Auto Loans - Banking & Finance

Flashcard
•
Other
•
9th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
The maximum amount of time over which an individual agrees to repay an auto loan. Typically ranges from 36 to 84 months.
Back
Loan terms
2.
FLASHCARD QUESTION
Front
The original amount of money that is borrowed. The amount decreases when you make a payment.
Back
Loan amount or principal
3.
FLASHCARD QUESTION
Front
The expected decline in value over time of an item.
Back
Depreciation
4.
FLASHCARD QUESTION
Front
A fixed amount of money, percentage of the selling price or item of value that is traded in to reduce the cost of purchasing a vehicle.
Back
Down payment
5.
FLASHCARD QUESTION
Front
A formal and extensive record of how good an individual is at maintaining their credit and paying their current and past debts in a timely manner.
Back
Credit history
6.
FLASHCARD QUESTION
Front
Made by a bank or other lender to an individual so that person can purchase a new or used vehicle, using the vehicle as collateral for the loan.
Back
Auto loan
7.
FLASHCARD QUESTION
Front
The fee charged for the use of money.
Back
Annual percentage rate (APR)
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