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Listings for Auto Loans Key Terms (30)

 

Vendor’s Single Interest (VSI) insurance

What is Vendor’s Single Interest (VSI) insurance? VSI insurance protects the lender, but not you, in the event that the vehicle is damaged or destroyed. […]

19 total views, 0 today

 

Variable-rate financing

Variable-rate financing Variable-rate financing is where the interest rate on your loan can change, based on the prime rate or another rate called an “index.” […]

23 total views, 2 today

 

Truth in Lending disclosure

Truth in Lending disclosure The federal Truth in Lending Act—or “TILA” for short—requires that borrowers receive written disclosures about important terms of credit before they […]

22 total views, 0 today

 

Total cost

Total cost This is how much you will pay to buy your vehicle, including the principal, interest, and any down payment or trade-in, over the […]

26 total views, 0 today

 

Risk-based pricing

What is risk-based pricing? Risk-based pricing occurs when lenders offer different consumers different interest rates or other loan terms, based on the estimated risk that […]

20 total views, 1 today

 

Principal

Principal Principal is the money that you originally agreed to pay back. Generally, any payment made on an auto loan will be applied first to […]

23 total views, 0 today

 

No credit check or “buy here, pay here” auto loan

What is a “no credit check” or “buy here, pay here” auto loan? A “no credit check” or “buy here, pay here”auto loan is offered […]

21 total views, 0 today

 

Negative equity

Negative equity If you owe more on your current auto loan than the vehicle is worth—referred to as being “upside down”—then you have negative equity. […]

23 total views, 0 today

 

Manufacturer Suggested Retail Price (MSRP)

What is a Manufacturer Suggested Retail Price (MSRP)? The Manufacturer Suggested Retail Price (MSRP) is the price that the automaker – the manufacturer – suggests that the […]

20 total views, 0 today

 

Manufacturer incentives

What are manufacturer incentives? Manufacturer incentives are special deals, like 0% financing or cash rebates that you may have seen advertised for new vehicles. Often, […]

20 total views, 0 today

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