The most common types of collateral are real estate or sedan,
though it can be anything that is equal or greater value than
the amount that you borrow. In most cases, you don't give up physical
ownership of your car or home - you can go on driving it or living
in it as long as you continue making your payments on the loan.
Instead, you sign a note that gives the lender a legal right to
the title or the deed to your car or home. If you default on the
loan - don't make the payments that you've agree to make - then
the lending agency can take possession of your property. If it's
an automobile, it's commonly called repossession. For real estate,
it's called a foreclosure. In either case, the lending agency
has the right to sell your property in order to recover their
loan.
While autos and real estate are the most common types of collateral,
some lenders will lend money with jewelry, coins or other collectibles
or other types of vehicles. Most often, if you secure a loan with
an item like jewelry or collectibles, the lending agency will
take possession of the item until the loan is repaid.
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