Car Finance Glossary

A
Annual mileage
 Annual percentage rates (APR)
 Arrears
B
Bad credit
 Balloon payment
 Bankruptcy
 Broker
C
Car warranty
 Complaint
 Conditional Sale Agreement
 Consumer Credit Act
 Cooling-Off Period
 Cost of Credit
 County court judgement (CCJ)
 Credit agreement
 Credit report
 Credit score
D
Deposit
 Depreciation
E
Equity
F
Financial Ombudsman Service (FOS)
 Fixed interest rate
 Flat rate
 Forecourt finance
 Fronting
G
GAP insurance
 Guaranteed car finance
 Guaranteed future value (GFV)
H
HPI check
I
Interest rate
J
Joint application
K
Key facts document
L
Legal Ownership
M
Monthly payments
N
Negative equity
 Net income
O
P
Part exchange
Q
R
Repossession
 Residual value
 RTI Gap Insurance
S
SECCI
 Secured loan
 Short term loan
 Soft credit search
T
Term length
U
Underwriting
 Unsecured loan
V
Variable interest rate
 VIN (Vehicle Identification Number)
W
X
Y
Z
Zero percent car finance