Car Buying Vocabulary

Pre-Owned

• New car never owned before

• certified car

• any vehicle previously own by an individual

Wholesale Value

• The whole value of a car

• The sale value of a car

• The value a dealer pays for a car

Net Income

• Income before any taxes or deductions are taken

• The amount you make per hour

• take home income

  income after all taxes and deductions are taken out

certified-pre owned

• A old car

• Per owned car that has cleared an inspection and serviced by a manufacture dealer

• A new car

Loan Value

• The total amount a lender will loan on a car

• The sales price of the car

• The interest paid on the loan

GAP insurance

• Insurance on Clothes purchased online

• Total loss protection insurance. It covers the difference car insurance will not cover when a vehicle is totaled

• Insurance to cover a broken windshield

Term

• How many months you will make payments on a loan

• The amount of money you pay back each month on your loan

• The amount of money you borrowed

The options on a car affect the price of a car

• True

• False

Interest

• The percentage amount the paid to the lender each month for loaning you money

• The car you buy

• the boy/girl you like

Simple Interest Loan

• Payday Loan

• Loan under $1000

• A loan where interest is calculated each month on the principle