lot, the borrower who defaults gets her or his car towed back to that dealership and has nothing to show for the money paid for it so far.
For new cars the secured loans are generally made through the standard banking lenders, which really means the bank lends the money to you but gives the funds to pay for the vehicle to the dealer. If your secured loan defaults the bank repossesses the car and then sells it to recover the lost money.
Secured loans are the primary way – and quite...
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