Definitions of Automotive Financial Terms

Purchasing a new car can be a difficult process in and of itself. However, what can make the whole process even more confusing is the use of financial jargon! Here at Royal Moore Mazda, our financial team is not out to confuse you with said finance related information. We are here to help you! One way we can do so is by offering you the definitions of automotive financial terms.


A cosigner is another person who assumes equal responsibility when a driver purchases a new car and who signs the paperwork along with the driver.

Down Payment

In financial terms, a down payment is the upfront sum of money a customer is required to pay when purchasing a vehicle.

Grace Period

The grace period is the amount of time customers have to make a late payment before they are penalized for it.


A term is the length of time that a financial loan lasts. This term is usually listed by the number of months it will last.


The title of a vehicle is the official proof of ownership for that vehicle. It also contains information about that specific vehicle.


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