Auto Finance Terms That You Should Know

If you are planning on buying a car in the near future, it is critical that you understand car loan lingo. For instance, a bill of sale is the document that makes a transaction official. It will list the sale price, the date that the car was sold and who the new owner is.

A cosigner is someone who agrees to make payments in the event that you cannot do so or are unwilling to do so. This person generally has a better credit score, more disposable income or some other positive attribute that makes it easier to qualify for a loan.

Typically, a loan in Jacksonville is paid off over a series of 24 to 60 payments consisting of both principal and interest. However, it may be possible to make interest payments over several months and pay the principal balance at once in a balloon payment.

 

 

Categories: Finance
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