Asked 1/8/2010
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What is the difference between secured and unsecured personal loans? In my math project I have to explain the difference between these two types of loans when getting a car loan, and why I have to use an unsecured loan when the secured loan interest rates are lower. If someone could explain this to me, I would give them a best answer vote. |
Answer 1/1 - Submitted 1/8/2010
A secured loan has collateral backing it - such as the car. In other words, if you defaulted on the loan the bank can repo the car. In an unsecured loan there is no collateral - the bank gives you a loan solely on your signature. I don't know that a bank would give you a car loan unsecured.
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