Below are some important auto financing terminologies that you should know when buying or leasing a vehicle:
Long-term Note – A written agreement between a firm and another party in which the company promises to pay a specified amount of money at a specific time; over a year from the due date for long-term loans and mortgages.
Marketplace – is an online store where multiple sellers and lenders compete for customers’ business in online businesses that enable for inventory to be sold.
Military Lending Act – this is a federal rule that restricts the terms of certain consumer auto loans for military personnel and their families.
Office of the Comptroller of the Currency – often abbreviated as OCC. All national banks, thrift institutions, federal branches, and agencies of foreign banks in the US are supervised by the National Currency Act of 1862 independent agency inside the treasury department.
Outstanding – interest-bearing debts that have yet to be repaid.
