Car Finance Glossary

A
Annual mileage
 Annual percentage rates (APR)
 Approved Dealers
 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 history
 Credit reference agencies
 Credit report
 Credit score
 Credit search
D
Debt management plans
 Default
 Deposit
 Depreciation
 Document fees
E
Early settlement
 Earned income
 Electric vehicles
 Eligibility checker
 Equity
 Excess mileage
F
Fair credit
 Fair wear and tear
 FCA
 Financial Ombudsman Service (FOS)
 Fixed interest rate
 Flat rate
 Forecourt finance
 Fronting
 Full service history
G
GAP insurance
 Good credit
 Guaranteed car finance
 Guaranteed future value (GFV)
H
Hard credit search
 HPI check
I
Interest rate
 IVA
J
Joint application
K
Key facts document
L
Lease
 Legal Ownership
 Lender
 Lessor
M
Monthly payments
 MOT
N
Negative equity
 Net income
 Novation
O
Optional final payment
 Outstanding balance
P
Part exchange
 Poor credit history
Q
R
Refinance
 Regulated credit agreement
 Repossession
 Residual value
 RTI Gap Insurance
S
SECCI
 Secured loan
 Settlement figure
 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