Car Loans, Mortgages, Predatory Lending, Amortization, & Types o
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
Wayground Content
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22 questions
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1.
FLASHCARD QUESTION
Front
What is a car loan?
Back
A type of loan specifically for purchasing a vehicle.
2.
FLASHCARD QUESTION
Front
What is amortization in relation to a car loan?
Back
The gradual repayment of a loan over time with regular payments
3.
FLASHCARD QUESTION
Front
Which of the following is an advantage of getting pre-approved for a car loan? It guarantees the best interest rate, It simplifies negotiations with dealers, It eliminates the need for a credit check, It reduces your loan term automatically
Back
It simplifies negotiations with dealers
4.
FLASHCARD QUESTION
Front
What does the term "APR" stand for?
Back
Annual Percentage Rate
5.
FLASHCARD QUESTION
Front
What happens when you default on a car loan?
Back
The vehicle may be repossessed.
6.
FLASHCARD QUESTION
Front
Which factor does not affect your car loan interest rate? Credit score, Loan term length, Down payment amount, The car’s fuel efficiency
Back
The car’s fuel efficiency
7.
FLASHCARD QUESTION
Front
What is a secured loan?
Back
A loan guaranteed by collateral (e.g., a car or house)
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