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Listings for Auto Loans Key Terms (30)

 

Deficiency balance

Deficiency balance If your vehicle is repossessed and sold, you may be responsible for paying the difference between the amount left on your loan (plus […]

201 total views, 0 today

 

Debt cancellation or suspension products

What are debt cancellation or debt suspension products offered with an auto loan? Some auto dealers as well as banks and credit unions offer “debt […]

201 total views, 0 today

 

Credit insurance

Credit insurance Credit insurance is optional insurance that may make your auto payments to your lender in certain situations, such as if you die or […]

222 total views, 1 today

 

Co-signer

Co-signer A co-signer is a person—such as a parent, close family member, or friend—who pledges to pay back the loan if you do not. This […]

215 total views, 0 today

 

Buy rate

What is a buy rate for an auto loan? A buy rate is the interest rate that a potential lender quotes to your dealer when […]

212 total views, 0 today

 

Base price

What does the base price of a vehicle mean? The base price is the price of the vehicle without options. The manufacturer’s base price excludes […]

201 total views, 0 today

 

Assignee

Assignee An assignee is a person or a company who buys your auto loan. For example, an auto dealer who extends credit to you may […]

189 total views, 0 today

 

Annual Percentage Rate (APR)

Annual Percentage Rate (APR) The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage. […]

209 total views, 0 today

 

Amortization

What is amortization and how could it affect my auto loan? Amortization describes the process of gradually paying off  your auto loan. In an amortizing […]

219 total views, 0 today

 

Actual Cash Value (ACV)

What is an Actual Cash Value (ACV)? An Actual Cash Value (ACV) is the value of the car according to widely recognized independent sources such […]

213 total views, 0 today

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