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Car Loan & Finance Glossary

Annual Percentage Rate (APR) Calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan. Application The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process. Assets Anything of value. Any interest in real or personal property which can be appropriated for the payment of debt. Bad Debt A debt that is not collectible and is therefore worthless to the creditor. Bankruptcy A federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay. Borrower A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms. Budget A detailed record of all income earned and spent during a specific period of time. Certificate of title A document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be clear and free of all liens or other claims. Credit history History of an individual's debt payment; lenders use this information to gauge a potential borrower's ability to repay a loan. Credit report A record that lists all past and present debts and the timeliness of their repayment; it documents an individual's credit history. Debt An amount owed for funds borrowed. The debt may be owed to an organization's own reserves, individuals, banks, or other institutions. Generally, the debt is secured by a note, bond, mortgage, or other instrument that states repayment and interest provisions. The note, in turn, may be secured by a lien against property or other assets. Debt Service Amount of payment due regularly to meet a debt agreement; usually a monthly, quarterly or annual obligation. Default The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms. Fair Market Value The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation. Guaranteed Loan A pledge to cover the payment of debt or to perform some obligation if the person liable fails to perform. When a third party guarantees a loan, it promises to pay in the event of a default by the borrower. Interest A fee charged for the use of money . Interest Rate The amount of interest charged on a monthly loan payment; usually expressed as a percentage. Judgment A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source. Loan Money borrowed that is usually repaid with interest. Loan Agreement A written contract between a lender and a borrower that sets out the rights and obligations of each party regarding a specified loan. Settlement A nother name for closing .