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Glossary of Auto Loan Terms

Many people purchasing a new or used car/truck often times leave the dealership scratching their head, asking "Did I really get a good deal?

Before you start your next auto purchase take time to go over our glossary of purchasing and financing terms used for buying a car or truck. Many of our visitors tell us how helpful our auto loans glossary is.

pe-file's Glossary of Auto Loan Terms is designed to provide the general public with a basic explanation of car purchasing, leasing information and how it works. Automotive terminology is explained in layman's terms. These terms are those used by car dealers, private individuals and finance companies. Understanding these term's will put you on a level playing field with them.

Auto Loans Glossary

A  Accrue... Auto Test Drive

B Bankrupt... Buyer

C Caps... Customer Incentive

D Dealer Charges... Duplicate Title

E Effective Annual Interest Rate... Extended Warranty

F Fair Credit Reporting Act... Franchised Dealership

G Grantee... Guarantor

I Impound... Invoice Price

K Kelley Blue Book

L Late Payment... Loan-to-Value Ratio

M Manufacturer... MSRP

O Obligation... Other Owner

P Preferred Placement Form... Promise to Pay

Q Qualify... Quote

R Rate... Retail Price

S Secured Loan... Substitution of Collateral

T Tax... Truth-In-Lending Act

U Underwriting... Usury Limit

V Vehicle Identification Number... Verification of Employment

W Warranty... Wholesale Book Value

 
 

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