Auto Loans
Authored by Anna Bright
Other
12th Grade
CCSS covered
Used 32+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between an auto lease and an auto loan?
On both auto loan and auto lease the borrower is purchasing a car
On both auto loan and auto lease the borrower will have to return the car
On an auto loan the borrower is purchasing the vehicle while on a lease the borrower returns the car at the end of the terms
On an auto loan the borrower will have to return it while on a lease the borrower is purchasing the vehicle
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an auto loan?
A method to finance the rent of a vehicle rather than purchasing it
An unsecured loan granted to the borrower
A loan granted to an individual by a lending institution or credit grantor for the purposes of purchasing a vehicle.
A credit products that creditors can use multiple times
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The maximum amount of time over which an individual agrees to repay an auto loan. Typically ranges from 36 to 84 months.
Loan
Loan terms
Down payment
Annual percentage rate (APR)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The original amount of money that is borrowed. The amount decreases when you make a payment.
Annual percentage rate (APR)
Loan amount or principal
Down payment
Loan terms
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The expected decline in value over time of an item.
Lender
Loan amount or principal
Depreciation
Credit history
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A fixed amount of money, percentage of the selling price or item of value that is traded in to reduce the cost of purchasing a vehicle.
Credit history
Loan terms
Down payment
Annual percentage rate (APR)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A formal and extensive record of how good an individual is at maintaining their credit and paying their current and past debts in a timely manner.
Credit score
Loan terms
Lender
Credit history
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