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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.
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