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Explaining Auto Finance Terms

Auto finance can be intimidating. It involves a credit check, not to mention plenty of uncommon words. Our Autohaus BMW decided to explain common auto finance terms as courtesy. Take a look.

The Lender

The lender or the lending institution is the party that gives you the auto loan with which you purchase your vehicle. The lender may be a bank or some other such institution that makes loans of different types. It might be a small credit union or, sometimes, the vehicle manufacturer. Until you pay off the loan, the vehicle technically belongs to the lender.

 

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