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Car Loan Glossary For Consumers

Understanding car loan financial terms can be confusing.
Use this glossary of common car loan terms.

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Credit Bureau :

An agency that keeps your credit record.

Credit Card :

A card used from time to time to borrow money or buy goods or services on credit. Visa, MasterCard, American Express and Discover are just some examples.

Credit Scoring System :

A statistical system used to rate credit applicants according to various characteristics relevant to creditworthiness.

Creditor :

A lender to whom money is owed.

Creditworthiness :

Past and future ability to repay debts.

Debit Card (EFT Card) :

A card that looks fairly identical to a credit card, that an individual can use to make purchases and other electronic transactions. The advantage of this card is that you are not adding to your debt, just withdrawing money from you bank account.

Default :

Failure to repay a loan or otherwise meet the terms of your credit agreement.

Delinquency :

Failure to make payments on time.

Disclosures :

Information about a vehicles history that is given to the consumer, such as accidents or repairs that has been done to the car.

Down Payment :

The amount of money that is initially deposited to lower the amount financed.

Earnest Money :

Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment.

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