car loan
Auto purchase credit
A car loan is money borrowed to purchase a vehicle, with the car itself typically serving as collateral.
The loan is repaid in monthly installments over a set period, usually three to seven years.
She got a car loan at 4.9 percent interest.
Also called an auto loan.
- down paymentInitial sum toward purchase
- monthly paymentRecurring scheduled remittance
- borrowerOne who takes temporarily
- interest rateCost of borrowing money
- interest chargesFees on borrowed funds
lender · repossession · terms and conditions · principal · depreciation · dealership · finance office · contract · trade-in value · credit report · collateral · credit score · refinancing · amortization · creditworthiness · bad credit · balloon payment · default
- debtdebt, creditor, owe, debtor, lender
- debtscredit card debt, loans, medical debt, student debt, student loans
- auto loansmonthly payment, down payment, interest rate, APR, refinance
- financial agreementscredit agreement, promissory note, line of credit, credit line, HELOC
- expensesexpenses, expense, expenditure, cost, costs
- loansloans, lend, borrow, bank loans, business loans
financing vs. ownership method
car loancar lease
Financed vehicle arrangement
vehicle lease · auto lease · leasing · rental · car rental