General
Financial Glossary - Auto Loan Terms E to H
Earnest Money - Money that is given to
a lender by the buyer as a form of showing commitment to
following through with a puchase.
Elderly Applicants - Defined as a person
that is 62 years of age or older by the Equal Credit Opportunity
Act.
Equal Credit Opportunity Act - A federal
law that requires lender and creditors to offer credit equally
available without discrimination based on race, color, religion,
natural origin, sex, age, marital status or for receipt
of public assistance income programs.
Equity - The difference between the fair
market value and current amount owed on the automobile.
For example if you bought a vehicle for $10,000 and you
owe $5000, if the fair market value is $8000 you have $3000
in equity.
Finance Charge - The amount or charge
that the credit from the lender will cost you.
Guarantee - A promise to pay.
General
Financial Glossary - Auto Loan Terms E to H
Auto
Finance Terms A - D
Auto Finance Terms E -
H
Auto Finance Terms I -
L
Auto Finance Terms M -
P
Auto Finance Terms Q -
T
Auto Finance Terms U -
Z
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you need an auto loan go to our Online Auto Loan Application
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time buyers, no credit, bad credit, bankruptcy, charge-offs,
foreclosure and even auto repossessions.
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