Auto Loan Learn the Terms
Car Talk
Below are some terms you may hear when shopping for a new or used vehicle or auto loan. Some words may have more than one meaning. Only those meanings relating to this site will be used.
Definitions A - Z
J
Jumbo Loan
Also called a non-conforming loan, a jumbo loan is any loan size over a set amount which "exceeds" Fannie Mae's and Freddie Mac's loan limits (single family mortgage loan limit $417,000 for 2007, which changes yearly). Interest rates tend to be higher on jumbo loans because lenders generally have a higher risk.
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