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Auto loan glossary
Was it the gleam of the chrome on that shiny new car that dazzled you? Or the bright cheery smile and baffling terms tossed around by the car salesperson? Before you sign a loan or lease contract for a car, know what you're getting into with our glossary of terms about auto loans and leasing. Bookmark this glossary so you'll always have a quick reference at hand. |
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- Secured debt
Debt secured by a claim on the borrower's property. Car loans and mortgages are common types of secured debt. Lenders are willing to offer money at lesser rates with secured debt, because they have an asset they can seize if the borrower doesn't pay as agreed.
- Security deposit
An amount given to the owner of an asset to safeguard that asset.
- Simple interest
Interest computed only on the principal balance, without compounding.
- Sticker price
The manufacturer's suggested retail price as stated on the Monroney sticker.
- Subprime borrower
A borrower with an substantially flawed credit record.
- Surcharge
A charge added to your auto policy premium after a traffic violation or an accident in which you were at fault.
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| National
auto loan rates |
| 11/21/2009 6:45:21 AM
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