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zhannawk [14.2K]
1 year ago
10

Salma bought a new car by getting a loan from a bank. If she fails to pay back the loan, the bank will claim the car. In this sc

enario, the car represents Group of answer choices a line of credit. a lockbox collateral an account payable
Business
1 answer:
Alenkasestr [34]1 year ago
8 0

The answer is collateral.

A valuable object is used as collateral to secure a loan.

Lenders' risk is reduced by collateral.

The lender has the right to sell the collateral if a borrower defaults on the loan in order to recover its losses.

Two examples of collateralized loans are mortgages and auto loans.

You can utilize other personal belongings, like a savings or investment account, to protect a collateralized personal loan.

The sort of loan frequently dictates the kind of collateral.

Your house serves as collateral when you take out a mortgage. If you obtain a car loan, the vehicle will serve as collateral.

Cars but only if they are fully paid off bank savings deposits, investment accounts, and other sorts of collateral are frequently accepted by lenders.

Retirement account collateral is typically not accepted.

Learn more about loans:

brainly.com/question/14997152

#SPJ4

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Answer:

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ExtremeBDS [4]

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