The process of fully paying off a loan by installments of principal plus interest over a defined period of time.
Annual Percentage Rate (APR)
A percentage, usually expressed as a yearly rate, totaling the cost of credit over and above the loan amount.
The estimated value of property or merchandise.
Property that is used to assess your financial worth and can be used as collateral to secure a loan.
A legally declared inability of an individual or organization to pay their creditors.
An asset that is pledged for the repayment of a loan
A second person who signs your loan and assumes equal responsibility for its repayment.
Money available for a consumer to borrow.
An agency that compiles and distributes credit and personal information to creditors.
A request by a lending institution, landlord or employer seeking to review an applicant’s credit history.
The process of improving or rehabilitating one's financial reputation among creditors.
A document detailing your credit history as recorded by one of 3 major credit bureaus.
A score ranging from 300 to 900 which reflects the credit worthiness of a borrower.
A specified incremental decline in value of property.
A deposit that is paid towards merchandise so that the loan amount is less.
Gross Monthly Income
The total amount an individual earns per month, before any expenses are deducted.
The cost of borrowing money.
The annual percentage rate of interest on a loan.
Stands for Manufacturer's Suggested Retail Price – the amount that the manufacturer recommends the dealer sells the car for.
The amount of debt, without interest, that is left on a loan.
A process in which property is taken back by the creditor when the borrower does not make payments due on the property.
A low limit credit card that is backed up by a security deposit or collateral.
The low introductory interest rate offered on a new credit card.
The amount of time from the beginning of a loan to the date upon which the entire balance of the loan is due.
The document that proves an individual's ownership of property.