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Important terms − the Glossary

With Alphera it has never been as easy to finance the car of your dreams. Should you still have any questions – you'll find the answers here.

Balloon finance

Method of finance by instalments in which in addition to regular monthly payments a higher final instalment is agreed with which the loan is finally discharged. This lowers the monthly payment and combines the advantages of leasing and financing.

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Borrower

Contracting party of the lender or the bank. The person who signed the loan agreement and usually receives the amount paid out.

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Default

Your failure to meet one or more conditions of your finance agreement. Default may result in early termination of the finance agreement.

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Final repayment

Payment of the (final) instalment that discharges the loan. Afterwards title to the vehicle is transferred to the borrower.

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Finance

Purchase of an item through a loan or lease over a certain period of time with fixed monthly payments.

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Follow-up finance

After the expiry of a final instalment finance agreement, it is possible to conclude another agreement immediately.

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Instalment credit

An instalment credit is a loan repaid in fixed instalments over a certain period.

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Lender

The bank that provides a loan in return for an appropriate amount of interest.

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Loan

Amount that is provided to a borrower by a bank or finance company in return for an appropriate amount of interest and based on numerous terms and conditions.

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Loan agreement

Agreement between the bank and the borrower on the extension and repayment of a loan.

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Purchase finance rate

The interest rate used to compute your monthly finance payment.

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