The terms and phrases used in car finance can be pretty baffling. Word yourself up with our simple car finance jargon buster.
Car finance jargon buster
ANCAP stands for Australasian New Car Assessment Program. Simply, it's the star safety rating system.
Vehicles are awarded stars according to a range of tests and scientific criteria. The more stars out of 5, the safer the vehicle.
To assess your loan application a finance company might run a credit check on your personal credit file. Your personal credit file contains personal information about yourself and your borrowing history.
The credit check provides information to the financier about any outstanding debts, unpaid bills, or late repayment history.
A pre-approval means a lender has approved your loan in theory, however before your loan is formally approved you may need to provide further information or paperwork requested by the lender.
RAC Finance can provide pre-approvals.