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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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