The "Annual Percentage Rate" is a yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR, and the rate is used to compare various loans available, making even simple interest and compound interest loans comparable.

Absolute Low (floor price)

The lowest price a seller is willing to take for a vehicle

Acceleration Clause

This allows a lender to speed up a loan rate if there is a default on the loan.


The added features that are available for a new car.

Accrued Interest

Interest that increases on an unpaid balance of a loan.

Acquisition Fee

A fee included in most lease transactions that is either paid for up-front or included in the total cost of the vehicle. This fee covers a number of administrative costs, such as obtaining a credit report, verifying insurance coverage, etc.

Adjusted Capitalized Cost (Adjusted Cap Cost)

from the MSRP The price of the vehicle after deducting any dealer participation, manufacturer discounts, and down payment. This amount is also referred to as the net cap cost. This amount is also referred to as the net cap cost

Advertising Fee

The car dealer will pass this fee on to the buyer for advertising costs.

Agreement of Sale

Also referred to as sales or purchase agreement. It states that the seller is selling and the buyer is buying.


Payment of a loan obligation in a series of installments or transfers.


An initial statement of personal and financial information required to approve your loan.


An opinion of the market value of an asset as of a specific date.

Appraisal Fee

The fee to estimate the value of any property or possession.


Tangible items (possessions or property) to secure a debt.


Any transfer of your loan from one lender to another lender.


The sale process by which multiple bidders compete to purchase a vehicle that is finally sold to the individual offering the highest price.

Certificate of Title

Is evidence of vehicle ownership issued by the Department of Motor Vehicles when it has confirmed said ownership. There is a fee to receive one based on state, taxes and other possible registration fees.


The meeting between the buyer, seller and lender where the property and funds legally change hands. Also called settlement.


Property offered to support a loan that can be seized if you default on your payments. Car and/or a house would be a good example.


When a real estate agent or broker finds and completes a sale, that individual is paid money by the seller for those services rendered.


An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the stated conditions.


Another person who signs your loan and assumes equal responsibility for it. This usually comes into play when the original person applying for the loan does not have enough credit to take on the responsibility themselves.


Reputation for solvency and integrity entitling a person to be trusted in buying goods or borrowing money.

Credit Bureau

An agency that keeps your credit record.

Credit Card

A card used from time to time to borrow money or buy goods or services on credit. Visa, MasterCard, American Express and Discover are just some examples.

Credit Scoring System

A statistical system used to rate credit applicants according to various characteristics relevant to creditworthiness.


A lender to whom money is owed.


Past and future ability to repay debts.

Debit Card (EFT Card)

A card that looks fairly identical to a credit card, that an individual can use to make purchases and other electronic transactions. The advantage of this card is that you are not adding to your debt, just withdrawing money from you bank account.


Failure to repay a loan or otherwise meet the terms of your credit agreement.


Failure to make payments on time.


Information about a vehicles history that is given to the consumer, such as accidents or repairs that has been done to the car.

Down Payment or Deposit

The amount of money that is initially deposited to lower the amount Loansd.

Electronic Fund Transfer (EFT) Systems

A technology for transferring funds electronically rather than by check.

Equal Credit Opportunity Act (ECOA)

Is a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.


The residual value of a business or property beyond any mortgage thereon and liability therein.

General Warranty Deed

A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.

Gross Monthly Income

The total amount the borrower earns per month, before any expenses are deducted.


A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.

Hazard Insurance

A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.


A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one- three-, and five-year U.S. Treasury Security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average Costs-of-Funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.


A charge by the lender, expressed as a percentage of the total amount leant. The borrower pays this charge as payment for the loan.

Interest Rate

Expressed as a percentage of 100, the annual rate of interest on a loan.

Joint Account

An account with a financial institution, such as a bank, in which two or more people share the account. All parties involved share legal responsibility to repay loans or debts of this account.


The person who signs a lease to have temporary use of a vehicle.


The company that provides temporary use of a vehicle in return for periodic payment.


Manufacturer's Suggested Retail Price. This is the recommended selling price for a vehicle, set by the manufacturer. Options added or removed from a vehicle effect this price.

Net Effective Income

The gross income of the borrower, minus the percentage removed for federal and/or state income tax.

Point-of-Sale (POS)

The physical location at which a purchase is made by the consumer. Additionally, a method a taking electronic payment from a consumer without the need for a traditional check.

Prepayment Penalty

A bank imposed fee for early payment of a loan. This penalty is meant to protect the bank from lost income not generated from interest on the loan.


See Interest Rate


To provide new financing for an existing loan. The existing loan is paid with the Proceeds from the new loan. Typically the new loan is at a lower rate, or has a longer term than the previous loan.

Service Charge

Additionally charges based upon the completion of the defined service. May encompass a number of different charges. Services charges may relate to the financial aspects of processing a loan. A Dealer service charge may include preparation of the vehicle for delivery.


Based upon the cost of the vehicle. Contributed to the government for continuation of services. Amount varies from state to state. Some states also place additional taxes on certain types of vehicles. i.e. Luxury tax for cars over a set value, "Gas Guzzler" tax for larger vehicles and SUV's.


For a loan this is the period of time between the beginning of the loan and the end date, at which time the balance of the loan would be due.


A legal document that proves an individual’s ownership of property.

Title Insurance

Usually issued by a Title Insurance company, protects a homeowner from errors made during a title search. Determined by the value of the property being sold, the cost may be shared between the purchaser and the seller.

Title Search

Best performed by a title company, this is thorough examination of municipal and public records to determine legal ownership of property.


A person whom is legally entrusted with property for the benefit of another individual or individuals. Additionally to place a debtor’s wages, credits, or property in the hands of a third party, in the interest of the creditor.

Verification of Employment

Written verification of your employment. Sent by your current employer, this may include your salary information, and your job description.

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Our clients say
our clients say
  • "Thank you for all your help with processing the loan and keeping me up-to-date on the progress. We have utilised ‘Yes Loans’ twice and are completely amazed with the process and ease that you present to your customers. **It has been a delight dealing with yourself and ‘Yes Loans’ and will not hesitate to recommend your business to all that I come across. **It can be quite daunting at times applying for a loan and I can tell you that your customer service skills far outweigh any company I deal with on a day to day basis."

    Adam F - April, 2015
  • "I would like to thank you again for a relatively painless process in getting the funds sorted for us, working away makes such things difficult and usually means taking time off work to organize. I will recommend Yes Loans to all that want to listen, thanks again"

    Tony K
  • "Thank you very much for your help much appreciated"

    David S
  • "Thanks Chris for all your help. I haven't purchased a car for a while, let alone taken out a loan. Your clear, concise information made the whole process so much easier. What's more you cared! Each step of the way you checked in with me to make sure I understood where the process was at and that I was happy with how things were moving. I have worked in the retail and service industry for decades, so I understand what should happen during any transaction. Chris and Yes Loans tick all the boxes. "

    Dean H - June 2015
  • "on behalf of my wife Hazel and myself , I would like to thank you for all your help and good advice you gave us regarding the purchase of our new car , using your company “Yes Loans” for finance. Most people will be able to tell you of a bad experience relating to car finance but ours was totally the opposite. From start to finish we were made to feel very comfortable about the whole process, and able to understand all the facts and figures. It was a surprisingly pleasant experience and did not drag on for hours. Completing all the paper work on the initial visit made things even easier, and not having to return on multiple occasions was a bonus. I would have no hesitation in recommending you and your company to any of my family or friends should they require finance for their own purchase."

    Derek E - June, 2015
  • "Tony and all the staff at Yes Loans provided exceptional service, which led to me choosing their product over the competition. My circumstances were complicated with 2 sales falling over before the final one was made. Thanks to the keen attention to detail by Yes Loans staff, I was alerted to fraudulent activity by a seller, in time to call the deal off. Finally, Tony managed to achieve settlement in a short period of time and provide a very competitive interest rate for my dream vehicle. The communication I received from Tony and Colleagues was prompt and professional and I will not hesitate to refer them on to my family and friends."

    Gabriel - June 2015
  • 'Hi Darral I couldn't thank you enough for the whole process of sale. You went over and **beyond the call of duty** especially when we've both been playing phone tag with each other. Customer service is everything and from a previous sales and marketing manager background I could not fault you any where. I've always stuck to the rule of 10....1 person tells 10 people on there experience and those 10 people tell another 10 people and so on and so on. I'll highly recommend you to friends and family that are looking for vehicles in the future. Once again thank you. "

    Gavin J - July, 2015
  • "I picked the car up yesterday afternoon and I just wanted to say thank you so much for all the time and effort you put into helping us get it. The car is just awesome and that you put it through as a business vehicle so I can claim it come tax time makes you an absolute legend. Again, thank you very much."

  • "We have used Yes Loans now several times for our Car finance, this being our 4th transaction that they have helped us with and every time it has been such a pleasurable experience, **very easy and smooth transaction with no hassles and quick service. ** We definitely will be back again. Thanks to Daniel for such professional and fast service."

    Maria & Rob - June 2015
  • "Thank you so much, the car was exactly my dream car thank you."

  • "Thanks very much for your help in finding me a loan. I will indeed enjoy my car! I will be sure to recommend you to anyone who asks."

    Simon I
  • "Hello Steve, I’d Like to point out an exceptional employee you have working for you Nathan Hanna. From our first contact Nathan has conducted himself in a professional & highly proficient manner, I felt extremely confident with the service he provided and finding a solution to an issue with my vehicle being a grey import. Which many finance company’s don’t touch, Nathan found a financier which I’m very grateful. The whole experience has been a pleasure your company certainly raises the bar in customer service which you can’t get from other companies. Nathan is a real credit to your team. I will most definitely be recommending Nathan & your company to others."

    Mike B - Sept 2015
  • "Your service and support has been nothing but outstanding. We are so happy with our van, and we will spread the word around if we know anyone is after finance."

  • "A big thank you to Tony Williams at Yes Loans for the **great service in the last week making my dream of having a new car a reality.** Within one week of deciding to buy a new car Tony had the finance organised and I had my new car a week later. Very professional and efficient service from Yes loans. Thanks you very much. "

    Susanne De - July, 2015
  • "Thanks for all your help. You handled everything very efficiently and professionally. Made my life and part in all this very easy. Thanks again and all the best to you."

  • "The service provided by Yes Loans was better than any other loan institution or bank I have worked with. What they promised they delivered and it was done professionally and with a sense of urgency and customer service that few banks could match. I have been a long term customer of a bank and had numerous loans with them for houses, cars and home improvements for a period of fifteen years. Despite an excellent credit history, my last effort to get a small loan to re-finance a car took over two weeks to process. Then having approved the loan, the bank made my life difficult by asking for endless changes to paper work, pay slips and bank details because of the time they took to process the loan. In frustration, I rang Yes loans. Within 24 hours the process was all but complete. There was a minor issue with setting up a new account to handle the funds, but this was no problem. Daniel at Yes Loans patiently helped me out and made the process easy, so that the funds were able to arrive as soon as the new bank account was set up. I am grateful for the professional way in which my business was handled and have no hesitation in recommending Yes Loans to anyone in need of a loan." Thanks Grant for your feedback!

    Grant - Feb 2015
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