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    Question

    Which loan type typically requires collateral and is

    used for purchasing large assets?
    A Personal loan Correct Answer Incorrect Answer
    B Payday loan Correct Answer Incorrect Answer
    C Auto loan Correct Answer Incorrect Answer
    D Credit card loan Correct Answer Incorrect Answer
    E Student loan Correct Answer Incorrect Answer

    Solution

    An auto loan is a secured loan that requires the vehicle to be purchased as collateral, typically used for buying cars.

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