Glossary
Collateral:
Guarantee offered to obtain a loan. Collateral is any valuable asset which includes home, real estate, accounts receivable or any other asset.
Cosigner:
Any person who takes equal guarantee for the repayment of your loan. Cosigner is usually required when the credit status of the applicant is not promising.
Down payment:
The amount of money which has to be deposited initially to bring down the cost of financing.
Equity:
The value of the asset deduced by subtracting the debts registered against the property from its market value.
Fixed rate:
A rate of interest that does not changed over the term of the loan or extension.
Loan term:
A time period within which the loan reaches its maturity. The full principal amount of the loan is to be repaid by the maturity date.
Secured loan:
A loan for which a guarantee is required for approval.
Blue book:
Is one of the standard reference used to find out the value of used vehicles. A blue book typically contains the whole sale value and retail value of each vehicle.
Unsecured loan:
A personal loan that is not secured by any assets.
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