Advance EMI :
The customer has to hand over certain number of monthly repayments as post dated cheques to the lender

Basic Qualifier :
The customer or borrower who fulfills the basic criteria is known as basic qualifier.

Down Payment :
Finance companies do not pay the whole of the price of car. They normally give loans up to 80-85% of the value of the car. The remaining part of the car price will be paid by the buyer.

Eligibility :
The lender specifies certain criteria to deduce if the borrower is capable and willing to pay the car loan after a certain term.

EMI :
EMI stands for Equal Monthly Installments which are spread over the tenure of the loan. This is the method by which car loan is paid.

Flat rate of interest :
Flat interest rate is determined at the time of application and is fixed for the duration of the car loan.

Floating rate of interest :
Floating rate of interest is highly variable. If the floating rate reduces, the advantage is for customers like you. But when the floating rate is more than what you had earlier agreed to, you are the loser.

Refinance :
Refinance is paying off the original loan through the proceeds received from a new loan. Refinance helps customer gain from reduced rate, better credit score etc.

Tenure :
Tenure is the period from the date of disbursement of the loan to the date when it will be finally repaid.