budgeting/ credit
a plan that allows you to outline what you spend
what is budgeting
An (blank) is the value of the car according to widely recognized independent sources such as the National Automobile Dealers Association or Kelley Blue Book .
what is acv (actual car value)
this is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost.
what is the loan term
is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
what is bankruptcy
is a type of security under which the issuer owes the holder a debt
what is a bond
An asset that secures a loan or other debt that a lender can take if you don't repay the money you borrow.
what is collateral
describes the process of gradually paying off your auto loan. In an amortizing loan, for each of your monthly payments, a portion is applied towards the amount of the loan – the principal – and a portion of the payment is applied towards paying the finance charge – the interest.
is the total dollar value of your loan divided by the actual cash value (ACV) of your vehicle.
what is loan-to-value ratio (LTV)
Money you owe another person or a business
what is debt
Money set aside for unexpected expenses or for living costs in case of job loss
what is an emergency fund
Borrowing money, or having the right to borrow money, to buy something. Usually it means you’re using a credit card, but it might also mean that you got a loan.
what is credit
is the cost you pay each year to borrow money, including fees, expressed as a percentage
what is apr
the money that you borrow.
what is the principal
is a time deposit sold by banks, thrift institutions, and credit unions in the United States
what is a certificate of deposit
that are more than five years off. Short-term goals. something you want to do in the near future.
what is financial plan
A summary of how you've used your credit card for a billing period.
what is credit card statements
is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both.
what is a down payment
this is like paying rent on the money you borrow.
what is intrest
Movement of the money you receive and the money you spend.
is any resource owned or controlled by a business or an economic entity
what is an asset
A card used to make purchases at businesses (like grocery stores and gas stations) with money in your checking account.
what is Debit card
insurance covers the difference (or gap) between the amount you owe on your auto loan and what your insurance pays if your vehicle is stolen, damaged, or totaled.
What is guaranteed auto protection (GAP)
This is when and how you get the money that you've borrowed.
what is disbursement
is the addition of interest to the principal sum of a loan or deposit,
what is compound intrest
a series of equal regular deposits.
what is annuity