Top Bad Credit Score Auto Loan Niagara Falls Ontario Terminologies to Keep in Mind

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Bank loans and title loans might be as different as night and day, but they share similar terminologies. As a responsible borrower, it’s your responsibility to understand the terms and definitions used in financial transactions and contracts. It will allow you to understand the process and ensure your decision was made with all the facts on hand. Here are the terminologies you should remember when applying for a bad credit score auto loan Niagara Falls Ontario.

Top Loan Terms to Remember

  • Credit Score: A rating that determines the individual’s reliability and creditworthiness. This number is used to specify interest rates and loan amounts.
  • Co-Borrower: An individual who will take out a car pawn loan with you and who has equal stakes in the transaction. They also assume responsibility for the loan.
  • Co-Signer: An individual who will act as a guarantor or who will sign for the loan. This is usually someone with a better credit score or financial status. While they will stand with the borrower, they don’t have a stake or interest in the collateral.
  • Default: Failure to fulfill the agreement as stated in the loan contract. A borrower is considered at default the moment they miss a payment.
  • Equity: It’s the difference between the market value of the collateral and the percentage you own based on the number of payments made.

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