General
Financial Glossary - Auto Loan Terms I to L
Interest
- The amount that is charged by the lender for borrowing
money.
Interest
Rate - The amount of interest calculated as a percentage
of 100.
Late
Charge - A penalty that a borrower must pay when
payment is made after the date it is due.
Late
Payment - A payment that is made after the date
that it was due. Late charges may be incurred for making
late payments.
Lease
- The lease option is similiar to buying a vehicle in the
sense that you make regular monthly payments, but a lease
is generally for a shorter term than a traditional auto
loan. At the end of your lease term you have the option
to buy the vehicle by paying off the remaining balance or
you can turn the leased vehicle back in.
Liability
for an Account - The person who is legally for
repayment on an account.
Lessee
- The person who signs a lease to get temporary used of
an automobile in return for payments.
Lessor
- A company or individaul who provides the temporary use
of the said property.
Lien
- Legal claim against a property. Once the property is sold
the lien holder is then paid the amount that is owed.
Loan
to Value Ratio (LTV) - Relationship between the
amount of a loan and the total value of the the property.
General
Financial Glossary - Auto Loan Terms I to L
Auto
Finance Terms A - D
Auto Finance Terms E -
H
Auto Finance Terms I -
L
Auto Finance Terms M -
P
Auto Finance Terms Q -
T
Auto Finance Terms U -
Z
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