
Auto Financing Quiz
Quiz
•
Other
•
11th Grade
•
Practice Problem
•
Hard
Brian Cole
Used 4+ times
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an important factor to consider when looking for auto financing?
The color of the car
The size of the car
The interest rate on the loan
The number of doors on the car
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it beneficial to make a larger down payment on a car?
It extends the loan term
It reduces the monthly payments
It increases the interest rate
It has no impact on the loan
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percentage of your income should you ideally spend on car payments?
More than 30%
Between 10% and 20%
Less than 10%
Between 20% and 30%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a higher credit score result in?
Lower interest rates
Higher interest rates
No impact on interest rates
No eligibility for special rates
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the benefit of getting pre-approved for an auto loan?
It allows you to negotiate better rates
It guarantees a lower interest rate
It eliminates the need for a down payment
It increases the loan amount
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term length of most auto loans?
Less than 12 months
Between 12 and 24 months
Between 24 and 36 months
Between 36 and 60 months
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do if the dealer asks you what monthly payment you want?
Provide the down payment amount and ask for rates and terms
Ask for a longer loan term
Ask for a higher interest rate
Provide the desired monthly payment
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