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Glossary
Glossary of Automobile Buying and Financing | |
Glossary of terms related to automobile buying, leasing, financing, driving, and insuring. | |
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| Term | Definition |
| credit history | A record of a person's past and present credit accounts, payment history, outstanding balances, and bankruptcy notices. Negative information can remain in a person's history for up to 10 years. |
| credit score | A numerical representation of a person's credit history. Poor debt management, late payments, and high credit card balances can result in a low score. Lenders use credit scores to grant loan approvals and set interest rates. |
| Glossary V2.0 | |