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carloans411.ca
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Definitions (39)
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proof of residence
Evidence of a borrower’s home address that could be in the form of a driver’s license, a recent utility bill or any other legal documentation that displays the borrower’s address.
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acceleration clause
A clause in the loan agreement that can entitle the lender to collect the balance owing by the buyer sooner. It can also allow the lender to collect the total balance owing immediately.
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agreement of sale
The document that details the specific terms of the purchase of the vehicle by the buyer from the seller. Also referred to as the Purchase Agreement or the Bill of Sale.
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amortization
The repayment of a debt with a fixed schedule in regular installments over a specified period of time.
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annual percentage rate
The annual cost of a loan expressed as a percentage that includes the interest and any other costs or fees associated with the loan.
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asset
Any property the borrower has that could be used to repay the loan, such as real estate, stocks or vehicles.
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bad credit
A below average credit score that can indicate risk to some lenders. It is still possible to secure a loan with bad credit.
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black book / canadian black book
Reference book used to determine the current or future trade-in or resale value of a vehicle for a specific geographic area. Sometimes referred to as Blue Book value, because of the similar Kelley Blue Book also commonly used in the U.S.
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collateral
Property owned by the borrower supporting the loan that can be seized by the lender in the event of default.
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cosigner
Another individual who assumes equal responsibility with the borrower for a loan.
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