Different lenders may accept different types of assets to be used as security for a loan. In general, the most common types of assets used for security are cars and property. At MoneyPlace, we currently only accept cars as collateral to secure a loan.
When you apply for a loan with MoneyPlace you may be given the option to use a vehicle as collateral to secure your loan and access a lower interest rate. The car can be one that you already own outright, or it may be one that you are purchasing or refinancing with your MoneyPlace loan.
The vehicle to be used as security must be in good working order, registered to you, comprehensively insured and well maintained throughout the duration of your loan.