What does "collateral" mean?

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Producer:Videojug
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Duration: 9:55
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What does "collateral" mean?

James Bell (Publisher, Auto Reviewer) gives expert video advice on: What does "balloon payment" mean?; What does "base value" mean"?; What does "buy here, pay here" financing mean? and more...

Collateral is just another word for the assets that are used to secure a new loan.

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