A period of time from a payment due date in which you can be late without being charged a penalty fee.
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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Gross Monthly Income
The total monthly income of a borrower before any deductions have been removed such as insurance, child support and income tax.
Interest
Also known as finance charges, this is the amount a lender charges to provide a car loan to a borrower.
Interest Rate
Expressed as a percentage of 100, the annual rate of interest on an auto loan.
Invoice Price
The amount a dealerships pays for a vehicle when purchasing from the manufacturer.
Joint Account
An account with two parties who share equal responsibility to repay the loan.