question 4 of 8\nelliott renovates his home using a loan that requires him to sign over the title to his car…

question 4 of 8\nelliott renovates his home using a loan that requires him to sign over the title to his car if he doesnt pay as promised. what type of loan does elliott have?\nselect a response.\neducation loan\ninterest - free loan\nsecured loan\nunsecured loan

question 4 of 8\nelliott renovates his home using a loan that requires him to sign over the title to his car if he doesnt pay as promised. what type of loan does elliott have?\nselect a response.\neducation loan\ninterest - free loan\nsecured loan\nunsecured loan

Answer

Brief Explanations:

A secured loan is backed by collateral. Here, the car title is collateral as Elliott must sign it over if he doesn't pay. An education loan is for educational - related expenses, an interest - free loan has no interest, and an unsecured loan has no collateral.

Answer:

C. Secured loan