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Car Loans Glossary For Consumers.

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



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Title :

A legal document that proves an individual’s ownership of property.

Title Insurance :

Usually issued by a Title Insurance company, protects a homeowner from errors made during a title search. Determined by the value of the property being sold, the cost may be shared between the purchaser and the seller.

Title Search :

Best performed by a title company, this is thorough examination of municipal and public records to determine legal ownership of property.

Trustee :

A person whom is legally entrusted with property for the benefit of another individual or individuals. Additionally to place a debtor’s wages, credits, or property in the hands of a third party, in the interest of the creditor.

Verification of Employment :

Written verification of your employment. Sent by your current employer, this may include your salary information, and your job description.

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