Car Loans Glossary For Consumers.
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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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