Suppose sarah purchases an automobile from a car dealership. she borrows part of the purchase price from a lender. the lender requires sarah to give it a security interest in the automobile to secure the loan. this is a secured transaction, with the automobile being for the loan.

Collateral

Explanation:

Collateral is an asset accepted for a loan by a lender as protection. When the borrower fails on the credit payments, the creditor can confiscate and  resell the collateral to recover the losses.

Credits protected through collateral are usually accessible at significantly reduced lending rates than other loans.  

The lender's possible explanation to repay the loan on time is convincing.

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