Application:

A statement which gives personal and financial information fundamental for the evaluation of creditworthiness.

Amortization:

The repayment of a loan by regular installments over a fixed time period.

Borrower:

The person or organization that obtains credit from a lending organization with the understanding that it will be repaid, with interest, within a fixed term.

Base Price:

The cost of an auto before a certified dealer adds options. Base price includes the standard equipment and the manufacturer's warranty.

Co-Buyer:

An individual who shares the cost of the auto with the buyer.  The co-buyer has joint ownership rights and is jointly responsible for the repayment of loan. 

Certificate of Title:

A document that gives the details about ownership and provide evidence of motor vehicle. Certificate of title is provided by the state.

Annual Percentage Rate (APR):

The yearly rate of interest that includes all of the fees and other expenses paid for the loan.  Annual percentage rate gives the real cost of the loan.

Bankruptcy:

A legal proceeding in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.

Broker

A person who, negotiates terms and contract between lender and borrower and gets a commission or fee for that.  

Down Payment:

The part of the cost of the loan that is paid in cash. This cost does not require the finance with a loan.