why is a mortgage called a mortgage and a car loan called a loan when they do the exact same thing?
The question seems straight forward. A mortgage is secured by property and an auto loan is secured by property as well, so why is one called a mortgage and the other called a loan?
Good answers, but this is not really a question of how loans work, but rather a question as to why they are named differently. That is why I posted this in word play instead of finance.
loan best answer:
Answer by jfcruzr
failure to pay mortgage = foreclosure
failure to pay car loan = repo
so sad
loan
Kewpie Considers A Loan Alone
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