The entire loan amount minus any fees that is available to the borrower.
Typically an 8 to 12 digit number that identifies your specific account within your financial institution. This is the second set of numbers located at the bottom left of your checks and can typically be found on your bank’s online banking system.
Represented as a percentage, the cost of borrowing money from Boro averaged over the term of the loan (in years).
Compared to the interest rate, APR is a broader measure of the cost of borrowing money as it includes the fees associated with the loan.
Money transfer scheduled on a predetermined date to pay a recurring bill.
Electronic network that processes financial transactions in batches.
The first four to six digits of a card representing the identification number of the issuing or acquiring bank.
Number that represents a person’s creditworthiness or in other terms, the risk Boro takes when you borrow money. Higher scores correlate with better creditworthiness and a lower risk for Boro. Lower scores correlate with low creditworthiness and a higher risk for Boro. Your credit score plays a very important role in your life.
An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. Also commonly referred to as a consumer reporting agency or a credit reporting agency.
The vehicle you promise to Boro as a guarantee of repayment. If you default, Boro will take possession of the vehicle to write-off the ensuing losses.
You'll need collision coverage to pay the cost of repairing or replacing your vehicle if you are in an accident with another car or if you hit an object.
This type of insurance pays for damages to your vehicle caused by anything other than a collision with another vehicle. This includes vandalism, theft, fire and accidents caused by animals.
Someone else who signs a loan agreement with the primary borrower. If the primary borrower defaults, then this person is legally obligated to repay the entire loan.
If you need to make an auto insurance claim because your car was damaged in an accident, you'll have to pay a predetermined amount before the insurance company will pay for repairs. This deductible can start from $0 all the way to $2500 or even more. Usually you could lower down the monthly payments by choosing a higher deductible.
The front page(s) of an insurance policy that summarizes the most important information related to your insurance policy. It specifies the main policyholder and any additional insureds, any excluded drivers, address of the main policyholder, policy number, policy term including start and end dates, information about all cars on the policy including year, make, model, and VIN number.
A transaction that occurs when Boro releases loan funds.
Yes, all customers are required to purchase auto insurance with collision and comprehensive packages. You are more than welcome to contact our customer service representatives or dealers for suggestions.
Amount of money due at the time the car lease contract is signed. This typically includes the first month of payment, security deposit, acquisition fee, and any applicable state taxes or fees.
Large payment by the borrower to retire the loan before term.
This is a package of insurance products that include collision and comprehensive coverage. Purchasing the minimum amount of insurance required by state law is less expensive than full coverage; however, if you get a loan to pay for your automobile, keep in mind that full coverage is always a requirement.
Also known as a hard pull, this occurs when a financial institution checks your credit with your authorization when making a lending decision. A hard inquiry could lower your credit score by a few points, but it is unlikely to play a huge role in whether you are approved for a new credit card or loan. In addition, the damage to your credit score usually disappears before the inquiry drops off your credit report.
Fee a borrower pays for not making a payment on time.
When you finance a vehicle from Boro, we will be your lien holder. Boro will hold the rights to the title of the vehicle until all payments have been made.
If you get into an accident with another vehicle, the other party may need medical attention. If the accident damaged another person's vehicle, they'll need repair services too. In either case, liability insurance pays for those costs when the accident was your fault.
Legal contract between a borrower and Boro which outlines the various terms and conditions of the loan. Among other specifics, the loan agreement addresses the loan amount, interest rate, borrower’s repayment schedule and plan in case of a default.
The party to whom the claim from a loss is to be paid. If your vehicle happens to be a total loss, the insurance company will first pay off your remaining loan balance to Boro as we financed the vehicle for you.
Fee charged by Boro for processing your loan application.
The unpaid amount of a loan on which interest is calculated.
A pending credit is unavailable for use by the card or account holder and does not affect purchasing power; typically, a pending credit results when an ACH load that has been accepted but the funding hasn’t yet cleared.
Early repayment of part of a loan by the borrower.
The amount you borrowed from Boro.
Legal document between the buyer and the dealership regarding the sale of vehicles. Also known as “Bill of Sale” or “Buyer’s Order”.
Free service provided by insurance companies that is an estimated amount you could pay for insurance.
A revolving balance refers to the case when a customer elects not to pay their balance in full immediately and instead carries a balance from billing cycle to billing cycle. If any amount of an account balance remains after a billing cycle (excluding new charges made during that cycle), the account is said to revolve into the next billing cycle, which forfeits the interest free period and allows interest charges to accrue.
Also known as soft pull, this occurs when a person or company checks your credit as part of a background check. Soft inquiries will not affect your credit scores and they are only visible to you when you view your credit report.