GAP Insurance (Auto)

Definition

Insurance that covers the "gap" between what you owe on your car loan and the car's actual cash value if it is totaled.

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Personal Loan Calculator

Essential if you put less than 20% down. Buying it from a third-party provider is often cheaper than from the dealer.

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Related Automotive Terms

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ABS (Anti-lock Braking System)

A safety system that prevents wheels from locking up during braking, allowing the driver to maintain steering control.

AWD (All-Wheel Drive)

A drivetrain that employs a front, rear and center differential to provide power to all four wheels of a vehicle.

Chassis

The load-bearing framework of an artificial object, which structurally supports the object in its construction and function.

Depreciation (Automotive)

The decline in a car's value over time.

Engine Displacement

The total volume of air/fuel mixture an engine can draw in during one complete engine cycle.

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This software is for simulation and planning purposes only. Outputs are estimates based on your inputs and do not constitute professional financial, legal, or tax advice. Always consult a qualified advisor before making business decisions.