What can I use as collateral for a secured loan?
I am aware that people use cars and houses as collateral for secured loans, but what else can you use as collateral?
By
Lo
Posted on
06/08/10 Total Answers
1
Answers-
Typically secured loans are offered on items that have a verifiable resale value. Homes and cars provide this. Other potential items that could be used for a secured loan:
Boats
Personal watercraft
Motorcycles/ATV's
etc.
What the banks are looking for is an asset with a "known value" and a liquid marketplace in which to sell the security in the event of a default, and cover the loan.
