AUTO LOANS

A bank, savings and loan, credit union or dealership that makes loans to individuals or businesses.

• Auto loan

• Loan terms

• Lender

• Depreciation

A number assigned to a person that indicates to lenders their capacity to repay a loan.

• Credit score

• Loan terms

• Lender

• Credit history

The larger your down payment amount, the (larger/smaller) the loan amount, and (larger/smaller) your monthly car payments.

• Larger/larger

• Larger/smaller

• Smaller/larger

• Smaller/smaller

The shorter your term length, the (higher/lower) your monthly payments, and the (higher/lower) the total interest you will pay.

• Higher/higher

• Higher/lower

• Lower/lower

• Lower/higher

This is the amount of money a dealer is willing to pay for your retiring car:

• Trade-in Value

• Book Value

• Switch Value

• Retire value

If my credit score is low at a 600, should my interest be high or low

• High Interest
• Low Interest

The longer the loan term the less total interest you pay.

• False

• True

Made by a bank or other lender to an individual so that person can purchase a new or used vehicle, using the vehicle as collateral for the loan.

• Auto loan

• Loan terms

• Lender

• Annual percentage rate (APR)

The fee charged for the use of money.

• Auto loan

• Loan terms

• Down payment

• Annual percentage rate (APR)

You must have insurance on your vehicle?

• true
• false