Mandatory binding arbitration
What is mandatory binding arbitration? By signing a contract with a mandatory binding arbitration provision, you agree to resolve any disputes about the contract before […]
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Loan-to-value ratio
What is a loan-to-value ratio in an auto loan? A loan-to-value ratio (LTV) is the total dollar value of your loan divided by the actual […]
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Loan term or duration
Loan term or duration This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly […]
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Interest rate
Interest rate An auto loan’s interest rate is the cost you pay each year to borrow money expressed as a percentage. The interest rate does […]
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Guaranteed Auto Protection (GAP) insurance
Guaranteed Auto Protection (GAP) insurance GAP insurance covers the difference (or gap) between the amount you owe on your auto loan and what your insurance […]
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Force-placed insurance
What is force-placed insurance? In order to get a loan to buy a vehicle, you must have insurance to cover the vehicle itself. If you […]
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Fixed-rate financing
Fixed-rate financing Fixed-rate financing means the interest rate on your loan does not change over the life of your loan. With a fixed rate, you […]
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Finance and insurance department
What is a Finance and Insurance (F&I) department? If you purchase a vehicle at a dealership, the salesperson may refer you to someone in the […]
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Extended warranty or vehicle service contract
What is an extended warranty or vehicle service contract? An extended warranty or vehicle service contract covers the costs of some types of repairs in […]
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Down payment
Down payment A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, […]
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