Amortization
Calculates the entire loan payment including interest on the outstanding balance which is to be paid off by
installment or at the end of a fixed period.
Annual Percentage Rate (APR)
APR is the interest rate charged on the loan. It is the cost of credit on a yearly / monthly basis expressed
as a percentage.
Bad Debt
A debt which is unlikely to be paid
Collateral
Property put as a security against the amount borrowed.
Credit Score
A numerical
value used by creditors to predict how likely an individual is to repay a new loan.
Creditworthiness
Past and future ability of a borrower to repay debts.
Dealer Charges
Amount charged for features sold separately by auto lender such
as undercoating or service offered in warranty period.
Default
Failure to repay a loan or failure to meet the terms of the loan agreement.
Down Payment
Amount
paid by the customer in cash or trade-in value to get an auto loan in order to finance the remaining of the purchase price.
Equity
Difference between market value of a property and the outstanding mortgage
on it.
Late Payment
A payment made later than agreed
upon
Loan Application
Is the primary step in obtaining
a loan. It involves filling of the loan application form.
Loan Calculator
It determines the amount of monthly payment that a borrower has to pay on the loan borrowed.
early repayment penalties?
No, your payment plan is set out for you. If you wish to clear the full amount
in one hit, it is not a problem. We actively encourage you to do this.
Term
Specified period of time for which the loan is provided by the lender.
Title
A document which gives evidence of an individual’s ownership of a property
Upfront Costs
Any fees or charges that are collected in advance, before a loan is advanced. | 
