Lawrence Got A Car Loan From A Bank, With The Car As Collateral. What Kind Of Loan Did He Get?

 Lawrence got a secured car loan. In this type of loan, the car serves as collateral, meaning that if Lawrence fails to repay the loan according to the terms of the agreement, the bank has the right to repossess the car to recover the outstanding balance. Because the loan is secured by collateral (the car), lenders may offer lower interest rates compared to unsecured loans, as they have recourse in the event of default.

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