larry got a loan from a bank with his car as a collateral. what kind of a loan has the bank issued Larry? what will happen if he doesn’t repay the loan on time? explain the reasons for your answer.
A title loan, because he is using his car as collateral it would be a title loan. If he doesn't pay it back they can take his car. But they might use a "roll over" meaning make a new loan and add fees and interest on to it.
