What does interest rate refer to in auto loans?
Auto Loans

Flashcard
•
Social Studies
•
11th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
The percentage of the loan amount that the lender charges as interest
2.
FLASHCARD QUESTION
Front
What is the loan term in auto loans?
Back
The loan term refers to the length of time over which the loan is repaid.
3.
FLASHCARD QUESTION
Front
What is a down payment in auto loans?
Back
The initial payment made by the borrower towards the purchase of a vehicle.
4.
FLASHCARD QUESTION
Front
What is amortization in auto loans?
Back
The process of paying off a loan with regular, fixed payments over a set period of time.
5.
FLASHCARD QUESTION
Front
What does loan-to-value ratio refer to in auto loans?
Back
The ratio of the loan amount to the value of the car being financed.
6.
FLASHCARD QUESTION
Front
What is the typical loan term for auto loans?
Back
36 to 72 months
7.
FLASHCARD QUESTION
Front
What is the recommended down payment for auto loans?
Back
At least 20% of the car's purchase price
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