Buying a Car

Open Ended

What Do You Wonder ... About Buying a Car ??? 🧐

Multiple Choice

This allows you to use a car for a specified period of time for a monthly payment

• Loan

• Contract

• Lease

• Gift

Multiple Choice

This number helps you compare loans

• APR (Annual Percentage Rate)

• Credit Score

• GPA

• Principal

Multiple Choice

A substantial one of these will keep you from going upside down on your loan, that is, owing more on your car than it's worth

• Finance Charge

• Insurance

• Down Payment

• Interest

Multiple Choice

Purchasing rather than leasing will generally cause your initial monthly payments to be

• Higher

• Lower

• The Same

Multiple Choice

This includes the interest you will have to pay to a lender beyond the amount you need to purchase the car

• Lease Origination Fee

• Transaction Fees

• Finance Charges

• Down Payment

Multiple Choice

In the first two years of a new car's life, it loses:

• 50% of the resale value

• 20% of the resale value

• 30% of the resale value

• 0% of the resale value

Multiple Choice

You live in a NO FAULT insurance state. Another driver damages your car in the parking lot, but doesn't leave their contact information. Your insurance will cover the damages to your car.

• True

• False

Multiple Choice

One potential disadvantage to buying a used car from a private seller is:

• It may be more expensive than a dealership can offer

• It may have problems the seller did not disclose

• It does not come with a warranty

• All of these

Multiple Choice

"Certified PreOwned" cars are guaranteed for quality

• True

• False

Multiple Choice

When buying a car, a ________ down payment is recommended

• 0%

• 10%

• 20%

• 50%