What type of loan does Elliott have if he must sign over the title to his car as collateral?

Elliott has a secured loan because this type of loan requires collateral to back the amount borrowed. In this case, the title of his car serves as collateral, meaning that if Elliott fails to repay the loan, the lender has the right to take possession of the car. This provides the lender with a level of security, reducing their risk since they can recover a portion of their funds by repossessing the asset. This distinguishes secured loans from unsecured loans, which do not require collateral and therefore typically have higher interest rates due to increased risk for the lender.

Fixed-rate and student loans refer to different characteristics of loans, not their collateralization. A fixed-rate loan specifies that the interest rate remains constant throughout the life of the loan, while a student loan is specifically used for educational expenses. Neither term indicates that collateral is involved.