Car finance glossary | B

Bad Credit

Bad Credit is the term used to describe someone who has a large amount of adverse credit on their credit file. Those with bad credit tend to find it more difficult to get a finance agreement.
Bad Credit Explained >

Balloon Payment

A Balloon payment is the large final payment at the end of a Personal Contract Purchase or Lease Purchase agreement. It's used to lower monthly payments and must be paid to own the vehicle.
Balloon Payment Explained >

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