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Spot delivery is used by dealerships on the weekend or after bank hours to be able to deliver a vehicle when a final approval cannot be received from a bank. [9] This method of delivery is regulated by many states in the U.S., and is sometimes referred to as a "Yo-Yo sale" or "Yo-Yo Financing".
Motor vehicle type approval is the method by which motor vehicles, vehicle trailers and systems, components and separate technical units intended for such vehicles achieve type approval in the European Union (EU) or in other UN-ECE member states. There is no EU approval body: authorized approval bodies of member states are responsible for type ...
Edmunds was founded by Ludwig Arons in 1966 as Edmunds Publications, a publisher of printed booklets consolidating automotive specifications to help car shoppers make buying decisions. [3] In 1988, the company was purchased by Peter Steinlauf whose family has owned a majority stake since.
Similarly, a loan taken out to buy a car may be secured by the car. The duration of the loan is much shorter – often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. In a direct auto loan, a bank lends the money directly to a consumer.
Some countries have their own national standards for granting type approvals, which may be more stringent than called for by the UN regulations themselves. Within the auto parts industry, a German (E1) type approval, for example, is regarded as a measure of insurance against suspicion of poor quality or an undeserved type approval. [10]
Key takeaways. Prequalification is a simple, quick process that provides a general indication whether you would qualify for a mortgage. Preapproval requires providing extensive documentation ...
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