Auto Loans

Auto Loans

Assessment

Flashcard

Social Studies

11th Grade

Hard

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20 questions

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1.

FLASHCARD QUESTION

Front

What does interest rate refer to in auto loans?

Back

The percentage of the loan amount that the lender charges as interest

2.

FLASHCARD QUESTION

Front

What is the loan term in auto loans?

Back

The loan term refers to the length of time over which the loan is repaid.

3.

FLASHCARD QUESTION

Front

What is a down payment in auto loans?

Back

The initial payment made by the borrower towards the purchase of a vehicle.

4.

FLASHCARD QUESTION

Front

What is amortization in auto loans?

Back

The process of paying off a loan with regular, fixed payments over a set period of time.

5.

FLASHCARD QUESTION

Front

What does loan-to-value ratio refer to in auto loans?

Back

The ratio of the loan amount to the value of the car being financed.

6.

FLASHCARD QUESTION

Front

What is the typical loan term for auto loans?

Back

36 to 72 months

7.

FLASHCARD QUESTION

Front

What is the recommended down payment for auto loans?

Back

At least 20% of the car's purchase price

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