Does a car on installment require collateral?

[StDakota]

A car on installment does not require collateral. Below is relevant information about secured loans: 1. Secured Loans: A secured loan is a type of loan where the borrower provides certain collateral as a guarantee to obtain funds from banks or other institutions. Upon loan maturity, the borrower must repay in full; otherwise, the bank has the right to dispose of the collateral as compensation. Currently, acceptable collateral for banks and other financial institutions includes real estate that the mortgagor has the right to freely dispose of, state-owned land use rights legally obtained by the mortgagor, and other properties recognized by the lender. 2. Loan Channels: There are various channels for car loans, such as banks, auto finance companies, and online lending platforms. Whether a car loan requires collateral depends on the lending channel.