test drive your knowledge! see how much you know about loans. click the ignition button to begin!
TRANSCRIPT
Test Drive your knowledge!See how much you know about loans.
Click the ignition button to begin!
What does APR stand for?
Click on the best response
Annual Percentage Rate
Actual Purchase Right
A Poor Review
Anonymous Personin Retail
Correct! Sunny skies ahead!
APR stands for Annual Percentage Rate.It’s the annual interest total on you loan.
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APR stands for Annual Percentage Rate.It’s the annual interest total on you loan.
What is the best definition for True Market Value?
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The dealerships best offers
The price at which similar cars are being sold for
The pledge dealers take before working with you to buy a car
Local deals
Correct! Sunny skies ahead!
True Market Value is the price at which cars similar to the one you are interested in are being sold.
This could be a handy tool when negotiating.
Incorrect! Watch out for rain!
True Market Value is the price at which cars similar to the one you are interested in are being sold.
This could be a handy tool when negotiating.
Choose the best example of a good loan
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A low interest rate with a pre-payment penalty
An affordable monthly payment with a competitive interest rate
A low monthly payment payable in 600 months
All of the above
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A good loan is one that has an affordable monthly payment with a competitive interest rate for your payment
term.
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A good loan is one that has an affordable monthly payment with a competitive interest rate for your payment
term.
Which of the following is a bad loan?
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A loan with a low late penalty fee
A loan with add-on insurance
A loan payable in 36 months
A loan with a low interest rate
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A bad loan can be one with a high late penalty fee and/or add-on insurance because your loan payments will be
higher.
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A bad loan can be one with a high late penalty fee and/or add-on insurance because your loan payments will be
higher.
How can a low credit score impact my loan?
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Higher Annual Percentage Rate
Denied a loan
Hard to get Approved for a loan
All of the above
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A low credit score can prevent you from getting a good interest rate on your loan or from getting a loan at all.
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A low credit score can prevent you from getting a good interest rate on your loan or from getting a loan at all.
Here is your score:
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