Auto Loans

The maximum amount of time over which an individual agrees to repay an auto loan. Typically ranges from 36 to 84 months.

• Loan

• Loan terms

• Down payment

• Annual percentage rate (APR)

The original amount of money that is borrowed. The amount decreases when you make a payment.

• Annual percentage rate (APR)

• Loan amount or principal

• Down payment

• Loan terms

The expected decline in value over time of an item.

• Lender

• Loan amount or principal

• Depreciation

• Credit history

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.

• Credit history

• Loan terms

• Down payment

• Annual percentage rate (APR)

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.

• Credit score

• Loan terms

• Lender

• Credit history

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.

• Auto loan

• Loan terms

• Lender

• Annual percentage rate (APR)

The fee charged for the use of money.

• Auto loan

• Loan terms

• Down payment

• Annual percentage rate (APR)

A bank, savings and loan, credit union or dealership that makes loans to individuals or businesses.

• Auto loan

• Loan terms

• Lender

• Depreciation

A number assigned to a person that indicates to lenders their capacity to repay a loan.

• Credit score

• Loan terms

• Lender

• Credit history

The larger your down payment amount, the (larger/smaller) the loan amount, and (larger/smaller) your monthly car payments.

• Larger/larger

• Larger/smaller

• Smaller/larger

• Smaller/smaller