Short for stipulations, these are documents that are required by a lender to fund a loan. Stips may include proof of income, proof of residence, proof of insurance and any additional information the lender may feel is necessary to approve the auto loan.
Glossary of Terms
We know some auto loan terms can be confusing, so we've put together a useful glossary to better help you understand the industry language.
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Tax
The amount paid when purchasing a vehicle to satisfy state and other government tax requirements.
Term
The amount of time during a loan from beginning to end, in which a borrower makes payments to repay the debt.
Title
A document that proves legal ownership of a vehicle.
Title Loan
A type of loan that uses the equity you have in your vehicle to lend you cash. The lender holds your title until the auto equity loan is paid in full.
Trade-In Value
The value of a used vehicle that you trade in to a dealership as part of a purchase.