What does "grace period" mean?

What does "grace period" mean?

James Bell (Publisher, Auto Reviewer) gives expert video advice on: What does "balloon payment" mean?; What does "base value" mean"?; What does "buy here, pay here" financing mean? and more...

With regards to financing your car, a grace period is in essence an extension onto your payment schedule. The grace period allows you to take more time to collect the funds you need for your payment without any additional cost or penalty.