S - Secured loan

Monday, June 05, 2006

Secured loan - Offers lower rates than an unsecured loan by using a home or business as collateral. Lenders can recover money from the borrower's home or business or reclaim the car if they default on payments. (See Finance).

Glossary

Want to know the difference between your APRs and your PCPs? Our Glossary will guide you through the minefield of car-buying terms.